Legal daily: stop using block chain to hype virtual currency

Source: legal daily news

Recently, the leading group office of the special rectification of Internet financial risks in shenzhen, guangdong province, issued a risk warning on preventing illegal activities of virtual currency. Meanwhile, Beijing police have cracked an illegal digital currency exchange, BISS, and arrested dozens of suspects. The office of the Shanghai joint conference on financial stability and the Shanghai headquarters of the people's bank of China also said that supervision and control efforts should be stepped up to crack down on virtual currency trading.

Recently, Beijing, Shanghai, shenzhen and other places happened to carry out the virtual currency clean-up work, no doubt have common reasons and background.

Around 2017, a large number of domestic financing activities by issuing tokens, including initial coin offerings (icos), emerged, leading to widespread speculation and suspected illegal financial activities, which seriously disrupted the economic and financial order. Accordingly, on September 4, 2017, the people's bank of China and seven other ministries and commissions issued the notice on preventing the financing risks of token issuance. Announcement on the one hand, has been clear about the virtual currency does not have legal status, cannot and should not be used as currency to circulate on the market, on the other hand, further points out that the issue of virtual currency is essentially a kind of illegal public financing without approval, the alleged illegal sell promissory notes, illegal securities issuance and illegal financing, financial fraud, pyramid schemes, such as illegal and criminal activities.

According to the announcement, local authorities quickly launched a crackdown on icos. Specific measures were introduced one after another to clean up ICO and virtual currency trading venues, resulting in a sharp decline in the trading scale of virtual currency in China, effectively avoiding the impact of soaring and plummeting prices of virtual currency on China's financial market.

And with the recent block chain technology become social attention hot spot, some organizations and agencies began to block the heat of the chain, "block chain banner for promotion of virtual currency, virtual currency, including COINS, prices have soared, countries will relax the virtual currency regulation speech may mislead the investors.

Recently, the Shanghai and shenzhen regulators intensify prevention and crackdown on virtual currency trading, the police in Beijing have illegal digital currency exchange BISS fraud and a series of action, not only deter illegal speculation block chain, also sends a clear signal to the market, block chain is not equal to the virtual currency, state of the virtual currency policy will not change, regulators to crack down on virtual currency speculation and the attitude of the virtual currency trading venues will not change.

Undoubtedly, the clear attitude and strict measures of the regulatory authorities have rectified the current unhealthy tendency of some local governments to use blockchain to hype up virtual currency, and further reflected the sustainability and stability of national laws and policies.

Text link:http://epaper.legaldaily.com.cn/fzrb/content/20191126/Articel01010GN.htm

Silver block rhythm BlockBeats reminded, according to the circ and other five departments issued in August 2018 on the guard against in the name of the "virtual currency" "block chain" illegal fund-raising risk warning "file, please the public rationality block chain, don't blindly believe in reduction commitment, set up correct concept of money and investment philosophy, effectively raise the risk consciousness; To the illegal crime clue that discovers, can report to concerned branch actively reflect. & have spent  

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