Beijing Business News: The Central Bank has defined a stablecoin for the first time, and industry analyses do not affect the planning related to stablecoins in Hong Kong. November - According to Beijing Business News, the People's Bank of China recently held a coordination mechanism meeting to combat the trading and circulation of virtual money, where financial regulators provided a definition of stablecoins for the first time, indicating that a stablecoin is a form of virtual money that currently does not effectively meet the requirements for identification, AML, and other aspects, exposing it to the risk of use in Money Laundering, fundraising fraud, and illegal cross-border financial transfers, once again highlighting the necessity of continuing to combat illegal financial activities related to virtual money. However, industry specialists believe that this meeting will not affect the planning of stablecoins in Hong Kong, but the trading of stablecoins in the mainland will face severe pressure. While the room for maneuver for related entities in the mainland will subsequently diminish in the planning of stablecoins in Hong Kong, this will limit further practical uses in application scenarios such as cross-border payments and funding related to Supply Chain.