Core Viewpoint - The article discusses the recent joint efforts by seven associations in China to issue a risk warning against illegal activities related to virtual currencies and real-world asset tokens, emphasizing that these currencies are not recognized as legal tender and pose significant risks [3][4][5]. Group 1: Regulatory Actions - Seven associations, including the China Internet Finance Association and the China Banking Association, have issued a risk warning prohibiting their members from participating in virtual currency and real-world asset token activities within China [3][4]. - The People's Bank of China and 13 other departments have defined stablecoins as a form of virtual currency and are committed to combating illegal financial activities related to virtual currencies [3][4]. Group 2: Risks Associated with Virtual Currencies - The warning highlights that virtual currencies, such as π coins, lack substantial technological innovation and clear commercial applications, making them susceptible to fraud and market manipulation [5][6]. - The article notes that the volatility of virtual currencies, exemplified by Bitcoin's price fluctuations, can lead to speculative trading and illegal activities, including Ponzi schemes [7]. Group 3: Prohibitions for Financial Institutions - Financial institutions, including banks and payment service providers, are prohibited from offering services related to the issuance and trading of virtual currencies and real-world asset tokens [6]. - Internet platform companies are also barred from providing marketing or technical services for virtual currency activities, ensuring compliance with regulatory requirements [6].

Core Viewpoint - The joint announcement by seven associations emphasizes the prohibition of participation in illegal virtual currency activities within China, highlighting the risks associated with virtual currencies and related tokens [1][2]. Group 1: Regulatory Actions - Seven associations, including the China Internet Finance Association and the China Banking Association, issued a risk warning against illegal activities related to virtual currencies and real-world asset tokens, mandating that member units refrain from engaging in such activities domestically [1][2]. - The People's Bank of China and 13 other departments convened to establish a coordination mechanism to combat virtual currency trading, defining stablecoins as a form of virtual currency and stressing the need for ongoing efforts to curb illegal financial activities related to virtual currencies [1][2]. Group 2: Risks Associated with Virtual Currencies - The associations reiterated that virtual currencies are not issued by monetary authorities and do not hold the same legal status as fiat currencies, thus cannot be circulated as currency within China [2]. - 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]. - Tokens like π coin lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation issues, with many scams operating under their guise [2]. Group 3: Prohibitions on Financial Services - Member units of banks and payment institutions are prohibited from providing services related to the issuance and trading of virtual currencies and real-world asset tokens, as well as from supporting virtual currency mining projects [3]. - Securities, fund, and futures institutions are also barred from offering services for the issuance and trading of virtual currencies and related financial products [3]. - Internet platform companies must not provide marketing or technical services for the issuance and trading of virtual currencies and real-world asset tokens, ensuring compliance in information dissemination [3]. Group 4: Public Awareness and Market Volatility - The risk warning highlights the extreme price volatility of virtual currencies, which are often used for speculative trading and fraudulent activities [4]. - Recent Bitcoin price fluctuations illustrate this volatility, with significant daily price changes reported, emphasizing the need for public awareness and caution against engaging in virtual currency activities [4].

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].

空气币的"传销式收割"最为隐蔽。以近期备受关注的π币为例，其宣称"手机点点就能挖矿""零成本高回报"，实际通过多级分销体系诱导参与 者"拉人头"，邀请人数与活跃度直接挂钩"挖矿"速度，形成典型的传销模式。2025年7月，Pi Network核心团队被曝抛售1200万枚π币套现80亿 美元跑路，而国内已查处多起相关案件，仅江苏一地团伙涉案金额就超2亿元。这类代币无实质性技术支撑、无明确应用场景，运营机制完全 不透明，所谓"价值"全靠虚假宣传维系，一旦资金链断裂，投资者血本无归。 稳定币则暗藏"非法资金通道"风险。尽管其宣称"与法定货币挂钩"以维持价格稳定，但七家协会明确指出，当前稳定币无法满足客户身份识 别、反洗钱等监管要求，已成为洗钱、集资诈骗、违规跨境转移资金的工具。这种特性使其成为犯罪团伙的"资金搬运工"，2020年GUCS虚拟 币案中，主犯王某某就通过虚拟货币转移犯罪所得，最终导致2.9万投资者损失超17亿元，其本人因集资诈骗罪、洗钱罪被判处无期徒刑。 新兴的RWA代币（现实世界资产代币化）并非"合规避风港"。这类通过代币化权益进行融资的活动，存在虚假资产、经营失败、投机炒作三 重风险，且我国金融管理部 ...

Core Viewpoint - The People's Bank of China (PBOC) has reiterated that virtual currency activities are illegal financial activities, marking a new phase in the crackdown on virtual currencies and urging investors to recognize the high risks involved [3][17]. Policy Upgrade: From "Prohibition of Trading" to "Ecological Reconstruction" - The recent meeting emphasized three illegal attributes of virtual currencies: they lack legal status, all related business activities are classified as illegal financial activities, and cross-border services from foreign exchanges to domestic residents are also illegal [3][4]. - The policy now focuses on technology-driven regulation, utilizing blockchain tracking and AI behavior analysis for comprehensive monitoring of virtual currency transactions [3][4]. Risk Map: Four Major Traps of Virtual Currencies - Price manipulation and liquidation risks are prevalent due to the lack of effective regulation, with Bitcoin's annual gains retreating over 60% in 2025 and over $1 billion in liquidations occurring in a single day [5]. - Illegal fundraising and pyramid schemes are rampant, with high-yield promises and fake projects leading to significant financial losses [6]. - Virtual currencies are used for money laundering and as tools for crime, with over 70% of ransomware payments made in Bitcoin [7]. - Technical vulnerabilities and the risk of asset zeroing are highlighted, with incidents of exchanges collapsing and significant amounts being lost due to hacking [8]. Regulatory Measures: Building a "Three-in-One" Defense - Legal measures have been upgraded to include criminal prosecution for illegal fundraising and civil accountability for invalid virtual currency contracts [13]. - Enhanced technical monitoring includes real-time tracking of blockchain transactions and strict controls on bank accounts related to virtual currencies [14]. - Industry self-regulation is being promoted, with financial institutions prohibited from providing services related to virtual currencies and internet platforms required to shut down related activities [15]. Investor Self-Rescue Guide: Five Key Rules to Avoid Virtual Currencies - Investors are advised to be cautious of high-return promises and avoid downloading foreign apps that may be scams [16]. - Participation in pyramid schemes and the neglect of fund security are strongly discouraged [16]. - The belief in technological myths should be avoided, as compliance and regulation are essential [16].