Macro Insight: Powell's "Fog of War" and the Financial "Hunger Games"

By: blockbeats|2025/11/08 16:30:02

Original Article Title: "Driving in Fog" and the Financial Hunger Games

Original Article Author: arndxt, Crypto Analyst

Original Article Translation: Doraemon, Odaily Planet Daily

A significant pullback coincides with the Quantitative Easing (QE) cycle—when the Federal Reserve intentionally extends the maturity date of its held assets to lower long-term yields (this operation is known as the "Operation Twist" and QE2/QE3).

Macro Insight: Powell's

Powell's metaphor of "Driving in Fog" is no longer limited to the Federal Reserve itself but has become a reflection of today's global economy. Whether policymakers, companies, or investors, all are groping forward in an environment with a lack of clear visibility, relying only on liquidity reflex and short-term incentive mechanisms.

The new policy regime exhibits three characteristics: limited visibility, fragile confidence, and liquidity-driven distortion.

The Fed's "Hawkish Rate Cut"

This 25-basis-point "risk-management-style" rate cut has brought the rate range down to 3.75%–4.00%, more of a "reserve of options" than an easing.

Given the existence of two completely opposite views, Powell sent a clear signal to the market: "Slow Down—Visibility Is Gone."

Due to the data blackout caused by the government shutdown, the Fed was almost "flying blind." Powell's hint to traders was very clear: Whether the rate can be announced in December is still uncertain. Rate cut expectations rapidly recede, the short-end rate curve is flattening, and the market is digesting the shift from "data-driven" to "data-missing" caution.

2025: Liquidity "Hunger Games"

The central bank's repeated intervention measures have institutionalized speculative behavior. Now, what determines asset performance is not productivity but liquidity itself—this structure has led to continuous valuation expansion while credit in the real economy weakens.

The discussion further extends to a sober look at the current financial system: passive concentration, algorithmic reflexivity, retail options frenzy—

· Passive capital and quantitative strategies dominate liquidity, with volatility determined by positions rather than fundamentals.

· Retail call option buying frenzy and Gamma squeeze in the "Meme sector" create synthetic price momentum, while institutional funds flock to the increasingly narrow market leaders.

· The host refers to this phenomenon as the "Financial Hunger Games"—a system shaped by structural inequality and policy reflexivity, forcing small investors towards speculative survivalism.

2026 Outlook: The Boom and Risks of Capital Expenditure

The AI investment wave is driving "Big Tech" into a post-cycle industrialization phase—currently driven by liquidity, but facing leverage-sensitive risks in the future.

Corporate profits remain strong, but the underlying logic is shifting: the former "asset-light cash machine" is transitioning into a heavy capital infrastructure player.

· The expansion of AI and data centers, initially reliant on cash flow, is now turning to record-level debt financing—such as Meta's oversubscribed $250 billion bond offering.

· This shift implies margin pressure, rising depreciation, increased refinancing risks—laying the groundwork for the turn of the next credit cycle.

Structural Commentary: Trust, Distribution, and Policy Loop

From Powell's cautious tone to the final reflections, a clear theme runs through:

Centralization of power and erosion of trust.

Every policy bailout has almost always strengthened the largest market participants, further concentrating wealth and continuously weakening market integrity. The coordinated actions of the Federal Reserve and the Treasury—from quantitative tightening (QT) to short-term Treasury (Bill) purchases—have exacerbated this trend:

Liquidity abundance at the pyramid's top, while ordinary households are gasping for air under stagnant wages and increasing debt.

The most central macro risk today is no longer inflation, but institutional fatigue. While the market appears to be thriving on the surface, trust in "fairness and transparency" is eroding—this is the true systemic vulnerability of the 2020s.

Macro Insights | November 2, 2025 Update

This issue covers the following:

· This Week's Macro Events

· Bitcoin Heatmap

· Market Overview

· Key Economic Indicators

This Week's Macro Events

Last Week

Next Week

Bitcoin Heatmap

Market Events and Institutional Updates

· Mt. Gox extends repayment deadline to 2026, with around $4 billion worth of Bitcoin still frozen.

· Bitwise Solana ETF achieves a record-breaking $3.389 billion in AUM in its first week, despite SEC approval still pending.

· ConsenSys plans IPO in 2026, with underwriters including JPMorgan and Goldman Sachs, targeting a $7 billion valuation.

· Trump Media Group launches Truth Predict—the first prediction market in collaboration with a social media platform and Crypto.com.

Financial and Payment Infrastructure Upgrades

· Mastercard acquires crypto infrastructure startup Zerohash for up to $2 billion.

· Western Union plans to launch the USDPT stablecoin on Solana in 2026 and has registered the WUUSD trademark.

· Citibank partners with Coinbase to launch an institutional-grade 24/7 stablecoin payment network.

· Circle releases the Arc Testnet, attracting over 100 institutions including BlackRock and Visa.

Ecosystem and Platform Expansion

· MetaMask introduces multi-chain accounts, supporting EVM, Solana, and upcoming Bitcoin integration.

Global and Regional Developments

· Kyrgyzstan launches a BNB-collateralized stablecoin; meanwhile, Trump pardons CZ, paving the way for Binance's return to the U.S. market.

· The U.S. sees $199.2 million inflow into a SOL spot ETF (excluding seed capital).

· Japan introduces a fully compliant yen stablecoin, JPYC, targeting a circulation of $65–70 billion by 2028.

· Ant Group registers the trademark "ANTCOIN" and quietly re-enters the Hong Kong stablecoin race.

· AWS and Microsoft cloud service outages cause market turmoil, with conflicting statements from both sides.

