Suddenly, so many announcements from domestic central banks and eight ministries emerged: Isn't this information causing a significant drop? 1、 Let's take a look at what was said first—— one ️⃣ Legal characterization: Virtual currencies do not have legal tender status, and their related businesses are generally recognized as illegal financial activities within China. two ️⃣ Financial system isolation: All financial institutions and payment systems must be completely cut off from virtual currency and RWA tokenization businesses. three ️⃣ Internet access blocking: no Internet platform shall provide display, publicity, diversion or operation space for virtual currency or RWA. four ️⃣ Thoroughly cut responsibility: Any unit or individual participating in virtual currency or RWA investments shall bear the losses themselves and shall not be subject to financial or civil protection. five ️⃣ Assisting means taking responsibility: knowingly or should have known that providing assistance to overseas virtual currency or RWA projects may result in legal liability. six ️⃣ Red line for stablecoins: Any form of RMB pegged stablecoin without approval is prohibited both domestically and internationally. seven ️⃣ Clearing of Mining Industry: Virtual currency mining and its upstream and downstream industry chains have been continuously and systematically eliminated within China. eight ️⃣ Long term governance signal: This is not a short-term regulatory tightening, but a reconfirmation of China's long-term governance structure for virtual currencies. 2、 Warning for industry practitioners: I think the most crucial opportunity clause clearly states that even if the subject is overseas, as long as they provide services or assistance to domestic users, the responsibility may fall on individuals within the country. Especially for financial institutions or individuals who knowingly provide technical support for virtual currency or RWA tokenization financial purposes, they cannot be exempted from liability. As long as your behavior constitutes financial assistance, organization, or dissemination, it may be classified as illegal financial activity. So businesses such as leading orders, attracting traffic, and organizing, or KOLs involved in such businesses, may all have certain risks. 3、 Structural warning for the entire industry: The industry doesn't care about bull or bear, the boundaries within China have been written to death. China has chosen "quarantine+clearance", not "coexistence of regulation", so don't hold any illusions in the future. China chose not to let it become part of finance, industry and the Internet. This is a structural choice, not a cyclical policy. Information from @ BlockBeatsAsia