Beijing Haidian District Financial Management Bureau: Beware of illegal fundraising under the guise of stablecoins and other currencies

According to Foresight News, the local financial management bureau of Haidian District, Beijing, announced that digital currencies represented by stablecoins have recently received widespread market attention. Some illegal organizations use "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's lack of understanding of stablecoins and other assets to attract funds through the issuance of so-called "virtual currencies", "virtual assets", "digital assets" and other means, inducing the public to participate in trading speculation, disrupting economic and financial order, breeding illegal fundraising, gambling, fraud, pyramid schemes, money laundering and other illegal criminal activities, seriously endangering the safety of public property. The Haidian District Local Financial Management Bureau of Beijing reminds you that without the legal permission of the national financial management department, no institution may absorb funds from the public. Individual illegal organizations use new concepts such as stablecoins for speculation, publicly advertise and absorb public funds, and breed various illegal and criminal activities such as illegal fundraising. The Regulations on the Prevention and Disposal of Illegal Fundraising stipulate that the state prohibits any form of illegal fundraising, and any losses incurred due to participation in illegal fundraising shall be borne by the fundraising participants themselves.