China Issues New Cryptocurrency Warning! Pi Coin Cited as Example

Source: CryptoNewsNet Original Title: China Issues New Cryptocurrency Warning! This Altcoin Is Used As an Example! Original Link: China, known for its strict stance on Bitcoin (BTC) and cryptocurrencies, continues to maintain this position without compromise.

In a recent development, seven major Chinese institutions have jointly issued a risk warning regarding cryptocurrency-related activities. The institutions involved include the China Internet Finance Association, China Banking Association, China Securities Association, China Asset Management Association, China Futures Association, China Listed Enterprises Association, and China Payment and Clearing Association.

According to the joint statement, cryptocurrencies are not recognized as legal tender, and all trading and brokerage services related to them are deemed illegal. The statement emphasizes:

“Cryptocurrencies are not issued by monetary authorities. They do not have legal tender status and cannot be used as currency within the country. Stablecoins carry the same risks.”

Notably, the institutions cited Pi Coin (PI) as a particularly problematic example of a worthless cryptocurrency. The joint warning states that these crypto assets lack significant technological innovation and have no genuine commercial value or use. The institutions allege that such projects engage in illegal fundraising, pyramid schemes, and other unlawful activities under the guise of mining, while transferring illegal proceeds through virtual assets.

The warning urges the Chinese public to exercise extreme caution regarding any cryptocurrency-related business activities and encourages immediate reporting of suspicious activities to relevant regulatory authorities and law enforcement.