Economic Daily: Many places have issued risk warnings to guard against scams disguised as "stablecoins"

On July 27, the Economic Daily published an article stating that since July, financial management departments and industry self-regulatory organizations in many places have successively issued risk warning notices. As the concept of stablecoins heats up, some lawless elements have used stablecoins as a gimmick to carry out illegal activities, and the potential risks deserve high vigilance. Financial management departments and industry self-regulatory organizations in many places remind consumers that before investing in financial management, they must verify the legal qualifications of relevant institutions and products through the official channels of the national financial management department and choose licensed formal financial institutions; fully understand the high complexity and volatility of digital currencies such as "stablecoins" and related innovative concepts, establish correct monetary concepts and rational investment concepts; consciously resist and stay away from any form of virtual currency speculation, illegal token issuance and unapproved "digital asset" investment projects, and effectively protect personal property safety. [PANews]