China virtual currency Association

3. At present, the more reliable are bitcoin, Wright coin, Fuyuan coin, doggy coin, reborn coin and so on

bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system. Old brand cryptocurrency, the ancestor of cryptocurrency<

Fuyuan coin, a new generation of cryptocurrency for application business circle, is a decentralized cryptocurrency, which is generated in the proct operation and circulation of member enterprises of global Jewelry Instry Association (similar to business points). Users can obtain certain Fuyuan coin when purchasing jewelry procts of member enterprises, and Fuyuan coin can be used for shopping in member cooperative businesses, You can also trade freely on the Fuyuan currency trading platform.

4.

There is no official recognition of any virtual currency in China

different from sovereign currency, the "credit" basis of "virtual currency" is mathematical algorithm, and its price depends on the reliability of the algorithm, market confidence and other factors. There are many defects and loopholes in technology, and its value foundation is very fragile

the China Internet Finance Association recently announced that bitcoin and other so-called "virtual currencies" lack a clear value basis, the market has a strong speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses. There is no legal basis for the establishment of various so-called "currency" trading platforms in China

extended information:

in recent years, the price of bitcoin has risen rapidly, attracting a large number of people to enter. A large number of "virtual currencies" followed suit. In 2017, the price of Leyte increased by 476%, the price of Ruibo increased by 54 times, and the price of ether increased by 13 times

Li Aijun, Dean of the Internet Finance and Law Research Institute of China University of political science and law, believes that virtual currency is the proct of networking, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code

Li Aijun, Dean of the Internet Finance and Law Research Institute of China University of political science and law, believes that virtual currency is the proct of networking, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code

Du Yan believes that the existence of bitcoin and exchanges and other instrial chains has constructed an illegal financial market for asset transfer and financing beyond legal tender, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value

investors should stick to rational investment, not blindly follow the trend, nor take chances. There are risks in investment, especially in the face of a new model, we should be more cautious in investment, so as not to become the target of wealth plunder by criminals

5.

[main answer]

at present, China does not support the circulation of digital currency, so there is no legal digital currency

[development materials]

digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

digital currency is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography. It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency. In theory, it avoids bureaucratic examination and approval, so that everyone has the right to issue currency

digital gold currency is a kind of physical currency, and its deposit is measured in gold rather than legal currency. Therefore, the purchasing power fluctuation of digital gold currency is related to the gold price. If the price of gold goes up, it becomes more valuable. If the price of gold goes down, it loses value. Since there is no specific financial regulation to regulate digital gold money suppliers, they operate in a self regulatory manner. Digital gold money suppliers are not banks, so banking regulations are not applicable. However, the global digital currency Association, founded in 2002, is a non-profit association of online currency operators, convertors, merchants and users. This association supervises the users' reports and ratings the reputation of the convertor. The rating operation is confirmed by the users' reports

6.

In recent years, the so-called "virtual currency" such as bitcoin, Leyte coin and all kinds of tokens have been centralized trading on some Internet platforms, and the number of stakeholders has graally expanded. The potential financial and social risks can not be ignored. In order to help the public correctly understand the so-called "virtual currency" such as bitcoin, understand the investment risks and protect their own rights and interests, we hereby give the following tips on the relevant risks:

China Internet Finance Association calls on all member units to fulfill the commitment of the instry self-discipline convention and strictly abide by the national laws and regulations, Do not participate in any centralized transactions related to the so-called "virtual currency" or provide services for such transactions, and actively resist any illegal financial activities

7. Virtual property is not protected by law at present<

the association is just a special institution issued by the state, which is convenient for foreign currency exchange, a special commodity economy. In addition, money is not a problem of chaos. If money circulation and the country's economic imbalance account for the proportion of total output value, it may lead to one of the two consequences, one is inflation. Second, economic crisis. The annual macro-control and evaluation of GDP determine the amount of money in the next year. In order to maintain the economic balance of the country. Now, we can think about how the virtual currency in online games came from the society. The answer is very simple, most of the money in the game through killing monsters and winning virtual technology, no game will be a special currency issue. In other words, game currency can grow indefinitely. Therefore, this game is a very common case of inflation. Similarly, other virtual items in the game only need to be added in an appropriate way (such as plug-ins), or you can ignore the daily economic law and increase infinitely. If the property is suffering from these two completely different economic laws and influences, what will be the consequences?

8.

Without the so-called formal platform, virtual currency has not been legally recognized in China. There are only relatively large platforms, such as: among the top ten digital currency trading platforms that users are familiar with,

three digital currency trading platforms with an average daily trading volume of more than 10 billion are okex, fire coin pro and coin an

there are many digital currency trading platforms, more than 100 of which are still increasing. So many digital currency trading platforms make users dazzled when they choose

but in fact, although there are many digital currency trading platforms, there are few formal currency trading platforms that have done well in all aspects. The usage habits of every user who invests in digital currency procts will also affect their evaluation of the selected digital currency trading platform

extended information

in order to protect the interests of investors, the regulatory authorities have long announced the prohibition of this transaction in China - and the regulatory authorities' determination to crack down on virtual currency transactions has not changed

you know, as early as September 2017, the central bank and other seven ministries and commissions jointly issued the announcement on preventing the financing risk of token issuance, calling for the suspension of direct transactions of virtual currency. In January 2018, the leading group for the special rectification of Internet financial risks, the China Internet Finance Association, the business management department of the central bank and other departments successively issued three articles to strengthen the supervision of virtual currency again

9.

Following the warning of ICO risks issued on August 31, recently, the China Internet Finance Association (hereinafter referred to as the mutual Finance Association) issued another warning to be alert to the risks of bitcoin and other "virtual currencies"

the Mutual Fund Association issued a risk warning that in recent years, the so-called "virtual currency" such as bitcoin, Leyte coin and all kinds of tokens have carried out centralized transactions on some Internet platforms, and the number of stakeholders has graally expanded, so the potential financial and social risks formed can not be ignored

China Internet Finance Association calls on all member units to fulfill the commitment of the instry self-discipline convention, strictly abide by national laws and regulations, not participate in any centralized transactions related to the so-called "virtual currency" or provide services for such transactions, and actively resist any illegal financial activities

there are risks in investment, so we should be cautious in purchasing virtual currency

10. In China, there is no such organization as "China digital virtual currency instry association". Of course, this kind of organization may be registered abroad, because it is basically impossible to register in China. Such organizations are generally led by the government, and now the government is more interested in blockchain and digital currency
the applied digital currencies developed under the banner of blockchain include Ruitai currency and vitality currency.