In order to issue, current and fictitious token, the financing action that main body approves without having authority orgnaization is attributed likewise on its property, whether be no matter token is current,issued square (fast thunder) allow, its behavior is mixed in current China existing laws and regulations, policy ICO all is belonged to below superintendency spirit.
The basic connotation of ICO
ICO is the English abbreviation of InitialCoinOffering normally, general interpreter is issued for initiative number token or first token is issued. The 7 ministries and commissions such as Chinese people bank released on September 4, 2017 " the announcement that about be on guard token issues financing risk " right first token issues (ICO) make following limitting: "Token issues financing is to point to what financing main body passes token to violate compasses put on sale, current, raise money to investor bit money, aether money alleged ' fictitious money ' , it is a kind of action that publicizes financing illegally without approval substantially, be suspected of ticket of token of illegal put on sale be being issued certificate, illegally negotiable securities and collect money illegally, financial bilk, pass annul wait for illegal crime activity. " accordingly, the irregularity of ICO or violate compasses behavior to basically include as follows to make important document: One, main body approves financing without authoritative orgnaization; 2, financing means is finished through violating compasses put on sale, current token, the project that this kind of fictitious token points to area piece catenary normally develops what the group develops to go to a center changing fictitious token of application; 3, main body raises money to investor the mainstream such as bit money " fictitious money " ; 4, afore-mentioned behavior may be suspected of ticket of token of illegal put on sale be being issued certificate, illegally negotiable securities and collect money illegally, financial bilk, pass sell one of waiting for illegal crime activity or a variety of.
In September 2017 since the portion, ICO mode of financing of poineering project of catenary of this kind of area piece is made stop by our country superintendency branch, experienced brief dreariness, be a foundation with ICO subsequently all sorts of " mutation " the form begins to appear in home. Among them, the kind that causes people attention most calls IMO (the abbreviation of InitialMinerOfferings, with mine machine the sale issues fictitious token for core) . Of specific speech, IMO is to point to through selling hardware (namely " mine machine " ) issue fictitious token for core. According to the statement of association of Chinese Internet banking, the catenary that this mode involves fast thunder is overcome (call formerly " money playing a stranger " WKC, hind incognito for " catenary is overcome " , english name LinkToken) , the discharge treasure case that still includes to sow ore of the discharge below the banner quickly additionally -- discharge money (LLT) and windstorm sows cruel cloud -- BFC is integral, etc. Appear among them the catenary gram that the earliest, force is the largest is fast thunder. Catenary gram yields means and bit money are similar, cloud playing a stranger is similar machine of bit money mine.
The ICO suspicion in one's mind of fast thunder is analytic
Close half an year suffers the IMO that guild and media heat discuss, in order to adopt form of sale mine machine, the client that lets buy mine machine obtains token through digging mine form. IMO itself is not direct collect money, also do not send money directly, whether to belong to the ICO that covert truly? On January 12, 2018, association of Chinese Internet banking releases " covert about be on guard the risk of ICO activity hints " point out, "With fast thunder ' catenary is overcome ' for exemple, releasing a company is to use actually ' catenary is overcome ' the paper currency issued by the reactionary KMT government from 1935 onwards that replaced pair of participator place to contribute a service pays compulsory, it is behavior of a kind of financing substantially, it is to covert ICO. " association of Chinese Internet banking still points out, fast thunder is not eligible investor to participate in through promoting congress to make among them. Association of Chinese Internet banking says for what covert.
Afore-mentioned judgment involve following issues: One, machine of mine of sale of fast thunder company, the paper currency issued by the reactionary KMT government from 1935 onwards that replaces pair of participator place to contribute a service with catenary gram pays compulsory, whether to attribute financing activity? Consumer buys the mine machine of fast thunder company to dig mine to get catenary settle or live in a strange place, whether to put in the reliant interest that is based on catenary gram to appreciate in the future and spec to anticipate? 2, participator devotes unused bandwidth resource to fast thunder group, as the business organization, what whether act of this kind of trade assumes paper currency issued by the reactionary KMT government from 1935 onwards necessarily is fast thunder company aimed at to pay compulsory?
