Lack of regulation of digital currency

1. ​ In recent years, the speculation related to virtual currency (such as ICO, IFO, IEO, IMO and STO) has been in vogue. The price has gone up and down, and the risk has gathered rapidly. Relevant financing entities raise funds from investors or virtual currencies such as bitcoin and Ethereum through illegal sale and circulation of tokens. In essence, they are illegal public financing without approval. They are suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes, which seriously disrupt the economic and financial order

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.

2. Legal risks faced by digital currency: (1) at the macro level, there are legal risks, systematic risks and consumer protection. At present, the legislative problems of e-commerce and e-payment have not been solved, the concept of e-currency and related provisions need to be clarified, and many laws and regulations have not been followed up. Secondly, there is a systemic risk caused by the collapse of a single issuing institution. If a certain issuing institution loses confidence in e-money e to its poor management, other e-money issuing institutions will also face run risk. Moreover, in the absence of standardized supervision, it is difficult for the public to effectively identify the qualification and credit level of issuers. How to effectively prompt risks and protect the rights and interests of the public has become a difficult problem. In addition, the concealment, rapidity and cross-border nature of Internet payment make e-money an inevitable money laundering tool for criminals 2 At the micro level, there are technical risks and credit risks in the main body of e-money issuance. The issuers of e-money in China include banks, non bank financial institutions, Internet enterprises and other enterprises. Due to the weak financial professional foundation of some issuers, especially the lack of mandatory technical security standards in China, there are serious management loopholes and security risks in e-money issuers. System software or hardware failures will affect the availability of e-money. Secondly, the unreasonable structure of assets and liabilities and high concentration of investment will lead to the lack of liquidity and the risk of default. In addition, the payment and circulation of e-money rely heavily on all kinds of networks, and there are all kinds of operational risks, such as deliberate embezzlement of other people's accounts, internal crimes of issuing institutions and malicious intrusion of hackers, which will damage the interests of e-money holders. Bitcoin, Ruitai and other digital currencies are suitable.

3. Digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy
digital currency is a kind of unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
according to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to China's digital currency regulatory framework, investors have the freedom to participate in digital currency transactions at their own risk

warm tips: the above information is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
response time: December 11, 2020. Please refer to the official website of Ping An Bank for the latest business changes
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4.

At present, there are mainly two regulations about virtual currency in China. In 2013, many ministries and commissions issued the notice on prevention of bitcoin risk, giving important tips on bitcoin risk. On September 4, 2017, the central bank and other seven ministries and commissions jointly announced again that the first token issue was an unauthorized illegal financing

According to Zhao, there are various ways to launder money by using digital currency. For example, technical means may be used to transfer funds into the cryptocurrency system, and then deploy various transfer addresses, making it difficult to query its transaction path. In other words, money laundering promoted by technological progress is more and more difficult to be detected and prevented. In addition, it has cross regional characteristics, and the lack of global response mechanism exacerbates this situation

5. Germany, Japan, Thailand, if you want to buy, you can go to dabit exchange

6.

Gucs digital currency is a fraud, only DCEP is true

digital currency itself has speculative risk, lacks actual exchange value, and its own value is not based on currency anchor, so it is easy to be affected by regulatory policy changes, the price of digital currency rises and falls sharply, and retail investors blindly follow suit, so it is easy to suffer heavy losses. The digital currency platform is lack of supervision, and the whole instry is mixed. Although some people buy digital currency, they do not have the characteristics of digital currency technically. It's easy to fall into the black hole of illegal fund-raising, and the money in your pocket will disappear

in the process of investment, the market changes, and many investors are often too emotional and not good at controlling the investment behavior. When the market is good, they are crazy, when the market is bad, they are not good at controlling when they need to turn to caution, they can't stop the car, and they can't control their emotions< br />

7. Now many trading platforms also have reborn coins for trading. In addition to reborn currency, Wright currency and ether currency, these virtual currencies can be traded in the realm Kingdom, and they can simply judge the direction of price rise and fall.

8. The bitcoin protocol itself cannot be modified unless almost all users work together to choose which software to use. It is unrealistic to try to give a regional authority special rights in the global bitcoin network rules. Any rich organization can choose to invest in mining hardware to control half of the computing power in the whole network, so as to achieve the freezing and cancellation of recent transactions. However, there is no guarantee that they will always have this capability, because the investment needs to be equal to the sum of other miners in the world
however, it is possible to regulate the use of bitcoin in a similar way to any other currency. Like the US dollar, bitcoin can be used for a variety of purposes, some of which can be considered legal or not in accordance with the laws of each jurisdiction. At this point, bitcoin, like any other tool or resource, will be subject to different regulations of each country. Under restrictive regulations, the use of bitcoin will also become very difficult. In this case, it is difficult to determine what proportion of users will continue to use the technology. Governments that choose to ban bitcoin will hinder the development of domestic enterprises and markets and transfer innovation to other countries. As always, the challenge for regulators is to develop effective solutions without compromising the development of emerging markets and companies
on December 5, 2013, the Central Bank of China and other five ministries and commissions issued the bitcoin risk notice, which clearly defined bitcoin as an Internet commodity.

9.

There are also many differences between the promotion of digital currency and wechat payment. It does not have an Internet giant like Tencent, nor does it have an investment ecosystem under Tencent. Digital currency mostly cooperates with local governments. At present, digital currency prefers the offline scheme. In the three rounds of pilot projects in Shenzhen, the red packets of digital currency are only used offline, while in the pilot projects in Beijing, the red packets of digital currency are only used offline, It is also limited to offline use. At present, only Suzhou's online payment scheme has made a breakthrough. In Suzhou's digital currency pilot project, Jingdong digital currency has become the first technology company to cooperate with all six major banks, and is the pilot consumer scheme of digital currency e-commerce platform

Exploring online payment scheme is also one of the directions of the next digital currency pilot project

although digital currency has been connected to various business schemes, they are all third-party schemes rather than proprietary business schemes if digital currency wants to break the third-party payment barriers and offline & lt; Code card & quot; For digital currency, acquiring new users is not the current challenge. How to retain users is a difficult problem in promotion. A Shenzhen citizen who won the red envelope of digital currency told time, After using the red envelope of digital currency for offline consumption, the related apps are unloaded, and no other available solutions have been found. Therefore, the biggest challenge faced by digital currency is how to achieve user retention and breakthrough in the environment of a few technology companies dominating the micro payment market, This is how to build a self operating ecosystem for the government and how to cultivate the use habits of market users