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π coin latest explanation from the Central Bank of China
The latest explanation from the Central Bank of China regarding π coin is as follows:
The legal status of π coin: The People's Bank of China has clearly defined that π coin does not have the status of legal tender, and all transactions and exchanges are illegal. This means π coin is neither a legal tender nor recognized for exchange with RMB.
Risk Warning: The Central Bank reminds the public that virtual currencies such as π coin lack solid value support and often become tools for speculative trading, posing risks such as extreme price volatility, information asymmetry, and transaction security. In addition, virtual currency trading can easily provide a breeding ground for money laundering, fraud, and other illegal financial activities, which are not protected by law.
Pyramid scheme: Promoting π coin trading and even enticing users to develop downlines through "referral rebates" and other means is a typical pyramid scheme. Once involved, the risks are extremely high.
Preventive Suggestions: The Central Bank advises the public to raise their awareness of prevention, to avoid blind actions towards unfamiliar new phenomena, and to remain vigilant against investment platforms that promise risk-free high returns and technical platforms for over-the-counter trading or trading on specific exchanges.
In summary, the Central Bank's attitude towards π coin is clear, warning the public to avoid participating in related transactions and activities to prevent being deceived and harmed. #PI