Beijing Internet Finance Association warns of risks of illegal fundraising such as "stablecoins"

PANews reported on July 9 that the Beijing Internet Finance Industry Association issued a risk warning, warning against illegal institutions and individuals using digital currency concepts such as "stablecoins" to illegally raise funds. Related activities induce public investment through false promises of high returns and fund pool operations, and there are problems such as lack of qualifications, concept packaging, and risk spillover. Once the capital chain is broken, investors may face huge losses.

The association calls on consumers to recognize the essence of things, stay away from unapproved digital asset investment projects, choose formal financial institutions, and establish rational investment concepts.