Is digital currency OTC illegal
It is illegal to buy and sell digital currency in China
according to the announcement on preventing the financing risk of token issuance jointly issued by the central bank and other seven ministries and commissions, the announcement points out that 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 tokens or "virtual currency" as the central counterparties, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"
the announcement points out that token issuance financing refers to the so-called "virtual currency" raised from investors through illegal sale and circulation of tokens. In essence, it is an unauthorized illegal public financing behavior, suspected of illegal sale of token tickets, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities
extended information:
the central bank said that the so-called "digital currency" in the market is not legal digital currency:
the central bank's monetary Bureau issued a "risk warning on issuing or promoting digital currency in the name of the people's Bank of China" on its official website, saying that recently, indivial enterprises falsely use the name of the central bank, The relevant digital procts are labeled as "authorized issuance by the people's Bank of China", or the central bank's digital currency promotion team is falsely claimed, in an attempt to deceive the public and take the opportunity to make huge profits
the central bank said that the central 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. The central bank also suggested that 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
in fact, virtual currencies such as bitcoin and lightcoin are representatives of the so-called digital currency. The central bank said in 2016 that it was studying China's legal digital currency. Yao Qian, director of the digital currency Research Institute of the people's Bank of China, previously told the media that the prototype scheme for the central bank to issue legal digital currency has completed two rounds of revision, and is expected to be tested in relatively closed application scenarios such as the bill market in the future, but there is no clear timetable for its launch
Hot currency OTC is the most reliable
the increase in health care costs and the emergence of safer and more effective OTC in the United States have enabled patients to self treat their diseases, which in the past had to resort to professional medical care. This trend has increased the access to previously prescribed drugs, as some of them have been included in the scope of over-the-counter drugs. These over-the-counter drugs provide consumers with a wider range of choices and opportunities<
the first major federal regulation in the United States aimed at regulating drugs was the Federal Food and Drug Act of 1906, but it was not until the federal food, drug and cosmetic act of 1938 that the safety of drugs was legally limited. Since 1933, the legislative work of this new law has been under consideration. Just because of the use of this newly sold aminobenzene sulfonamide elixir mixed with toxic solvent glycol, more than 100 people died, many of them children. This event eventually led to the formation of the law. The federal food, drug, and cosmetic act of 1938 requires that all new drug procts put on the market after 1938 should be proved to be safe for human use before they are sold. According to the requirements commonly known as the original clause, procts put on the market before 1938 are not subject to the new drug application (NDA) clause. However, some OTC drugs currently on sale, such as aspirin, are still affected by this provision. In addition, when reviewing OTC drugs, FDA has reviewed the safety, effectiveness and labeling of all OTC drugs, no matter when the date of sale is. In the whole process of new drug application in the United States, prescription drugs can be reclassified as OTC drugs and retain their status as new drugs. It can also directly approve new drug applications for OTC drugs (without reclassification), such as 2 O mg of isopropyl propionate (dosage never used in the prescription). When a new drug is used by many patients for many years, it can be seen as generally acknowledged as safe and effective. OTC drugs that have passed the FDA's review can also be fully recognized. At the completion of the review, all OTC drugs not approved as new drugs will be classified as OTC drug monographs (see the meaning of "OTC monographs")
before the review of OTC drugs began in 1972, no FDA subordinate unit specifically dealt with OTC drugs currently sold. Initially, FDA officials helped Advisory review teams review the ingredients, labels, and cautions of OTC drugs sold, and publish the resulting federal documents. In 1977, a larger and more formal organization, including the OTC drug review Department of CDER, was established. However, at that time, most of the new drug related issues (including reclassification and application) were handled in a new drug Department of the center for drug evaluation and research, rather than by the OTC drug department< In 1991, OTC drug evaluation department was reorganized into OTC drug evaluation office. It enriches the work of the new drug review department responsible for processing new drug applications and prescription drug conversion. It includes a specialist reviewer, a medical reviewer and a drug policy officer. They were assigned to raise the issue of OTC drugs at the same time, such as the conversion of prescription drugs to OTC drugs, new OTC drugs, international coordination, and necessary monitoring of health care costs
2. Since the dissolution of the last OTC Drug Advisory Group in 1981, there has been no special advisory group to routinely examine OTC problems. In some cases, OTC ingredients are reviewed by a standing prescription drug care group< In 1991, FDA announced the establishment of an over-the-counter drug advisory committee to review and review the safety and effectiveness of OTC drugs, and to serve as a forum for exchange of opinions when converting all kinds of prescription drugs into over-the-counter drugs. A 10 member core Committee with extensive experience and professional knowledge has been established. Its members are experts in internal medicine, obstetrics and Gynecology, dermatology, epidemiology, pharmacy, clinical pharmacology, pediatrics and related professional fields. When discussing a specific topic, the core committee can absorb experts from other FDA committees who have expertise in this issue to participate in the discussion. For example, when considering local preparations, a number of dermatologists can be invited. The new committee also includes a consumer representative and a non voting instry liaison. The first meeting was held in December 1992 to consider the pharmaceutical effects of alcohol in OTC procts, and a smaller dose of drugs for oral use was set
in recent years, the US Food and Drug Administration (FDA) has made new regulations on the labeling of OTC drugs in order to standardize the labeling of OTC drugs sold in the US market and rece the abuse of OTC drugs. It is estimated that 170000 patients are hospitalized each year e to the abuse of OTC drugs, resulting in the loss of about $7.5 billion in treatment costs. Researchers found that half of the cases of OTC abuse can be avoided by standardizing the label to strengthen the medication guidance for consumers. Regulation: the basic content of all OTC drugs must appear on the label in order, and the text should be easy to understand. The drug related contents that must appear on the label are: active ingredients; Usage; matters needing attention; Medication guidance; Adverse drug reactions and other information. The new regulations stipulate six different types of labels, which manufacturers can choose according to the shape and size of their procts. The law will be on trial for two years. FDA will also implement a plan to strengthen consumers' knowledge of OTC drugs, especially for children, special care workers and the elderly. The work will be jointly undertaken by the over-the-counter drug instry association and the National Association of drug chain stores
References: http://www.cintcm.ac.cn/%D6%D0%D2%BD%D2%A9%B0%D9%BF%C6/OTC.htm