People’s Daily said social media accounts touting “100x coins” and monthly crypto returns may be steering users toward virtual currency trading, which prior regulators’ notices classify as illegal financial activity in China.
People’s Daily warned that accounts advertising “100x coins” and promising monthly cryptocurrency profits were directing traffic to virtual currency trading platforms. The publication cited an earlier notice issued by China’s central bank and seven other agencies, reiterating that virtual currency-related business activities are illegal financial activities in China. The report reinforces the country’s existing regulatory stance against crypto trading and related promotion.