Above all, the value of mine machine oneself and its market value are not quits, consumer buys mine machine, except convert other network product, main purpose is to obtain catenary gram, so that work off gains profit. Accordingly, consumer buys the price that mine machine pays to include the value of mine machine itself not only, the value that still includes consumer to be able to produce catenary to overcome to mine machine anticipates. If mine machine cannot dig mine to produce gram giving birth to catenary, so mine function is denied keep existing market price, whether can be ever perhaps pushed by the market arrive high unusual the price, invite person suspicion apparently. After all, consumer buys the mine machine of fast thunder company to dig mine to get catenary settle or live in a strange place, mainer reason is to be in the reliant interest that platform trades to appreciate outside be based on catenary gram to will come in each sea is congenial even anticipate, only such, just can explain cloud playing a stranger rolls out the market namely by consumer scare buying, acclaim the reasonable cause of extremely high price even. As evidence, till catenary gram still is in recently player net, play many fictitious moneys such as international of the Hakkas, money bay to trade platform trades often.
In IMO mode, machine of many sale mine wins fast thunder paper currency issued by the reactionary KMT government from 1935 onwards, corresponding cost is reached by move on mine machine purchaser and the investor body that buy catenary gram in 2 class market. Additional, when participator provides broadband resource to fast thunder company, normally commercial pattern should be the company offers money to serve as quits redound to the user. Fast thunder company overcomes displacement of this kind of fictitious token with catenary capital gives Fu Yi Wu, catenary gram is become essentially through be being issued to the user, the medium of the capital of means collect society of current and fictitious token. If investigator place narrates: "IMO is to have mine opportunity first, repass mine machine obtains new money. Although from issue increase close capital look on the category, the mode of IMO is on ICO foundation somewhat evolution, but its financing property is same, involved risk essence is similar. " the place on put together is narrated, this kind of IMO attributes financing action.
Next, in commercial act, be aimed at the contribution of participator, company behoove provides get one's own back, redound form belongs to limits of private law autonomy normally, can be money, also can be objective other perhaps. So, offer catenary gram to serve as the form that pays get one's own back, whether is be bad law mandatory regulation? The 5 ministries and commissions such as Chinese people bank were released 2013 " about be on guard the announcement of bit currency risk " point out, bit money is not the money of real significance, do not have the legal place that is equal with the money, cannot and do not answer monetization in the market current use, at the same time the requirement must not accept bit money or serve as with bit money pay settle accounts the tool. This file alludes only " must not accept bit money or serve as with bit money pay settle accounts the tool " , but the logistic deduction with same ground, the other and fictitious token that is based on technology of area piece catenary also is mixed bit money is same, in China churchyard must not serve as the tool that pays settle accounts. " consumer rights and interests protects a law " the 20th regulation: "Operator provider is tasted or the service ought to with the price clearly marked mark a price. " consumer converts corresponding network product with catenary gram, mean fast thunder company to the substantial gram that use chain is its product or serve a price. Occupy again " regulation of RMB of People's Republic of China " the 28th, "Any units and individual must not be printed, certificate of ticket of token of put on sale, in order to replace a RMB in the market current. " issue, although current chain gram is not equal completely at " print, certificate of ticket of token of put on sale " behavior, but the part rises to replace a RMB however on the effect in the market current intention. Accordingly, the author thinks, fast thunder company is overcome with catenary " the paper currency issued by the reactionary KMT government from 1935 onwards that replaced pair of participator place to contribute a service pays compulsory " , violated relevant mandatory regulation.
The place on put together is narrated, although fast thunder develops a group to object in its outgiving " catenary is overcome " by outside the condition add secret number money to trade to the line on platform trades and be undertaken by investor the spec is acclaimed, fast thunder company is right " catenary is overcome " purse uses real name to make, use limitation to turn the means of Zhang forces partial area outside add secret number money to trade platform stops " catenary is overcome " trade. But the risk that these try hard to just reduce catenary gram to be acclaimed overly. The author thinks, although the environment of market of China of IMO mode park of fast thunder company gives a definition, although financing main body did not raise money to investor the mainstream such as bit money " fictitious money " , raise money secondhand through sale mine machine however legal money, in order to issue, current and fictitious token, the financing action that main body approves without having authority orgnaization is attributed likewise on its property, whether be no matter token is current,issued square (fast thunder) allow, its behavior is mixed in current China existing laws and regulations, policy ICO all is belonged to below superintendency spirit.
(courtyard of ethical university law teachs author Deng Jianpeng in the center of the department)
