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Interpreting the law by case: beware of deception with virtual currency as a gimmick

Time : 17/05/2022 Author : tzl450 Click : + -
        When investing, investors should be vigilant against new things beyond their own cognitive scope, acquire new knowledge and know new things through formal channels, and prevent illegal fund-raising, pyramid schemes and other criminal activities using virtual currency as a gimmick. In 2018, Wu made use of his registered business license to falsely claim that the company had obtained a digital asset license and designed to issue "cloud gold" virtual currency. The virtual currency generates "cloud gold coins" every day according to the intelligent computing power, and the compound interest is accumulated. In order to attract more members to buy "cloud gold coins", Wu set up two modes of "static reward" and "dynamic reward", that is, the purchase of "cloud gold coins" will have a holding income every day. The more people recommend to buy, the more people buy, and the more rewards.
 
        At the same time, the company has developed "right brain development" and other courses, and said that it will be involved in medical care, hotels and other fields in the future. It claims that "cloud gold coins" can be used for consumption in these fields. Through the way of "blockchain + digital assets + e-commerce + Finance + physical industry", the company publicizes the huge consumption market and high return on investment of "cloud gold coins" to the public, enhances the "credibility" of the scam, and makes more people fall into it. After the case was discovered, in just two months, the company developed more than 18000 members, recommended more than 400 development levels, and involved more than 170 million yuan. Illegal elements use new concepts such as "virtual currency" and "blockchain" to cheat investors' funds in the name of "financial management", "investment and consumption", "dividends into shares" and "digital currency". In fact, they use pyramid marketing methods such as "pulling heads" and "developing offline" to trap investors.
 
        When investing, investors should be vigilant against new things beyond their own cognitive scope, acquire new knowledge and know new things through formal channels, and prevent illegal fund-raising, pyramid schemes and other criminal activities using virtual currency as a gimmick. Virtual currency is a kind of specific virtual commodity, which is not issued by the monetary authority and has no monetary attributes such as legal compensation and compulsion. It is not a real currency and should not and cannot be used as currency in the market. Virtual currency related business activities are illegal financial activities. Carry out virtual currency related business activities such as the exchange business between legal currency and virtual currency, the exchange business between virtual currencies, the purchase and sale of virtual currencies as the central counterparty, the provision of information intermediary and pricing services for virtual currency transactions, the issuance and financing of tokens, and the transaction of virtual currency derivatives. It is suspected of illegal financial activities such as the illegal sale of tokens, the unauthorized public issuance of securities, the illegal operation of futures business, and the illegal fund-raising, It is strictly prohibited and resolutely banned according to law.
 
        If the relevant illegal financial activities constitute a crime, criminal responsibility shall be investigated according to law. Virtual currency has no real value support, and its price is easy to be manipulated. There are multiple risks such as false assets risk, business failure risk and investment speculation risk in relevant speculative trading activities. From the current judicial practice in China, the virtual currency transaction contract is not protected by law, and the consequences and losses caused by investment transactions are borne by the relevant parties. The majority of consumers should enhance their risk awareness, establish a correct investment concept, do not participate in the speculation of virtual currency transactions, and guard against damage to personal property and rights. Personal bank accounts should be cherished and should not be used for recharge and withdrawal of virtual currency accounts, purchase and sale of relevant transaction recharge codes and transfer of relevant transaction funds to prevent illegal use and disclosure of personal information.
 
        (compiled by Wang Xue).
 
        
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