Digital currency September 4

2. On November 13 this year, the official microblog of the people's Bank of China announced that the people's Bank of China has issued legal digital currency, and some institutions falsely use the name of the people's Bank of China to trade relevant digital procts under the title of "DC / EP" or "DCEP" on the digital asset trading platform. The central bank stressed that no legal digital currency (DC / EP) was issued and no asset trading platform was authorized to trade. Neither "DC / EP" nor "DCEP" traded in the market is legal digital currency, and the launch time of legal digital currency transmitted through Internet is inaccurate information<

at present, the so-called issuance of legal digital currency in the Internet, and the behavior of indivial institutions launching "DC / EP" or "DCEP" in the name of the people's Bank of China to conct transactions on the asset trading platform may involve fraud and pyramid selling. The general public should raise their risk awareness, not be partial to trust, and guard against interest damage
as early as September 4, 2017, the central bank and other seven departments jointly issued the announcement on preventing the financing risk of token issuance (hereinafter referred to as the announcement), pointing out that the issuance of virtual currency, ICO and other suspected illegal financial activities seriously disrupted the economic and financial order, and no organization or indivial may engage in the above activities illegally.

3. A number of victims of virtual currency fraud cases distributed all over the country said that they were refused to file a case when reporting to the local police because virtual currency could not be valued and could not reach the starting loss amount of theft or fraud. This situation may be affected by the announcement on preventing the financing risk of token issuance issued by seven ministries and commissions on September 4, 2017 (hereinafter referred to as the announcement). Generally speaking, fraud and other crimes of infringing property rights have the starting point of "large amount" According to the interpretation of the Supreme People's Court on Several Issues concerning the specific application of law in the trial of fraud cases, indivials who defraud public or private property of more than 2000 yuan belong to "large amount". However, the announcement clearly pointed out that "any so-called token financing trading platform shall not provide pricing, information intermediary and other services for token or virtual currency." Therefore, it is difficult for the public security organs to recognize the price of virtual currency displayed on the trading platform, and to estimate the value of virtual currency when the victims encounter virtual currency fraud, so as to determine whether the case meets the filing standard.

4.

China does not issue digital currency, and all the existing digital currencies are illegal

the central bank pointed out that no legal digital currency has been issued, and no institutions and enterprises have been authorized to issue legal digital currency. At present, the so-called "digital currency" in the market is not legal digital currency

virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. This kind of virtual currency is mainly limited to circulation in a specific virtual environment. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency

"the legal currency of our country is RMB." In the risk warning, the monetary Bureau of the people's Bank of China once again stressed that RMB is uniformly printed and issued by the people's Bank of China

extended information:

with the soaring price of virtual currency represented by bitcoin, digital currency and the blockchain technology behind it have attracted great attention of the global financial community. In fact, legal digital currency has not yet been issued in China. Recently, the official website of the monetary Bureau of the people's Bank of China (PBOC) released the risk warning on issuing or promoting digital currency in the name of the people's Bank of China

in 2013, the central bank, together with five ministries and commissions, issued the notice on prevention of bitcoin risks, which clearly defined non legal digital currencies such as bitcoin as virtual commodities, which do not exist in the form of currency and legal currency

At the same time, digital money is different from electronic payment. In the actual use experience, digital money and electronic payment may feel similar, but they are still quite different in essence. Before digital currency, the financial instry has been highly informationized

such as Internet banking, WeChat, Alipay and other payment electronic popularization graally, physical cash accounts for only a very small part of all circulating currencies. In spite of this, because the money used in the transaction comes from the bank account, it actually corresponds to the banknotes

currently, digital currency in the market involves multi-level marketing

digital currency is a new technology that can improve the efficiency of transaction, but it is targeted by lawless elements to carry out pyramid selling and fraud in its name

the official website of the monetary Bureau of the people's Bank of China issued the risk warning on issuing or promoting digital currency in the name of the people's Bank of China. The central bank pointed out that recently, indivial enterprises falsely used the name of our bank to label relevant digital procts as "authorized issuance by the people's Bank of China", or falsely claimed that the digital currency promotion team of the central bank issued, in an attempt to deceive the public and take the opportunity to make huge profits

in the risk warning, the central bank stressed that the bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency

at the same time, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud. The general public should raise their risk awareness, invest rationally and prudently, and prevent the interests from being damaged

5.

As of May 2020, blockchain and digital currency are illegal in China

according to the announcement of the people's Bank of China Central Network Information Office, Ministry of instry and information technology, State Administration for Instry and commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing the risks of token issuance and financing, Article 2 no organization or indivial shall illegally engage in token issuance and financing activities. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects

Article 3 strengthen the management of token financing trading platform

from the date of this announcement, any so-called token financing trading platform shall not engage in the exchange business between legal currency and token and "virtual currency", and shall not buy or sell token or "virtual currency" as a central counter party, and shall not provide pricing for token or "virtual currency" Information intermediary and other services

extension data

"illegal financial institutions and illegal financial business activities ban" stipulates that:

eleventh, the criminal suspect, funds and property involved in illegal financial institutions and illegal financial activities, and the public security organs shall take compulsory measures according to law to prevent suspect from escaping and transferring funds and property. p>

Article 12 the people's Bank of China shall, after investigation and confirmation, make a decision to ban the illegal financial institutions and financial business activities, declare them illegal, order them to stop all business activities, and make an announcement

Article 13 if the people's Bank of China discovers that a financial institution opens an account, handles settlement and provides loans for an illegal financial institution or illegal financial business activities, it shall order the financial institution to stop the relevant business activities immediately. No unit or indivial may use the relevant funds without authorization

6. On September 4, 2017, seven ministries and commissions, including the people's Bank of China, China Banking Regulatory Commission and China Securities Regulatory Commission, jointly issued the announcement on preventing the financing risk of token issuance The announcement pointed out that token issuance financing refers to the illegal sale and circulation of tokens by the financing subject to raise the so-called "virtual currency" such as bitcoin and ether coin from investors. In essence, it is an unauthorized illegal public financing behavior, suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal criminal activities. Subsequently, the trading of legal currency was also prohibited

after that, the domestic exchanges responded one after another, stopped a series of domestic business correspondingly, and obtained the legal business licenses of exchanges in many countries overseas, moving towards the direction of compliance. Then there are some exchanges, because their own services are deeply rooted in the hearts of the people, and they have accumulated a certain number of users. Even when they stop their domestic business, they still use scientific Internet access and other methods to continue to follow the exchanges. And these exchanges, after continuous survival of the fittest, have graally evolved into the four major exchanges that insiders often say

according to the trading volume data of this quarter (data from the comprehensive comparison of non trumpet, CMC and coingecko), the four major overseas institutions are currency security, fire currency, coinbase and China currency. If we only talk about domestic exchanges, what the four major exchanges refer to are currency security, fire currency, China currency and okex< So there is no ha ha ha in China

7. On September 4, 2017, the state issued a policy to prohibit virtual currency trading. On that day, the virtual currency trading market was bleak, with countless casualties. The virtual currency trading fell miserably, and many people lost a lot of money.