Jiangxi Procuratorate: Feng Moumou and others illegally absorb public deposits and issue virtual currency, which constitutes a crime

Jiangxi Procuratorate released a message on WeChat public on August 9th that from March to May 2017, the digital currency promised by Feng Moumou and others will continue to rise within a certain period of time, guarantee regular repurchase, and over-raise. The method has successively issued four kinds of virtual currency: “Yunliancoin”, “Xiangtancoin”, “Yacht Coin” and “Hang Seng Coin” to attract the public to invest. On June 4th of the same year, the fifth virtual currency “Yunlian Shares” was issued, and it was promised to purchase the currency to enjoy the profit from the platform, thus absorbing a large amount of funds. Later, some investors found that the “Cloud Linkage” winning rate was abnormal and the website restricted the daily trading quota, and reported the case to the public security organ on June 13, 2017. Whether the issue of virtual currency constitutes a crime. The defender suggested that the current law does not prohibit the issuance of virtual currency and should not be considered a crime. The procuratorial organ believes that this case is based on the Internet finance, equity crowdfunding and other nephews. Without the approval of the relevant state departments, illegally absorbing social public funds through the issuance of virtual currency, in essence, the actor uses the network platform to publish false information, with high profits. Bait, the illegal collection of funds and the establishment of a pool of funds to the unspecified public constitutes the crime of illegally absorbing public deposits.