It's rare for the weekend to take the kids out to play for a day; I just finished watching (Zootopia 2) in the afternoon, and then a message on my phone woke me up directly:
The central bank is leading a meeting, is it going to crack down on cryptocurrency speculation?
I originally thought it was just ordinary weekend news, but the deeper I dug, the more wrong it seemed.
1️⃣ The release tone is too strange — there is only one press release.
Usually, meetings of this level would definitely come with documents such as notifications or announcements.
But this time — there is only a very short press release.
In summary: the fewer the words, the bigger the matter.
2️⃣ The timing of the release is too precise — scheduled for 14:30.
WeChat official account sent at 14:35, official website sent at 14:30.
This indicates that this time point was preemptively locked.
Why was it released on the weekend?
Due to the involvement of public opinion pressure + risk sentiment, it needs to be diluted over the weekend.
This practice is considered traditional skills within the system.
3️⃣ The display position is too prominent— the only bold red title.
The most prominent position on the central bank's official website,
The only bold red text surprisingly pertains to virtual currency-related content.
This means:
👉 High-level attention is focused.
👉 Focused attention.
👉 There will be follow-up items.
Old system people all understand, this is not a small news item sent casually.
4️⃣ The content itself is not a trivial matter.
The core qualitative assessment of the meeting is very clear:
Virtual currency-related activities = illegal financial activities.
Stablecoins = a type of virtual currency, also within the scope of prohibition.
Ordinary users trading cryptocurrencies are not subject to criminal penalties, but risks are self-borne and losses are not protected.
The key targets are business activities, OTC, market making, matchmaking, issuance, derivatives, etc.
In one sentence:
Risk control comes first, prohibitive policies continue to be enforced, and "deep collaboration" is needed to tighten access.
5️⃣ Follow-up will likely be tighter.
You can see this from the composition of the meeting units:
Central Bank, Central Financial Office, National Financial Supervision, Ministry of Justice...
So many departments sitting together is not for a joke.
My judgment:
Will not be opened in the short term.
Legal documents may continue to escalate.
Deposits and withdrawals will be stricter.
Practitioners have basically lost compliance space.
The industry is estimated to have a tough year ahead.
Ordinary users may not face legal risks, but the pressure will keep increasing.
Gray Star Summary
The fact that the market hasn't fallen is true,
but the pressure from policies is real—long-term bearish, sentiment bearish, and liquidity bearish all exist.
We these leeks,
the only thing we can do is:
Reduce exposure, control risks, and avoid pitfalls.
