Nanchang Central Sub-branch of the People's Bank of China: Raise awareness of risk prevention and be alert to virtual currency fraud

On September 27th, the Nanchang Central Branch of the People's Bank of China issued an article "Improving Risk Prevention and Beware of Virtual Money Fraud". The article said that in recent years, virtual currency has been attracting attention. At present, all kinds of virtual currency are illegal currency, do not have monetary property such as legal and mandatory, do not have the legal status equivalent to currency, and cannot and should not be used as currency in the market. Some publishers and traders rely on the Internet and use the trading platform to speculate on virtual currency. Others use virtual currency concepts to engage in illegal activities such as pyramid schemes and fraud. China has banned direct transactions between virtual and legal tenders. Financial institutions, payment institutions, and any so-called token financing trading platforms are not allowed to engage in exchange between legal tenders and virtual currencies. Ask the public to look at virtual currency rationally, recognize investment risks, be alert to illegal scams, and safeguard personal capital security and property rights.