Report of the State Council on Financial Work: Strengthen RWA Tokenization Regulation and Improve the Virtual Currency Regulatory Policy Framework

Odaily: Pan Gongsheng, Governor of the People's Bank of China, was entrusted by the State Council to report on financial work since October 2025 at the 25th session of the Standing Committee of the 14th National People's Congress. The report noted that the digital renminbi's positioning has been smoothly transitioned from cash to deposit money. In terms of preventing and resolving financial risk hazards, a new round of cluster crackdowns on illegal and gray-market criminal activities in the financial sector was carried out, and the national special action against illegal fundraising was completed. The virtual currency regulatory policy framework will be improved, analysis of leads on underground banks involving virtual currencies will be strengthened, and the full-chain normalized mechanism for rectifying virtual currency "mining" will be refined. Regulation of real-world asset (RWA) tokenization will be strengthened.