Some illegal elements carry out illegal fundraising and pyramid scheme fraud under the guise of stablecoins, etc. Protect your "money bag"! Seven associations issued risk alerts for virtual currencies Recently, seven associations including the China Internet Finance Association jointly issued risk alerts to remind the public to be highly alert to various forms of virtual currencies and real world asset token business activities. Recently, the concept related to virtual currencies has rapidly heated up, and some criminals have taken the opportunity to promote trading and speculation activities, using stablecoins, aircoins (π coins, etc.), real-world asset (RWA) tokens, "mining" as a cover to engage in illegal fundraising, pyramid schemes, fraud, and other illegal activities. They also use virtual currencies to transfer illegal criminal proceeds, seriously infringing on the property safety of the public and disrupting the normal order of the economy and finance. Seven associations remind that virtual currencies are not issued by monetary authorities, are not national legal tender, do not have the same legal status as legal tender, and cannot be used as currency for circulation within China. Each member unit shall not participate in the issuance and trading of virtual currencies and real-world asset tokens within the territory, and shall not directly or indirectly provide relevant services for customers to issue and trade virtual currencies and real-world asset tokens within the territory. Risk warning and education shall be carried out in multiple aspects. Virtual currency prices fluctuate greatly and are often used for illegal activities such as speculation and pyramid schemes. Seven associations remind the public to enhance their risk awareness and identification ability, protect their "wallets", and avoid participating in activities related to virtual currencies, real-world asset tokens, as well as illegal fundraising and securities issuance activities under the guise of virtual currency "mining". If any clues related to virtual currency or real-world asset token related business activities are found, they should be reported to the relevant regulatory authorities in a timely manner. For those suspected of illegal activities, they should be reported to the public security organs in a timely manner. (New Society)