Guangdong Dongguan Financial Work Bureau: Prevent illegal fundraising in the name of “virtual currency” and “blockchain”

According to official sources, the Financial Work Bureau of Dongguan City of Guangdong Province issued the “Risk Tips on Preventing Illegal Fund Raising in the Name of “Virtual Currency” and “Blockchain” on November 13. According to the notice, some lawless elements have recently adopted the banner of “financial innovation” and “blockchain” to absorb public funds through the issuance of so-called “virtual currency”, “virtual assets” and “digital assets”, infringing on the legitimate rights and interests of the public. Such activities are not really based on blockchain technology, but rather the concept of speculative blockchain illegal fundraising, pyramid schemes, and fraud. Risk characteristics: networked, cross-border; obvious deceptive, seductive, and concealed.