Shandong Linyi Warns of "Global Stock Exchange" Virtual Currency Project Risk: Exit as Soon as Possible to Avoid Losses

November 8: According to the WeChat public account of the Linyi Converged Media Center, Linyi authorities issued a risk alert exposing two illegal financial scams, the "Global Stock Exchange" and the "Savings Project" apps. The "Global Stock Exchange" project advertises high returns and lures people into investing in virtual currency; those who have participated should exit as soon as possible to avoid losses. A notice jointly issued by the People's Bank of China and other departments, "Notice on Further Preventing and Handling Risks Related to Virtual Currency and Other Matters," makes clear that virtual currency does not have the same legal status as legal tender.