The People's Bank of China and other eight departments: virtual currency does not have the same legal status as fiat currency.

The People's Bank of China and eight other departments have issued a notice on further preventing and dealing with risks related to virtual currencies. The notice clarifies the nature of virtual currencies, tokenization of real-world assets, and related business activities, stating that virtual currencies do not have the same legal status as fiat currencies. Virtual currencies such as Bitcoin, Ethereum, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledgers or similar technologies, existing in digital form, and not having legal tender status. They should not and cannot be used as currency in circulation in the market.