People's Bank of China financial education reiterates virtual currency regulatory requirements, prohibits related businesses and RMB-pegged stablecoins.

BlockBeats news, September 22: The People's Bank of China today reiterated in its financial education campaign that virtual currencies such as Bitcoin, Ethereum, and Tether do not have legal tender status and cannot be used as currency in circulation; conducting virtual currency-related business within the mainland is an illegal financial activity and is strictly prohibited without exception.

The People's Bank of China stated that without approval from relevant authorities, domestic entities and overseas entities under their control may not issue virtual currencies abroad, and no entity or individual, domestic or foreign, may issue stablecoins pegged to the renminbi abroad. The central bank reminded the public not to participate in virtual currency issuance, trading, investment, or mining activities, to be vigilant against high-yield investment scams, and to avoid renting out bank cards or payment accounts or participating in virtual currencies.

In addition, the People's Bank of China advised the public to be vigilant against virtual currency investment products and virtual currency trading platforms that claim "guaranteed profits" or "high interest"; not to participate in virtual currency issuance, trading, investment, "mining," and other activities; not to join communities that promote virtual currency activities, not to click on URLs containing overseas virtual currency trading platforms or download related apps; not to lend or rent out bank cards or payment accounts, not to buy or sell virtual currencies to "move money" at others' instruction, and not to act as a "runner," "coin dealer," or "U merchant"; and to promptly report any clues involving virtual currency-related business activities to the relevant regulatory authorities.