Be vigilant against illegal fundraising using new concepts such as "stablecoins."

On July 9th, the Internet Finance Industry Association of Beijing announced a risk warning about being alert to the illegal fundraising using new concepts such as "stablecoins". The risk warning stated that recently, various digital currencies and related concepts represented by "stablecoins" have attracted market attention. Some illegal institutions and individuals, under the pretext of "financial innovation", "blockchain technology", "digital economy", "digital assets" and other buzzwords, take advantage of the public's lack of in-depth understanding of new financial concepts. They promise high returns by issuing or hyping so-called "virtual currencies", "digital assets", "stablecoin investment projects", and other means, enticing the public to invest funds and participate in speculative trading.