WeChat has announced a crackdown on the use of its groups for promoting pyramid schemes and scams under the guise of cryptocurrencies and stablecoins, highlighting Pi Coin as a typical example. This move aligns with China's ongoing regulatory tightening on cryptocurrency trading and speculation, particularly targeting schemes that exploit middle-aged and elderly investors. While some projects like Pi Coin may have low entry costs and limited legal risks for individuals, involvement in recruiting downlines or transferring assets could lead to administrative or criminal liabilities. Overall, China's policy trend indicates a stringent stance against cryptocurrency-related speculation and fraud, suggesting limited future growth for cryptocurrencies within the country.