The central bank and eight government departments jointly issued a document, reiterating that virtual currency business is an illegal financial activity, which is completely prohibited within the country, and for the first time explicitly prohibiting the issuance of stablecoins linked to the Renminbi.

Key data: $BTC After the policy, there was a volatile drop, with 440,000 people liquidated in 24 hours, totaling 13.7 billion yuan; fear index at 12, with low sentiment.

Market reaction: The crypto circle calls it the "strictest" regulation in history, domestic channels are restricted, and overseas services face blockage.

Operational tips: Domestic investors should stop trading and liquidate assets; for overseas, use compliant channels, keep positions within 5%, and do not buy the dip unless stabilizing above $68000.