Core Viewpoint - The People's Bank of China (PBOC) has reiterated its stance on combating virtual currency trading and speculation, with multiple associations warning about the associated risks, particularly concerning the rise of real-world asset tokens and other related activities [1][3][4]. Group 1: Risks Associated with Virtual Currencies - A joint risk warning was issued by seven associations, including the China Internet Finance Association and the China Banking Association, highlighting the dangers of virtual currencies, stablecoins, and real-world asset tokens [1][3]. - The warning emphasizes that activities related to stablecoins and real-world asset tokens could lead to various risks, including false asset risks, operational failure risks, and speculative trading risks [4][6]. - The rise of concepts like stablecoins and real-world asset tokens has been linked to illegal fundraising and scams, with the PBOC categorizing stablecoins as a form of virtual currency [3][4]. Group 2: Regulatory Measures and Industry Response - Financial institutions are prohibited from engaging in any business related to virtual currencies and must conduct thorough due diligence to identify potential risks [6][7]. - The associations have called for heightened vigilance among the public regarding virtual currency activities, urging individuals to be cautious of high-yield promises and to avoid engaging with suspicious platforms [6][7]. - The joint risk warning aims to enhance compliance and reduce the presence of virtual currencies and related activities in the domestic market, promoting a more coordinated regulatory approach across financial sectors [7][8].

Core Viewpoint - The China Internet Finance Association and six other associations issued a risk warning regarding illegal activities related to virtual currencies, emphasizing the illegality of certain financial activities involving virtual currencies and token issuance within the country [1] Summary by Relevant Categories Regulatory Actions - Domestic institutions and individuals engaging in the exchange of legal currency for virtual currencies, issuance of tokens, and financing activities are suspected of illegal financial activities such as illegal token sales, illegal fundraising, unauthorized public securities issuance, and illegal futures operations [1] International Implications - Foreign virtual currency service providers conducting business activities in China, either directly or indirectly, are also considered to be engaging in illegal financial activities [1] Accountability Measures - Domestic staff of foreign virtual currency service providers, as well as domestic institutions and individuals who knowingly provide services related to virtual currencies, will be held legally accountable [1] Public Awareness - The public is urged to enhance their risk awareness and ability to identify potential risks, and to avoid participating in activities related to virtual currencies and token issuance, as well as illegal fundraising and securities issuance disguised as virtual currency mining [1]

Core Viewpoint - The People's Bank of China has reiterated its commitment to combat virtual currency trading and speculation, with multiple associations warning about the risks associated with virtual currencies and related activities [1][3]. Group 1: Risks Associated with Virtual Currencies - A joint risk warning was issued by seven associations, including the China Internet Finance Association and the China Banking Association, highlighting the dangers of virtual currencies, stablecoins, and real-world asset tokens [1][4]. - The warning emphasizes that activities related to stablecoins and real-world asset tokens could lead to false asset risks, operational failure risks, and speculative trading risks [3][4]. - The rise of concepts related to virtual currencies has led to illegal fundraising and fraud, with criminals exploiting these terms to conduct illicit activities [3][4]. Group 2: Regulatory Environment - The risk warning states that no real-world asset tokenization activities have been approved by Chinese financial authorities, and engaging in such activities may involve illegal fundraising and unauthorized issuance of securities [4][6]. - Financial institutions are prohibited from providing services related to virtual currencies and must conduct thorough due diligence to identify potential risks [6][7]. - Internet platforms are also warned against promoting or providing services for virtual currency activities, emphasizing the need for compliance in information dissemination [7][8]. Group 3: Public Awareness and Education - The public is urged to remain vigilant against various forms of virtual currency activities, as these are often associated with speculation and fraudulent schemes [7][8]. - There is a call for continuous public education to enhance risk awareness and promote rational investment practices, which is essential for maintaining financial security [8].

Core Viewpoint - The seven associations in China have issued a risk warning prohibiting their member units from participating in virtual currency and real-world asset token issuance and trading activities within the country, following a crackdown by 13 government departments on cryptocurrency speculation [1][2]. Group 1: Regulatory Actions - Member units are explicitly forbidden from engaging in any activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [1][2]. - The associations emphasize that virtual currencies are not issued by monetary authorities and do not hold the same legal status as legal tender in China [2]. - Institutions and individuals conducting exchanges between legal currency and virtual currencies, or engaging in the issuance and financing of real-world asset tokens, are deemed to be involved in illegal financial activities [2][3]. Group 2: Risks Associated with Virtual Currencies - The risk warning highlights that virtual currencies are often used for speculative trading and illegal activities such as Ponzi schemes and fraud [4]. - Specific examples of risks include the volatility of virtual currency prices, with Bitcoin experiencing significant fluctuations, such as dropping below $85,000 and then rebounding above $90,000 within a few days [4]. - The warning also identifies "air coins" like π coin as lacking substantial technological innovation and clear commercial applications, making them susceptible to fraud and market manipulation [2]. Group 3: Compliance Requirements - Financial institutions, including banks and payment service providers, must not offer any services related to the issuance and trading of virtual currencies or real-world asset tokens [3]. - Member units are required to conduct thorough customer due diligence to identify any involvement in virtual currency transactions or money laundering risks [3]. - Internet platform companies must ensure compliance by not providing marketing or technical services for virtual currency-related activities [3].

Core Viewpoint - The article emphasizes the risks associated with virtual currencies and related activities, highlighting that they are not recognized as legal tender in China and warning against illegal financial activities linked to them [1][3][4]. 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, thus cannot be circulated as currency within China [1][3]. - Certain virtual currencies, such as "air coins" (e.g., π coin), lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation issues [3][5]. - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [3][5]. Group 2: Prohibited Activities - Domestic institutions and individuals engaging in the exchange of legal currency for virtual currencies or issuing and financing real-world asset tokens are involved in illegal financial activities [4][5]. - Member institutions are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens, and must not provide any related services [5]. - Financial institutions must conduct thorough customer due diligence to identify potential risks related to virtual currencies and report any suspicious activities to relevant authorities [5]. Group 3: Public Awareness and Caution - The public is urged to remain vigilant against various forms of virtual currency and real-world asset token activities, which are often linked to speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency-related activities, including illegal fundraising under the guise of "mining" [5]. - Any suspicious activities related to virtual currencies should be reported to regulatory authorities or law enforcement [5].

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 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]

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 China Internet Finance Association and six other associations issued a risk warning against participation in virtual currency and real-world asset token issuance and trading activities within the country, urging the public to recognize risks and avoid illegal activities [1][2] Group 1: Risk Warning - 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 as currency within China [1] - Financial regulatory authorities in China have not approved any activities related to the tokenization of real-world assets [1] - Member units are prohibited from directly or indirectly providing services for the issuance and trading of virtual currencies and real-world asset tokens within the country [1] Group 2: Public Awareness - The public is advised to remain vigilant regarding various forms of virtual currency and real-world asset token business activities [2] - Any leads related to virtual currency or real-world asset token activities should be reported to regulatory authorities, and suspected illegal activities should be reported to law enforcement [2]

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].