State Council Report on Financial Work: Strengthening Oversight of RWA Tokenization and Improving the Regulatory Policy Framework for Virtual Currencies
At the 25th session of the Standing Committee of the 14th National People’s Congress, People’s Bank of China Governor Pan Gongsheng, on behalf of the State Council, reported to the NPC Standing Committee on financial work since October 2025. The report noted that the digital renminbi’s role is shifting smoothly from cash to deposit money. To prevent and mitigate financial risks, a new round of crackdowns on organized financial-sector “black and gray” criminal activity was launched, and a nationwide special campaign against illegal fundraising was completed. The regulatory policy framework for virtual currencies will be improved, efforts to assess leads on underground banks involved in virtual currencies will be strengthened, and a regular, full-chain mechanism for cracking down on virtual-currency “mining” will be established. Oversight of real-world asset (RWA) tokenization will be strengthened.
At the 25th session of the Standing Committee of the 14th National People’s Congress, People’s Bank of China Governor Pan Gongsheng, on behalf of the State Council, reported to the NPC Standing Committee on financial work since October 2025. The report noted that the digital renminbi’s role is shifting smoothly from cash to deposit money. To prevent and mitigate financial risks, a new round of crackdowns on organized financial-sector “black and gray” criminal activity was launched, and a nationwide special campaign against illegal fundraising was completed. The regulatory policy framework for virtual currencies will be improved, efforts to assess leads on underground banks involved in virtual currencies will be strengthened, and a regular, full-chain mechanism for cracking down on virtual-currency “mining” will be established. Oversight of real-world asset (RWA) tokenization will be strengthened.