Report on the Situation of Financial Work by the State Council: Strengthen regulation of RWA tokenization and improve the policy framework for virtual currency supervision

Odaily Planet Daily News: Governor Pan Gongsheng of the People's Bank of China reported to the Standing Committee of the 14th National People's Congress on financial work since October 2025, on behalf of the State Council, at the 25th session of the Standing Committee of the 14th National People's Congress. The report stated that the digital RMB is being smoothly transitioned from cash to deposit currency. In terms of preventing and resolving financial risks, a new round of crackdown on criminal clusters in the 'black and gray industries' within the financial sector has been launched, and the nationwide campaign against illegal fundraising has been completed. The policy framework for virtual currency regulation has been improved, efforts to analyze clues related to underground money laundering involving virtual currencies have been strengthened, and a comprehensive, routine mechanism to combat virtual currency mining has been established. Regulatory oversight over tokenization of real-world assets (RWA) has also been reinforced.