"According to the definition of economics, the legal currency has five functions: value scale, means of circulation, means of storage, means of payment, the world currency, in which the value of the scale and means of circulation is its most basic functions."
按经济学定义，法定货币具有五大职能：价值尺度、流通手段、贮藏手段、支付手段、世界货币，其中价值尺度和流通手段是其最基本的职能。

Tencent "Securities Research Institute" special Jiang Zhaohua a national joint-stock bank head office retail department head
腾讯“证券研究院”特约 姜兆华 某全国股份制银行总行零售部门负责人

Recently, many countries around the world have voices on the ICO virtual currency to implement the strict financial regulation. Seven ministries and commissions jointly issued a notice clearly ICO project suspected of illegal fund-raising, not protected by law. ICO virtual currency from the global flock to the multi-country encirclement and suppression, bit currency, and other virtual currency investors experienced a thrilling baptism. The currency of the currency tokens, the ICO fall of the financial logic of what is the ups and downs.
近日，全球多个国家相继发声对ICO虚拟货币实施严格金融监管。七部委联合发布公告明确ICO项目涉嫌非法集资，不受法律保护。ICO虚拟货币从全球蜂拥追长到多国围剿，比特币等虚拟货币投资者经历了一场惊心动魄的洗礼。法币代币开战，ICO跌岩起伏的金融逻辑是什么。

ICO到底是什么？
What is ICO in the end?

The legal currency is a special commodity issued by a central bank of a country with generic equivalents. According to the definition of economics, the legal currency has five functions: value scale, means of circulation, means of storage, means of payment, the world currency, in which the value of the scale and means of circulation is its most basic functions.
法定货币是一国中央银行银行发行的具有一般等价物的特殊商品。按经济学定义，法定货币具有五大职能：价值尺度、流通手段、贮藏手段、支付手段、世界货币，其中价值尺度和流通手段是其最基本的职能。

However, in the field of Internet finance has volley "blaze" the ICO virtual currency project, engaged in the legal currency with similar financial and monetary functions. ICO (Initial Publicly Issued Token Issue) is a block-chain start-up company that issues encrypted currency to unspecified investors by issuing digital encryption currency to achieve the purpose of project financing.
然而，在互联网金融领域却凌空“杀出”了ICO虚拟货币项目，从事着与法定货币相类似的金融货币职能。ICO（首次公开加密代币发行）是区块链初创公司以发行数字加密货币方式向不特定的投资者发行加密代币，达到项目融资的目的。

From the surface to see ICO is a blockchain project financing behavior, in fact, it is based on the project to raise funds on the grounds that the issue of an encrypted virtual currency, in a certain area to replace the legal cargo transactions. Where the legal currency can do, virtual electronic money is almost omnipotent.
从表面看ICO是一种区块链项目的融资行为，实际上它是以项目募集资金为由，发行着一种加密虚拟货币，在一定领域内替代法定货帀流通交易。凡是法定货币能做的，虚拟电子货币几乎无所不能。

ICO virtual currency to raise a series of unusual events, triggering widespread concern at home and abroad financial markets and the high degree of vigilance of financial regulatory authorities. From the media to disclose the signs, the name of the financial technology under the banner of the ICO virtual currency project has been a clear or dark challenge the central bank of the national currency legal authority.
ICO虚拟货币募集项目的一系列异常举动，引发国内外金融市场的广泛关注和金融监管当局的高度警觉。从媒体披露的种种迹象看，打着金融科技旗号的ICO虚拟货币项目已经或明或暗挑战各国中央银行法定货币的权威。

Why does ICO encounter global encirclement?
ICO缘何遭遇全球围剿？

Since September, China, South Korea, Russia, the United States and other countries have announced to strengthen the ICO virtual currency to raise the project's strong regulatory attitude. Intertwined ICO virtual currency projects such as cross-street mice, facing a number of countries from around the world encirclement and suppression. Analysis of ICO virtual currency projects encountered many countries encircled the main reasons are:
9月份以来，中国、韩国、俄罗斯、美国等国家相继宣布加强ICO虚拟货币募集项目的强监管态度。倾刻间ICO虚拟货币项目如过街老鼠，面临着来自全球各国的众多围剿。分析ICO虚拟货币项目遭遇众多国家围剿的原因主要有：

