The People's Bank of China, together with multiple departments, has issued a notice to further prevent and address risks related to virtual currencies and the tokenization of real-world assets (RWA). Virtual currencies lack legal tender status, and related activities such as trading, exchange, issuance and financing, and intermediary services are all considered illegal financial activities and are strictly prohibited; without approval, stablecoins pegged to the Renminbi must not be issued. RWA tokenization conducted domestically is also deemed to involve illegal financial activities and is generally prohibited, except in cases approved by law and relying on specific financial infrastructure. At the same time, efforts to regulate "mining" continue, with strict crackdowns on fraud, money laundering, illegal fundraising, and other criminal activities, and strict supervision of domestic entities engaging in related overseas operations.