PANews reported on February 6 that eight departments, including the People's Bank of China, issued a notice on further preventing and handling risks related to virtual currencies. The notice pointed out that stablecoins pegged to fiat currencies have, in effect, performed some of the functions of fiat currencies in circulation. Without the approval of relevant departments in accordance with laws and regulations, no entity or individual, domestic or foreign, may issue stablecoins pegged to the Renminbi overseas.