Core Viewpoint - The joint announcement by seven associations emphasizes the illegality of virtual currencies in China, warning the public against engaging in related activities and highlighting the risks associated with such investments [1][2]. Group 1: Regulatory Actions - The China Internet Finance Association and six other associations issued a risk warning regarding virtual currencies, stating they do not hold the same legal status as fiat currencies and cannot be circulated within China [1]. - The People's Bank of China has convened a meeting to coordinate efforts against virtual currency trading and has reiterated its stance on prohibiting virtual currency-related activities [1]. Group 2: Public Warnings - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China, and they must not provide related services to clients [2]. - The associations urge the public to enhance their risk awareness and avoid involvement in virtual currency and real-world asset token activities, including illegal fundraising and securities issuance disguised as "mining" [2].

Core Viewpoint - The joint announcement by seven associations emphasizes that virtual currencies do not have the same legal status as fiat currencies and cannot be circulated as money within China [1][2] Group 1: Regulatory Actions - The China Internet Finance Association and six other associations have issued a risk warning against illegal activities related to virtual currencies, highlighting the need for public vigilance [1] - The People's Bank of China has convened a meeting to coordinate efforts against virtual currency trading speculation, reaffirming the prohibition of virtual currency-related activities [1] Group 2: Prohibitions and Warnings - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China [2] - The associations urge member units to educate the public on the risks associated with virtual currencies and to help them identify and avoid illegal activities [2] Group 3: Public Awareness - The associations warn that virtual currencies are often used for speculative trading and fraudulent activities, advising the public to enhance their risk awareness and protect their finances [2] - Individuals are cautioned against engaging in activities related to virtual currencies and real-world asset tokens, including illegal fundraising and securities issuance disguised as "mining" [2]

Core Viewpoint - The rapid rise of virtual currency concepts has led to illegal activities such as fraud and illegal fundraising, prompting regulatory bodies in China to issue warnings and guidelines to prevent risks associated with virtual currencies and related activities [1][2][3][4] Group 1: Regulatory Actions - Chinese regulatory authorities, including the People's Bank of China and the China Securities Regulatory Commission, have issued announcements to prevent risks related to token issuance and virtual currency trading [1][2] - Seven financial associations in China have reiterated that their members must not participate in the issuance or trading of virtual currencies or reality world asset tokens within the country [3] Group 2: Risks Associated with Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, making them unsuitable for circulation in China [1] - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for illegal activities such as money laundering and fundraising fraud [2] - The tokenization of real-world assets carries multiple risks, including false asset risks and speculative trading risks, and no such activities have been approved by Chinese financial authorities [2] Group 3: Public Warnings - The public is urged to be vigilant against various forms of virtual currency and real-world asset token activities, which are often associated with speculation and fraud [4] - Individuals are advised to avoid participating in virtual currency and real-world asset token activities, as well as illegal fundraising and securities issuance disguised as "mining" [4] - The public should report any suspicious activities related to virtual currencies and real-world asset tokens to regulatory authorities and law enforcement [4]

来源：王永利 中国加快数字人民币发展，坚决遏制包括稳定币在内的虚拟货币的政策取向已经完全明确。这是出于中国移动支付和数字人民币全球领先优势、人民币主 权安全和货币金融体系稳定等多方面因素的综合考虑。 2025年5月以来，美国、香港竞相推进稳定币立法，带动全球稳定币及加密资产（亦被叫做"加密货币"或"虚拟货币"）立法掀起高潮，大量机构和资本对 发行稳定币及投资加密资产趋之若鹜，也引发中国是否应该全力推动稳定币立法与人民币稳定币（包括离岸）发展的热议，并且在美国立法禁止美联储发 行数字美元后，对中国还要不要继续推进数字人民币也成为争论热点。 对中国而言，这涉及到国家货币发展方向与路径选择，在美元稳定币全球蔓延，国际关系更加尖锐复杂、国际货币竞争更加激烈情况下，对人民币如何创 新发展并维护国家安全，实现强大货币和金融强国战略目标影响巨大而深远，必须冷静分析准确把握早作决策，既不能无动于衷或犹豫不决，也不能盲目 跟风犯下方向性颠覆性错误。 随后，中国人民银行宣布，将优化数字人民币在货币层次之中的定位（调整前期确定的M0定位。这一点笔者从一开始就反复呼吁，参见王永利公众号 2021年1月6日"数字人民币不应定位于M0" ...

Core Viewpoint - The recent announcement by the China Internet Finance Association and six other associations highlights the risks associated with virtual currencies and illegal activities, emphasizing the need for public awareness and caution against scams and illegal fundraising activities [2][3]. Group 1: Risks of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, making them illegal for circulation within China [3]. - Air coins, such as π coin, lack substantial technological innovation and clear commercial applications, with serious issues related to fraud and market manipulation [3]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and illegal fundraising [3]. Group 2: Regulatory Stance - The announcement reiterates that no institutions are allowed to engage in activities related to virtual currencies or tokenization of real-world assets [3]. - The financial management authorities in China have not approved any activities related to the tokenization of real-world assets, highlighting the regulatory stance against such practices [3]. Group 3: Historical Context - Previous warnings have been issued by the China Internet Finance Association regarding risks associated with NFTs and virtual currency trading, emphasizing the need for compliance with national laws and regulations [4]. - In April 2022, a call was made to curb the financialization and securitization of NFTs, and in May 2021, a warning was issued against virtual currency trading speculation [4].

