Stablecoins Classified Under Virtual Currency Regulation: An Expert's Perspective

Zhao Binghao, a law expert, says stablecoins are categorized as virtual currency, not "prohibited items" in criminal law. This categorization brings stablecoin-related activities under regulatory oversight to block currency substitution and cross-border arbitrage channels. Current crackdowns on virtual currency-related illegal activities are shrinking the domestic stablecoin ecosystem.