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Blockchain ≠ virtual currency routine fraud needs to be vigilant

Time : 01/05/2022 Author : 8pa4vb Click : + -
        Recently, Xinhua news agency, people's daily, CCTV and other authoritative media have focused on "blockchain chaos" and called on investors to be vigilant against digital currency scams. At the same time, regulators in Beijing, Shanghai, Hangzhou, Henan and other places have "lit their swords" to investigate activities related to digital currency transactions. In the face of the resurgence of virtual currency speculation, the branches of the people's Bank of China and local financial regulatory bureaus, while issuing documents to regulate the virtual currency business activities within their jurisdiction, are also reminding the general public through various forms that blockchain is not equal to virtual currency and should be vigilant against illegal virtual currency speculation. "The ‘ money speculation group ’ which has been silent for some time on wechat and QQ has begun to bustle again.
        ”"Blockchain has recently brought virtual currency back into the spotlight."& hellip;& hellip; A few days ago, the reporter visited and learned that many investors who had previously participated in "currency speculation" found that the currency circle, which had been silent for a long time, seemed to be "boiling" again. The reason was the soaring price of virtual currency recently. Taking bitcoin as an example, the soaring price once made many people smell the opportunity of speculation. It is understood that the transaction price of bitcoin fell by about 70% last year, and the decline of some other currencies even reached 90%. Previously, the bullish virtual currency caused by the "blockchain" concept is one of the main reasons for the recent rise in "speculation". On November 14, the Shanghai headquarters of the people's Bank of China, together with relevant departments, issued a notice on the regulation of virtual currency trading venues, pointing out that the focus of the regulation is virtual currency related activities, including virtual currency trading, coin issuance and fund-raising, as well as providing publicity and guidance for overseas exchanges.
        On November 21, the relevant regulatory authorities in Shenzhen issued a risk warning on preventing virtual currency speculation, saying that recently, with the promotion of blockchain technology, virtual currency speculation has increased, and some illegal activities are showing signs of resurgence. From the risk tips released in many places, it is not difficult to see that some institutions absorb public funds and infringe the legitimate rights and interests of the public by issuing so-called "virtual currency", "virtual assets" and "digital assets". Such activities are not really based on blockchain technology, but hype the illegal fund-raising, pyramid selling and fraud of blockchain concept banks. At present, the regulatory authorities across the country are comprehensively investigating the "currency speculation" activities in their territories, and resolutely fight early and early, and fight as soon as they emerge.
        At the same time, the financial regulatory authorities also cooperated with the China Internet Finance Association to deal with the new virtual currency trading venues, initial token issuance (ICO) activities, and overseas trading currency platforms in a timely manner. In addition, regulators have also increased the supervision of commercial banks and third-party payment institutions. It is understood that China currently expressly prohibits any virtual currency transactions, and any behavior engaged in token issuance and financing is illegal; Any trading platform shall not engage in the exchange business between legal tender and token or "virtual currency", nor buy or sell tokens or "virtual currency" as a central counterparty; It is not allowed to provide pricing, information intermediary and other services for tokens or "virtual currencies".
        "The so-called virtual currency investment is actually suspected of illegal and criminal activities such as illegal sale of token tickets, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes, etc." Industry insiders told reporters that the reason why such investment activities are welcomed by many investors is that such currencies have no fixed price, no limit on the rise and fall, and can be traded 24 hours. In addition, many investors can get high returns from them at the beginning. Last year, the China Banking and Insurance Regulatory Commission, the central Internet Information Office, the Ministry of public security, the people's Bank of China, and the State Administration of market supervision jointly issued the "tips on preventing the risk of illegal fund-raising in the name of" virtual currency "and" blockchain "(hereinafter referred to as the" tips "), reminding consumers that when investing, they should treat blockchain rationally and do not blindly believe relevant commitments, Establish a correct concept of money and investment, and effectively enhance risk awareness.
        The tips mentioned that some criminals, under the banner of "financial innovation" and "blockchain", absorbed funds by issuing so-called "virtual currency", "virtual assets" and "digital assets", which infringed on the legitimate rights and interests of the public. Such activities are not really based on blockchain technology, but hype the illegal fund-raising, pyramid selling and fraud of blockchain concept banks.
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