How much is the fundraiser's digital currency
In China, digital currency is illegal. According to the regulations, financial institutions and non bank payment institutions shall not directly or indirectly provide procts or services such as account opening, registration, trading, clearing and settlement for token issuance financing and "virtual currency"
it is not allowed to underwrite insurance business related to token and "virtual currency" or include token and "virtual currency" in insurance liability. Financial institutions and non bank payment institutions shall report to the relevant departments in a timely manner if they find clues of violation of laws and regulations in token issuance financing transactions
extended information:
since the announcement on preventing the financing risk of token issuance was issued, any so-called token financing trading platform shall not engage in the exchange business between legal tender and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as a central counter party, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"
for the token financing trading platform with illegal problems, the financial management department will request the competent department of telecommunications to close its website platform and mobile app according to law, request the network information department to remove the mobile app from the app store, and request the instrial and commercial administration department to revoke its business license according to law
on September 4, 2017, the people's Bank of China and other seven ministries and commissions issued the "notice on preventing the financing risk of token issuance", which cleaned up the ICO and virtual currency trading venues. The scale of domestic virtual currency transactions decreased significantly, effectively avoiding the impact of virtual currency prices on China's financial market.
according to Article 18 of the measures for banning illegal financial institutions and illegal financial business activities, the losses caused by participation in illegal public deposit absorption and illegal fund-raising activities shall be borne by the participants themselves, and the debts and risks formed shall not be transferred to those who have not participated in illegal public deposit absorption and illegal fund-raising activities State owned banks, other financial institutions and any other units involved in illegal fund-raising activities. If the court has any remaining illegal property after the debt and creditor's rights have been cleared, it shall confiscate it and turn it over to the central treasury on the spot. In the process of banning the illegal absorption of public deposits and illegal fund-raising activities, the local government is only responsible for the organization and coordination, and can not take the way of financial allocation to make up for the losses caused by illegal fund-raising. This means that once the public participates in illegal fund-raising, the interests of the participants will not be protected by law. If the fund raiser still fails to pay off the fund-raising funds after the execution of the people's court, the participants should bear the losses themselves, instead of asking the relevant departments for compensation. Legal basis: Article 18 of the measures for banning illegal financial institutions and illegal financial business activities shall be borne by the participants themselves for the losses arising from their participation in illegal public deposit taking and illegal fund-raising activities, and the debts and risks arising therefrom shall not be transferred to those who have not participated in illegal public deposit taking and illegal fund-raising activities State owned banks, other financial institutions and any other units involved in illegal fund-raising activities