What is the concept of Shanzhai coins (Are Shanzhai coins legal)?
What is the concept of Shanzhai coins? According to blockchain data statistics,
What is the concept of Shanzhai coins? According to blockchain data statistics, Shanzhai tokens currently available on the market have the following characteristics: (1) Decentralization leads to price increase; (2) Limited network effect, difficult to effectively prevent systemic risks. Shanzhai coins also have other features such as anonymity, no need for third-party trust, and verifiability.
In simple terms, “Shanzhai” refers to a new virtual currency or a new technological means that appeared after the birth of Bitcoin. It generates a digital asset through algorithms and forms various products or product combinations similar to Bitcoin. This type of cryptocurrency can be used for investment trading and speculative manipulation, and thus is considered the “digital gold”.
Are Shanzhai coins legal?
Recently, the People’s Bank of China and the Cyberspace Administration of China jointly released the “Risk Warning on Preventing Illegal Fundraising in the Name of ‘Virtual Currency’ and ‘Blockchain'”, stating that ICO financing is suspected of illegally absorbing public deposits.
The People’s Court, based on relevant laws, regulations, and regulatory practices, has further clarified and stipulated the legality and compliance of Shanzhai coins based on its own business characteristics. (Securities Daily)
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