Shenzhen issues risk warning: be vigilant against illegal fundraising in the name of stablecoins

The Shenzhen Municipal Task Force Office on Preventing and Combating Illegal Financial Activities issued the "Risk Alert on Beware of Illegal Fundraising in the Name of Stablecoins". The content includes "Recently, digital currencies represented by stablecoins have received extensive attention from the market. Monitoring found that some illegal institutions use financial innovation and digital assets as gimmicks, taking advantage of the public's lack of understanding of stablecoins, etc., to absorb funds by issuing so-called virtual currencies, virtual assets, digital assets, etc., to induce the public to participate in transaction speculation, disrupt the economic and financial order, and breed illegal fund-raising, gambling, fraud, pyramid schemes, money laundering and other illegal and criminal activities, seriously endangering the safety of public property.
The "Regulations on the Prevention and Disposal of Illegal Fundraising" stipulates that the state prohibits any form of illegal fundraising, and the losses suffered due to participation in illegal fundraising shall be borne by the fundraising participants themselves. The general public is requested to enhance their awareness of rational investment, do not blindly believe in hype promises, establish correct monetary concepts and investment concepts, and effectively improve their risk awareness to avoid being deceived. If you find that relevant institutions engage in illegal fundraising in the name of investing in stablecoins, etc., please report it to the non-leading departments of the city or district or the public security department in a timely manner. "