Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Opinion Line

Initial coin offerings are nothing but Ponzi schemes in e-business garb

China Daily | Updated: 2017-09-06 07:48
Share
Share - WeChat

Trading volume on China's major Bitcoin exchanges has plunged in the past week, since authorities tightened regulation of the digital currency. [Photo/VCG]

PEOPLE'S BANK OF CHINA, the country's central bank, along with banking and securities regulators and five other central government departments issued a joint statement on Monday banning individuals and organizations from raising funds through initial coin offerings (ICOs), or digital currency launches. Southern Metropolis Daily comments:

Individuals and organizations that have raised funds through ICOs are required to return them to the investors. The joint statement also says that since ICOs never obtained the authorities' approval, they are illegal.

The prices of bitcoin and ethereum, which comprise the bulk of the crypto-currencies in China, slumped immediately after the statement was posted on the central bank's website.

The ban ends a longtime controversy over ICOs, the main source of funds for a number of digital currency companies that described them as a financial innovation or part of digital economy. Such companies managed to raise large sums of money in no time by selling their self-created digital "tokens", with some known to have raised $150 million through ICOs in just three hours.

And although the business grew at a fast pace for years with almost no supervision, its "model" was similar to Ponzi scheme, with some insiders saying its profit margin even dwarfs that of drug trafficking.

No country recognizes bitcoin as a currency, because it is only a virtual commodity in cyberspace and devoid of any value. In other words, the bitcoin is just a sign created by some people to make money in the fast lane. No wonder many developed countries have subjected bitcoins to the most meticulous scrutiny.

However innovative a financial process may be, it should not be exempted from regulatory oversight, lest it causes chaos in the financial sector and harms people's interests. Therefore, all financial innovations must be well regulated and effectively monitored.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 亚洲一区无码中文字幕乱码| 三上悠亚精品二区在线观看| 人妻aⅴ无码一区二区三区| 噼里啪啦国语在线播放| 午夜视频免费看| 伊人精品视频一区二区三区| 亚洲精品成人网站在线播放| 亚洲欧美日韩在线不卡| 久久精品日日躁夜夜躁欧美| 中国老熟妇xxxxx| 88国产精品欧美一区二区三区| 香蕉免费在线视频| 精品国产va久久久久久久冰| 欧美激情一区二区三区中文字幕| 欧美a级成人淫片免费看| 日本夫妇交换456高清| 李小璐三级在线视频| 无码少妇一区二区浪潮AV| 好男人社区www在线官网| 国产精品美女久久久久AV福利| 国产成年无码v片在线| 国产18禁黄网站免费观看| 亚洲第一福利网| 久久亚洲精品国产亚洲老地址| а√天堂中文在线资源bt在线| 日韩视频第二页| 男人扒开女人腿使劲桶动态图 | 最近中文字幕的在线mv视频| 小说区图片区综合久久88| 国产成人精品亚洲一区| 免费成人激情视频| 久久大香伊人中文字幕| 97大香伊在人人线色| 精品少妇一区二区三区视频| 日韩黄a级成人毛片| 在线观看无码av网站永久免费| 在线观看亚洲精品专区| 国产一级在线播放| 亚洲av日韩av无码污污网站| 一区二区三区在线免费观看视频| 国产成人福利免费视频|