One is suspected of illegal fundraising and fraud. The main body of the financing through the tokens on sale, circulation, to raise the bits of the currency, the currency so-called "virtual currency". Which is essentially an unlawful illegal open financing, suspected of illegally issuing tokens, illegal securities issuance and illegal fundraising, financial fraud and pyramid schemes to financial criminal activities, disrupting the normal financial order.
一是涉嫌非法集资和诈骗。融资主体通过代币违规发售、流通，向投资者筹集比特币、以太币所谓“虚拟货币”。其本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗传销等一系到金融违法犯罪活动，扰乱正常金融秩序。

The second is de-realistic virtual deposit arbitrage. Despite the joint announcement of the seven administrations of industry and commerce, banking and other supervisors, the tokens or "virtual currency" used in the ICO project tokens financing are not issued by the monetary authorities, do not have legal and mandatory monetary properties, The legal status of money. But the issue of the various tokens can be circulated in the virtual space, transactions and can be converted into legal currency. Its price fluctuations are not based on social and political fundamentals and the real economy, the dealer trailer delivery, prices skyrocketed, will naturally breed regulatory arbitrage behavior.
二是脱实向虚存监管套利。尽管工商、银监等七个主管部门联合公告称，ICO项目代币发行融资中使用的代币或“虚拟货币”不由货币当局发行，不具有法偿性与强制性等货币属性，不具有与货币等同的法律地位。但其发行的各种代币却可在虚拟空间内流通、交易且可以兑换成法定货币。其价格波动不以社会政治基础和实体经济为依托，庄家托盘交割，价格暴涨暴跌，自然会滋生监管套利行为。

How is financial technology no longer lost?
金融科技如何不再迷途?

In recent years, "Internet +" ecological model, gave birth to a large number of new industries, emerging markets, financial technology in various fields are widely used. How to make financial science and technology on the road to health, no longer lost is the urgent need to solve the problem.
近年来，“互联网＋"生态模式，催生一大批新生产业、新兴市场，金融科技在各个领域得到广泛应用。如何让金融科技走上健康之路，不再迷途是当下亟待研究解决的问题。

First, strengthen the Internet financial supervision. Strictly all kinds of Internet financial enterprise access report management, a clear Internet financial enterprise market supervision subject. Perfect the normalized Internet financial supervision system, and guide the Internet financial enterprises to act according to regulatory rules, do not touch the edge of the ball, do not move crooked brains.
一是加强互联网金融监管。严格各类互联网金融企业准入报备管理，明确互联网金融企业市场监管主体。完善常态化的互联网金融监管体系，引导互联网金融企业按监管规矩办事，不打擦边球，不动歪脑筋。

Second, to clarify the boundaries of financial innovation. Regulatory authorities should clarify the field of financial innovation, delineate the boundaries of financial and technological innovation in product innovation; what aspects can be boldly tried, which areas are determined not to touch, to ensure that science and technology financial enterprises along the right track, both thinking is not outdated, but also Action does not go.
二是厘清金融创新边界。监管当局应明确金融创新领域，划定金融科技在产品创新的职能边界；哪些方面可以大胆试，哪些领域坚决不许碰，确保科技金融企业沿着正确的轨道行进，既要思想不落伍，又要行动不走偏

Third, increase the popularity of financial regulations. Through financial knowledge into the 10,000, to improve the universal education. Guide the majority of residents of the virtual reality, rational investment, consciously away from illegal fund-raising, usury, and other social cancer.
三是加大金融法规普及。通过金融知识进万家，提高全民普法教育。引导广大居民脱虚向实，理性投资，自觉远离非法集资、高利贷等社会毒瘤。

Fourth, strict financial security law enforcement. Resolutely crack down on banning all kinds of science and technology financial cloak, line marketing, fraud and disrupt the financial order behavior, but also the Internet financial side of the Pure Land.
四是严格金融安全执法。坚决打击、取缔各类披科技金融外衣，行传销、诈骗之实的扰乱金融秩序行为，还互联网金融一方净土。

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