People's Bank of Hangzhou Central Branch: In essence, virtual token financing is an illegal act

According to the Hangzhou Net report, in response to the recent rise of the international virtual token market, the Hangzhou Branch of the People's Bank of China has hinted at the risks. In essence, virtual token financing is an illegal act. The Hangzhou Branch of the People's Bank of China said that the criminals issued tokens in the name of “ICO”, ​​“IFO”, “IEO”, “IMO”, etc., or virtual currency speculation under the banner of the sharing economy. "Innovation" is a gimmick. The essence is the "new and old" Ponzi scheme. It is not based on blockchain technology, but the concept of speculative blockchain illegal fundraising, pyramid schemes and fraud, which seriously infringes on the legitimate rights and interests of the public. If the general public finds that illegal financial activities are involved, they may report to the relevant financial regulatory authorities. If they are suspected of committing crimes, they may report the case to the public security organ.