Beijing Haidian District Monetary Authority: Be vigilant against illegal fundraising in the name of stablecoins

The local financial administration of Haidian District in Beijing issued an announcement saying that digital currencies represented by stablecoins have recently attracted widespread attention from the market. Some illegal institutions use "financial innovation" and "digital assets" as gimmicks to take advantage of the public's lack of understanding of stablecoins and other characteristics, and absorb funds by issuing so-called "virtual currencies", "virtual assets", "digital assets" and other means 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, which seriously endanger the safety of public property.
Beijing City, Haidian District, Local Financial Administration Bureau reminds you: Without the legal permission of the state financial management department, no institution shall absorb funds from the public. Individual illegal institutions use new concepts such as stablecoins to hype, publicly and falsely advertise and absorb public funds, and breed various illegal and criminal activities such as illegal fund-raising. The "Regulations on the Prevention and Disposal of Illegal Fund-raising" stipulates that the state prohibits any form of illegal fund-raising, and the losses suffered due to participation in illegal fund-raising shall be borne by the fund-raising participants themselves.