Beijing: Be wary of illegal fundraising using new concepts such as "stablecoins"

The Beijing Internet Finance Industry Association has issued a risk warning against the use of new concepts such as "stablecoins" for illegal fund-raising: Recently, various types of 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" and other gimmicks, take advantage of the public's lack of in-depth understanding of new financial concepts, and promise high returns by issuing or hyping so-called "virtual currencies", "digital assets" and "stablecoin investment projects" to induce the public to invest funds to participate in transaction speculation.