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

On July 27 (UTC+8), the *Economic Daily* published an article stating that since July, financial management departments and industry self-regulatory organizations in many regions have successively issued risk warning announcements, pointing out that with the increasing popularity of stablecoin concepts, some illegal activities carried out by criminals using stablecoins as a gimmick have begun to emerge, and their potential risks deserve high vigilance. Financial management departments and industry self-regulatory organizations in many regions remind consumers to verify the legal qualifications of relevant institutions and products through the official channels of the national financial management department before making investments and financial management decisions, and choose licensed and regulated financial institutions; fully understand the high complexity and volatility of "stablecoins" and other digital currencies and related innovative concepts, and establish correct currency concepts and rational investment philosophies; 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 security. (Source: Economic Daily) [MetaEra]