Expert opinion: Stablecoins are not considered "contraband" under criminal law.
TL;DR
专家指出，中国人民银行将稳定币明确为虚拟货币并不意味着其在刑法意义上属于“违禁品”，而是将其商业活动纳入监管范围，以从源头阻断“货币替代”和跨境套利渠道。
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On December 2, 21st Century Business Herald published an article titled "Stablecoins Included in Virtual Currency Regulation: Three Core Considerations." In the article, Zhao Binghao, Dean of the Institute of Financial Technology and Law at China University of Political Science and Law, pointed out that the People's Bank of China's explicit classification of stablecoins as virtual currencies does not mean that stablecoins are "contraband" in the sense of criminal law. Rather, it means that the commercial, intermediary, and clearing activities surrounding stablecoins are included in the scope of regulation.
This characterization is a key measure to block "currency substitution" and cross-border arbitrage channels at the source. The current crackdown on illegal financial activities involving virtual currencies is having a multi-dimensional impact on the domestic stablecoin ecosystem, and its development space will continue to shrink—a trend that has become an industry consensus.