According to online reports, the Local Financial Administration Bureau of Haidian District of Beijing City issued an announcement saying that digital currencies represented by stablecoins have recently received widespread market attention. Some illegal institutions use "financial innovation","digital assets", etc. as gimmicks, take advantage of the public's insufficient understanding of stablecoins, etc., and absorb funds by issuing so-called "virtual currency","virtual assets","digital assets" and other methods., induce the public to participate in transaction speculation, disrupt economic and financial order, breed illegal and criminal activities such as illegal fund-raising, gambling, fraud, pyramid schemes, and money laundering, and seriously endanger the safety of public property. The Local Financial Administration Bureau of Haidian District, Beijing City reminds you: No institution may absorb funds from the public without legal permission from the national financial administration department. Some illegal institutions use new concepts such as stablecoins to hype, publicly publicize false propaganda and absorb public funds, breeding various illegal and criminal activities such as illegal fund-raising. The "Regulations on the Prevention and Disposal of Illegal Fundraising" stipulates that the state prohibits any form of illegal fund-raising, and the losses suffered by participating in illegal fund-raising shall be borne by the fund-raising participants themselves.