Stablecoins under scrutiny in China, warns against illegal fundraising

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China issued a warning against illegal fundraising risks tied to stablecoins, emphasizing the importance of compliance and safety in digital financial practices. The Beijing Internet Finance Association highlighted the dangers of fundraising schemes involving stablecoins and digital currencies, saying that investors in these schemes have no legal recourse. The notice cautions against high-return promises tied to "financial innovation" and "blockchain technology" narratives. The association also ...