According to Foresight News, the Local Financial Management Bureau of Haidian District in Beijing issued a notice stating that recently, digital currencies represented by stablecoins have attracted widespread market attention. Some illegal institutions use "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's insufficient understanding of stablecoins, to absorb funds through the issuance of so-called "virtual currencies," "virtual assets," and "digital assets," inducing the public to participate in trading and speculation, disrupting the economic and financial order, and breeding illegal activities such as illegal fundraising, gambling, fraud, pyramid schemes, and money laundering, which seriously endanger public property safety.
The Local Financial Management Bureau of Haidian District in Beijing reminds you: Without legal permission from national financial management departments, no institution is allowed to absorb funds from the public. Some illegal institutions use new concepts like stablecoins for speculation, publish false propaganda, and absorb public funds, giving rise to various illegal activities such as illegal fundraising. The Regulations on Prevention and Disposal of Illegal Fundraising stipulate that the state prohibits any form of illegal fundraising, and losses incurred from participating in illegal fundraising shall be borne by the participants themselves.
