Crack down on cryptocurrency speculation, maintaining high pressure!

Just yesterday, the central bank held a meeting with the Ministry of Public Security, the Supreme Court, the Supreme People's Procuratorate, and 10 other departments to launch a combined strike against the speculation of virtual currency trading.

This crackdown is characterized by a higher level of collaboration and a broader scope compared to previous actions.

The targets of the crackdown mainly focus on the following areas:

1/ OTC trading: Personal or coin merchants conduct deposit and withdrawal activities through Alipay, WeChat, and bank cards. WeChat Pay has previously used big data to shut down a large number of accounts involved in virtual currency trading, and the capital chain has become a key monitoring target.

2/ Stablecoin activities: The meeting once again clearly warned about the illegal cross-border trading and money laundering risks associated with 'stablecoins'. Using stablecoins for trading will become a key focus of the next phase of the crackdown.

3/ Illegal fundraising and fraud: Any fundraising, pyramid schemes, or financial fraud activities promising high returns under the guise of virtual currency.

Still, the same saying goes: for the vast majority of retail investors, 99% of legal risks arise at the 'deposit and withdrawal' stage.

After this meeting, the intensity of the crackdown will be further strengthened, and deposits and withdrawals must be approached with utmost caution. Channels such as Hong Kong cards may become a necessity.