Written by: Martin

Seven associations jointly remind: Protect your "wallet" and stay away from illegal virtual currency activities. Behind the temptation of high returns often lies an unfathomable whirlpool of risks.

Recently, concepts related to virtual currency have rapidly gained popularity, and some criminals have taken the opportunity to promote trading speculation activities, disguising themselves under the guise of "stablecoins," "air coins," "real-world asset tokens," and "mining," engaging in illegal fundraising, pyramid schemes, and other unlawful activities.

On December 5, the China Internet Finance Association and six other associations jointly issued a risk warning, reminding the public to stay away from illegal virtual currency activities.

Virtual currency does not have the status of legal tender. It is not issued by monetary authorities, is not a national legal currency, and cannot be circulated or used as currency within our country. Among them, "air coins" like π coin lack substantial technological innovation, and their issuance and operational mechanisms are opaque, with serious issues of fraud and market manipulation.

As a form of virtual currency, "stablecoins" cannot effectively meet requirements for customer identity verification, anti-money laundering, and other regulations, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers.

Tokenization activities of real-world assets carry multiple risks, including false assets, business failures, and speculative trading. Our country's financial regulatory authorities have not approved any such activities.

The seven associations require member units not to participate in the issuance and trading of virtual currencies and real-world asset tokens within the country, and not to directly or indirectly provide related services to clients.

The public should enhance their risk awareness, protect their "wallets," and refrain from participating in virtual currency-related activities. Be wary of false advertising promising high returns, and refuse to click on links and QR codes from overseas trading platforms.

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