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李爱君 :对ICO的本质应当认清

2017-09-06 14:36:46   新华网

9月4日下午,央行与中央网信办、工业和信息化部、工商总局、银监会、证监会、保监会等六部门联合发布《关于防范代币发行融资风险的公告》(以下简称《公告》),正式定性代币发行(ICO)本质上是未经批准非法公开融资行为,要求立即停止所有代币发行融资活动。

对ICO的本质应当认清:

第一,ICO是涉众型(公募)集资。一是ICO是向不特定的对象发行“代币”,此代币可以在指定的交易平台上进行T+0式集中竞价进行交易;二是购买代币的人数远远超过200人。根据我国《证券法》第十条规定,此种行为这是典型的涉众型(公募)的集资行为。涉众型集资行为就存在道德风险,金融发展史的郁金香泡沫事件与1929年及2008年的美国金融危机已充分证明拿别人的钱去经营会有道德风险,拿别人的钱如是涉众的,一旦发生道德风险就会严重影响社会秩序,因此各国从法律制度层面对涉众集资行为都进行强监管,如公开集资的必须经过管理的部门的批准,未经批准不允许向众人进行集资,否则构成非法犯罪。

第二,ICO是多层次空手套白狼的把戏。

第一层次发行出售代币套白狼。ICO是Initial Coin Offering,可译为“代币首次发行”,而且此发行实质是向众人出售,即发的是代币换回的是挖矿式比特币等虚拟货币,然后发行者再拿融来的比特币等虚拟货币到交易平台上兑换法定货币,以达到集资的目的。而且这一集资方式就是空手套白狼,因为发行的代币没有价值和使用价值,更没有法偿性,就是数字符号。

第二层次交易市场套白狼。

ICO这种数字符号在二级市场进行交易时在没有监管的情况下必然存在操纵市场、内幕交易与欺诈(美国1929年金融危机已充分证明了),从而进行掠夺无辜百姓的财产。

第三,ICO是一种融资渠道。禁止ICO并不是禁止区块链技术,ICO仅仅是区块链的应用。因此此公告并不影响区块链的技术研究。

第四,ICO是融资渠道。ICO本身不是虚拟货币。《公告》是对ICO行为的禁止,因此对目前的比特币等虚拟商品并没有重新定性,因此比特币的在交易平台上的价格的波动不是来自《公告》本身,而是来自投资者对比特币得认知及风险认识越来越趋于理性。虚拟货币,如比特币等也是数字符号。目前各国都不承认其法偿货币,其中大部分国家只承认其数字产,如美国、中国等国家,因此其价值存在风险,极易波动。

由于虚拟货币在各国不是真正意义上的货币,是虚拟商品。因此其价值取决于使用者、投资者等群体的认同,无信用保障,无法律保障。整体环境影响方面,政策、法律等多种不确定因素均会对其价格产生重大影响。具体的交易制度方面,没有涨跌停,没有交易时间限制,虚拟货币价格会在短时间内出现剧烈波动。虚拟货币的交易无涨跌幅限制。不同于证券交易所对股票交易的限制,交易24小时开放,而由于其价格易操作性以及全球政策的影响而会产生大幅波动。

ICO只是融资渠道,而且目前实践证明此渠道是公开募集集资,已构成非法集资或合同诈骗。即发行代币者突破禁止的法律手段对无顾得老白姓进行财产的掠夺。禁止ICO就是保护无辜的老百姓的权益和维护金融稳定。(中国政法大学互联网金融法律研究院院长,教授,博士生导师李爱君)

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