People's Bank of China Issues Financial Education Campaign, Warns of Virtual Currency Risks

The People's Bank of China has launched a financial education campaign through the National Clearing Company, reminding the public to recognize the essential attributes of virtual currencies and to guard against the risks of related illegal financial activities. The campaign emphasizes that virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, and cannot be circulated or used as currency within the country; related business activities are considered illegal financial activities and are strictly prohibited. The People's Bank of China states that the public should enhance their awareness of risk prevention, stay away from virtual currency trading speculation, and avoid participating in illegal fundraising, pyramid schemes, fraud, and other activities to protect their property safety.

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