· JPMorgan's Kinexys blockchain facilitates the first private equity fund tokenization transaction, furthering institutional adoption.

· Tether becomes one of the major holders of U.S. Treasury bonds, with holdings reaching $135 billion and annualized returns exceeding $10 billion.

· Metaplanet initiates a stock buyback program to address declining net assets.

· Privacy asset trading heats up, with ZEC price surpassing its 2021 high but lagging behind DASH in weekly gains.

· Sharplink deploys $200 million ETH on Linea to earn DeFi yields.

· As sports betting gains popularity, Polymarket plans to officially launch its product in the U.S. by the end of November.

· Securitize announced it will go public through a $1.25 billion SPAC merger.

· Visa added support for four stablecoins and four blockchains for payments.

· 21Shares filed for a Hyperliquid ETF, with more crypto funds entering the market.

· KRWQ became the first Korean won stablecoin issued on the Base chain.

Market Overview

The global economy is transitioning from inflation risk to confidence risk—future stability will depend on policy clarity rather than liquidity.

Global monetary policy is entering a low-visibility phase. In the U.S., the FOMC cut rates by 25 basis points to 3.75%–4.00%, revealing widening internal divisions. Powell hinted that future further easing is "not set in stone." Ongoing government shutdowns prevent policymakers from accessing key data, exacerbating risks of policy misjudgment. Weakening consumer confidence and a slowing real estate market indicate that market sentiment, rather than stimulus measures, is shaping the path to an economic "soft landing."

In G10 countries: the Bank of Canada completed its final rate cut, the European Central Bank held rates at 2.00%, and the Bank of Japan cautiously paused. The common challenge faced by all is how to suppress economic growth amid sustained services sector inflation. Meanwhile, China's PMI fell back into contraction territory, showing a weak recovery, sluggish private demand, and policy fatigue.

In addition to political risks, the U.S. government shutdown threatens the normal operation of welfare programs and may delay the release of key data, weakening confidence in fiscal governance. The bond market has begun to digest expectations of falling yields and slowing economic growth, but the real risk lies in the breakdown of institutional feedback mechanisms—where data delays, policy hesitancy, and declining public trust intertwine, ultimately leading to a crisis.

Key Economic Indicators

U.S. Inflation: Mild Rebound, Clearer Path

The inflation rebound is mainly supply-driven rather than demand-driven. Core pressures remain under control, and weakening employment momentum gives the Fed room to continue cutting rates without sparking a rebound in inflation.

· September inflation: 3.0% year-over-year, 0.3% month-over-month, the fastest since January this year but still below expectations, reinforcing the "soft landing" narrative.

· Core CPI excluding food and energy rose by 3.0% year-on-year and 0.2% month-on-month, indicating price stability at the core.

· Food prices increased by 2.7%, with meat prices rising by 8.5%, impacted by agricultural labor shortages due to immigration restrictions.

· Significant increase in utility costs: electricity prices rose by 5.1%, natural gas by 11.7%, mainly driven by AI data center energy consumption—a new driver of inflation.

· Service sector inflation dropped to 3.6%, the lowest since 2021, indicating a cooling labor market that is easing wage pressures.

· Market response was positive: stock market rise, interest rate futures strengthening rate cut expectations, overall bond yields holding steady.

U.S. Demographics: Critical Turning Point

Net migration has turned negative, posing challenges to economic growth, labor supply, and innovation capacity.

The U.S. may see its first population decline in a century. While the birth rate is still higher than the death rate, negative net migration is offsetting the projected 3 million population increase by 2024. The U.S. is facing a demographic reversal not driven by declining fertility rates but by a sharp drop in immigration due to policy. Short-term impacts include labor shortages and wage increases, while long-term risks focus on fiscal pressure and innovation slowdown. Unless this trend is reversed, the U.S. could follow Japan's path of aging—a slowdown in economic growth, rising costs, and structural productivity challenges.

According to AEI projections, net migration in 2025 is -525,000 people, the first negative value in modern history.

· Pew Research Center data shows a decrease of 1.5 million foreign-born population in the first half of 2025, primarily due to deportation and voluntary departure.

· Labor force growth stagnation, with industries like agriculture, construction, and healthcare facing significant shortages and wage pressures.

· 28% of U.S. youth are immigrants or children of immigrants; if immigration were zeroed out, the population under 18 could decline by 14% by 2035, exacerbating pension and healthcare burdens.

· 27% of physicians and 22% of nursing assistants are immigrants; if the supply declines, the healthcare industry may accelerate automation and robotization.

· Innovation risk: Immigrants have contributed 38% of Nobel Prizes and around 50% of billion-dollar startups; if the trend reverses, the U.S. innovation engine will suffer.

Japan's Export Recovery: Resilience Amid Tariff Uncertainty

Despite the drag from U.S. tariffs, Japan's exports have seen a rebound. Exports in September grew by 4.2% year-on-year, marking the first positive growth since April, driven mainly by renewed demand from Asia and Europe.

After months of contraction, Japan's exports have resumed growth, with a 4.2% year-on-year increase in September, the largest since March. This rebound underscores that despite new trade tensions with the U.S., regional demand remains robust, and supply chains have adjusted accordingly.

Japan's trade performance indicates that, despite U.S. tariffs on automobiles (a key export category), external demand from Asia and Europe has begun to stabilize. The rise in imports, on the other hand, suggests a modest domestic recovery driven by a weaker yen and restocking cycles.

Outlook:

· Export recovery is expected to gradually pick up pace with the normalization of Asia's internal supply chains and energy prices

· Continued U.S. protectionism remains a key hurdle to sustaining export momentum through 2026

Original Article Link

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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