Joanna Million

Why is it not allowed to engage in virtual currencies domestically?

This year, a "financial pyramid scheme" occurred in Fujian, where a criminal group used stablecoins as a payment tool, creating fake trading platforms through shell companies, promising high returns of 1%-2% per day, enticing investors to invest, leading to 2 million investors losing 13 billion yuan.

Cities like Shenzhen, Beijing, and Shanghai, where financial innovation is active, are particularly hard-hit by such illegal fundraising.

Some people leverage high-end financial seminars to promote "cross-border stablecoin wealth management" to high-net-worth individuals, falsely claiming "to connect with compliant licenses in Hong Kong"; some induce foreign trade companies to exchange payment for "self-developed stablecoins" under the guise of cross-border e-commerce payment, resulting in broken capital chains;

Some even take advantage of the concentration of financial technology companies in Shenzhen to package "stablecoin underlying asset projects" at entrepreneurial forums, targeting technology practitioners for infiltration.

There are even cases of individuals issuing stablecoins under the guise of companies, leading institutions to repeatedly debunk rumors, with financial regulatory authorities in multiple regions intensively issuing risk warnings about this.

At the same time, channels like stablecoins and coin merchants have become rapid money-laundering pathways for telecom fraud funds and criminal dirty money.

According to statistics from the professional company Chain Security Lab, from January to November this year, the total inflow of addresses associated with stablecoin-related crimes reached 118.6 billion yuan,

They claim this is only the recorded direct capital inflow and does not include subsequent multiple money-laundering or deep concealment of such funds.

This organization stated that stablecoins have become one of the core and most active funding channels in the current cross-border gray and black crime system.

Note that this is only regarding stablecoins that are legal in the United States and Hong Kong, not the legitimate virtual currencies that everyone is playing with, like Bitcoin and such.

Thus, for those engaged in gray industries, it's truly a case of: give me a pivot, and I can lift the earth; give me a title, and I can scam the whole world.

Just think, merely a few concepts and slogans can be creatively exploited by gray industries. For more complex virtual currencies, would the state dare to loosen its grip? Can it afford to?

Do you think the outright ban on virtual currencies domestically is to prevent the common people from getting rich?

In fact, it is to protect more dreamers of wealth who are highly likely to pay an intelligence tax to the gray industries.
#巨鲸动向 $BTC

How to install Binance on Huawei phone? It keeps failing to update.

Newcomer to cryptocurrency, doesn't know how to play, sincerely asking for guidance from older brothers 😭$

Everyone help me see what else is missing to be a qualified leek 🥹