Everyone doesn't need to panic too much. This time, the 7 departments refer to 7 industry self-regulatory associations of private organizations, which is completely different from the 13 departments from a few days ago. Please understand the regulation correctly:

1. The last time the central bank united the 13 departments, they were the 13 regulatory departments with enforcement power: People's Bank of China, Ministry of Public Security, Central Cyberspace Affairs Commission, Central Financial Affairs Office, Supreme People's Court, Supreme People's Procuratorate, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Justice, State Administration for Market Regulation, National Financial Regulatory Administration, China Securities Regulatory Commission, State Administration of Foreign Exchange.

2. This time, the statement was issued by 7 industry self-regulatory associations spontaneously organized in the traditional financial industry, which do not have enforcement power: China Internet Finance Association, China Banking Association, China Securities Association, China Securities Investment Fund Association, China Futures Association, China Listed Companies Association, China Payment and Clearing Association.

3. Web3 is disruptive to traditional finance, and the industry self-regulatory associations of traditional finance will definitely resist it severely. Just like the asset securitization model that emerged from the real estate speculation in Shenzhen a few years ago, the industry self-regulatory associations also strictly oppose it. Therefore, it is certain they will resist RWA and oppose everyone speculating in cryptocurrencies.

(If you all stop trading stocks, how will my securities company and fund company make money? If you all convert your money to U, where will my bank get money to issue loans?)

4. So, everyone should not exaggerate the publicity, nor should they panic excessively. Is it bad news? Yes, after all, the domestic direct definition of 'all virtual currencies are scams' will deter many potential users and many novices; but will they really crack down on people severely? Not necessarily. Can you guess why this statement was not issued by the central bank along with the 13 ministries but by the 7 industry self-regulatory associations? Isn't it just that the government is too lazy to spend time and effort?