Beijing Internet Finance Association: Beware of Illegal Fundraising Using New Concepts Such as "Stablecoins"

Beijing Internet Finance Association issued a risk warning to be vigilant against the use of new concepts such as "stablecoins" for illegal fundraising: Recently, various digital currencies and related concepts represented by "stablecoins" have attracted market attention. Some illegal institutions and individuals, under the guise of "financial innovation," "blockchain technology," "digital economy," and "digital assets," take advantage of the public's lack of in-depth understanding of new financial concepts. They issue or hype so-called "virtual currencies," "digital assets," and "stablecoin investment projects," promising high returns to induce the public to invest funds in trading and speculation. (Golden Ten) [Odaily Planet Daily]