Beijing Internet Financial Industry Association: Beware of illegal fundraising using new concepts such as "stablecoins"

Planet Daily News: The Beijing Internet Finance Industry Association issued a risk warning about illegal fundraising using "stablecoin" and other new concepts: Recently, digital currencies and related concepts represented by "stablecoin" have attracted market attention. Some illegal institutions and individuals, under the guise of "financial innovation," "blockchain technology," "digital economy," and "digital assets," exploit the public's limited understanding of new financial concepts. By issuing or hyping so-called "virtual currencies," "digital assets," and "stablecoin investment projects," they promise high returns to induce the public to invest funds and participate in trading speculation. (Jintian)