Core Viewpoint - The Chinese financial regulatory authorities have issued a risk warning regarding virtual currencies and related illegal activities, emphasizing that virtual currencies are not legal tender and warning the public against participating in such activities [1][4][5]. Group 1: Regulatory Actions - On December 5, multiple financial associations in China jointly released a risk warning to prevent illegal activities related to virtual currencies [1]. - The warning highlights that virtual currencies are not issued by monetary authorities and do not have the same legal status as legal tender, thus cannot be circulated or used within China [4]. Group 2: Risks Associated with Virtual Currencies - Recent trends show a rise in illegal activities related to virtual currencies, including illegal fundraising and Ponzi schemes, often disguised as stablecoins or asset-backed tokens [4]. - Specific tokens like π coin are identified as lacking substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [4]. - The warning outlines that stablecoins currently do not meet requirements for customer identity verification and anti-money laundering, posing risks of being used for money laundering and illegal fundraising [4]. Group 3: Prohibitions for Financial Institutions - Domestic institutions and individuals are prohibited from engaging in activities related to the exchange of legal tender for virtual currencies and the issuance of asset-backed tokens [5][6]. - Financial institutions, including banks and payment service providers, are instructed not to offer any services related to virtual currencies or asset-backed tokens, including mining operations [6]. Group 4: Public Awareness and Precautions - The public is urged to remain vigilant against various forms of virtual currency and asset-backed token activities, which are often associated with speculation and illegal activities [7]. - Individuals are advised to enhance their risk awareness and avoid participating in any virtual currency-related activities, including those disguised as mining operations [7].

Core Viewpoint - The Chinese Internet Finance Association and other regulatory bodies have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rise of speculative trading and fraudulent schemes under the guise of stablecoins and other tokens [1][2]. Group 1: Regulatory Actions - The warning is part of efforts to implement directives from the People's Bank of China and other financial regulatory authorities aimed at preventing risks associated with token issuance and virtual currency trading [1]. - Various associations, including the China Banking Association and the China Securities Association, have collaborated to issue this risk alert [1]. Group 2: Risks and Warnings - Virtual currencies are characterized by extreme price volatility and are often associated with speculative trading and illegal activities such as Ponzi schemes [2]. - The public is advised to enhance their risk awareness and avoid participating in activities related to virtual currencies and real-world asset tokens, as well as illegal fundraising under the guise of "mining" [2]. - Individuals are urged to report any suspicious activities related to virtual currencies to regulatory authorities and law enforcement [2].

Core Viewpoint - The recent surge in virtual currency-related activities has led to illegal fundraising and fraud, prompting regulatory bodies to issue warnings and guidelines to prevent such activities [1][2] Group 1: Regulatory Actions - The China Internet Finance Association and other financial regulatory bodies have issued a risk warning regarding virtual currencies and related activities [1] - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China [2] - Financial institutions must conduct thorough due diligence to identify potential risks related to virtual currencies and report any suspicious activities to the relevant authorities [2] Group 2: Prohibitions on Services - Banks and payment institutions are not allowed to provide any services related to the issuance and trading of virtual currencies and real-world asset tokens [2] - Securities, fund, and futures institutions are also barred from offering services for the issuance and trading of virtual currencies and related financial products [2] - Internet platform companies must refrain from marketing or providing technical services for virtual currency-related activities and ensure compliance in information dissemination [2] Group 3: Public Awareness and Education - Member units are encouraged to conduct risk awareness campaigns to educate the public about the dangers of virtual currencies and illegal activities [2] - The emphasis is placed on helping the public discern risks and avoid illegal activities related to virtual currencies [2]

Core Viewpoint - The Chinese Internet Finance Association and other regulatory bodies have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rise of fraudulent schemes disguised as stablecoins, air coins, and tokenized real-world assets, which threaten public financial security and disrupt economic order [1][2]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as national legal tender, making them unsuitable for circulation within China [2]. - Air coins, such as π coin, lack substantial technological innovation and clear commercial applications, with opaque issuance and operational mechanisms, leading to significant fraud and market manipulation issues [2]. Group 2: Risks Associated with Stablecoins and Tokenization - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers [2]. - Tokenization of real-world assets through the issuance of tokens or other rights carries multiple risks, including false asset risks, operational failure risks, and speculative trading risks, with no approved activities by financial regulatory authorities in China [2]. Group 3: Illegal Financial Activities - Domestic institutions and individuals engaging in the exchange of legal tender for virtual currencies, issuance of real-world asset tokens, and related activities are suspected of illegal financial activities, including illegal token sales and unauthorized securities issuance [3]. - Foreign virtual currency service providers conducting business activities in China, either directly or indirectly, are also considered to be engaging in illegal financial activities, with domestic personnel providing services to these entities facing legal accountability [3].

Core Viewpoint - The Chinese Internet Finance Association and six other departments issued a risk warning regarding virtual currencies and related illegal activities, emphasizing that member units must not engage in or provide services for virtual currency and real-world asset token issuance and trading within China [1][2]. Group 1: Nature of Virtual Currencies and Related Activities - Virtual currencies are not issued by monetary authorities and do not have the same legal status as legal tender in China, making them illegal for circulation [2]. - Certain virtual currencies, such as π coins, lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [2]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [2]. - The tokenization of real-world assets carries multiple risks, including false asset risks and speculative trading risks, with no approved activities in this area by Chinese financial authorities [2]. Group 2: Prohibitions on Financial Institutions - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China [4]. - Banks and payment institutions must not provide any financial services or credit support to virtual currency mining enterprises and projects [4]. - Securities, fund, and futures institutions are also barred from offering services related to the issuance and trading of virtual currencies and real-world asset tokens [4]. Group 3: Public Awareness and Precautions - The public is urged to be vigilant against various forms of virtual currency and real-world asset token activities, which are often associated with speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency and real-world asset token activities to protect their finances [5][6]. - Any suspicious activities related to virtual currencies should be reported to regulatory authorities, and individuals should refrain from engaging with promotional materials that suggest historical returns or speculative prospects [6].