Since the world's first digital currency -after Bitcoin appears，The development of digital currency is staggering，Not only is it increasingly rich in the type，And the price has soared all the way。The property value and appreciation potential behind the digital currency triggers the trend of speculation of coins。People chase digital currency more are more digital currency as speculative，Earn rich interests through investing in digital currencies。But，New things will also bring new risks，In digital currency speculation，The speculators will face many accompanying risks。

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First，ordinary fraud risk。This refers to the actor's fraud on digital currency speculators，Then the behavioral risk of "fraud"。In the accompanying risk of digital currency speculation，Ordinary fraud behavior has high incidence in judicial practice。Digital currency as a gimmick，The diversification of the type of behavior causes fraud to pervasive。The risk of ordinary fraud includes not only the crowd -involved fraud，Such cases often have many common criminal actors and victims at the same time，It also includes individual fraud，This kind of fraud often occurs between individuals，Due to the low difficulty of crime，The incidence of cases is also high。

2，Ponzi scheme risk。This is a risk of accompaniment that is more common in the index currency speculation，Relying on digital currency，Organization、Leading MLM，Generally using digital currency as a gimmick，Attract people to participate in MLM organizations。The Ponzi scam with digital currency as a gimmick will not only vigorously advocate the investment value of digital currency in terms of appreciation space and development Bet365 app download prospects，The "digital currency" wrapped professionalized for myself、Science and technology and cutting -edge coat，and use my country's "digital development" policy，"Digital Currency" as MLM products，to reduce the public alert，Make it easier to believe that MLM projects fictional in MLM organizations。Even if we put on "scientific and technological" and "legalization"，It is impossible to cover the essence of MLM behavior。

third，illegal financial fundraising risks faced by the public。For example, illegally absorb public deposits、Fund fraud、illegal operation, etc.。In the background of digital currency speculation，illegal fund -raising risk mainly refers to the project investors raising digital currency to the public，This type is called ICO (Intial Coin Offering)，The first currency is issued。But the risk of ICO financing model is many，Most risk of fraud and investment failure。Different from the specific situation，ICO behavior may constitute the crime of illegally absorbing public deposits、Grand funding fraud and organization、Crime of leading MLM activities。In 2017, the seven ministries and commissions of the Central Bank issued the "Announcement on Preventing token Issuance financing risks" (hereinafter referred to as "tokens")，Call the ICO project to avoid relevant risks，But the accompanying risk of ICO behavior is not for this。The price of digital currency continues to rise，ICO speculation risk still exists。

　　Inquiry Risk source: Personal, value and external environment

At the personal level of speculators，Virtual currency mix with digital currency，Division of difficulty。Decentralization is a typical feature of digital currency，Criminals use the public's trust in digital currency decentralization characteristics，Put the controlled virtual currency into digital currency to deceive others' property。Some of the "digital currency" that appeared in digital bet365 best casino games currency speculation，It is actually a virtual currency such as "game coins" used in the regional network system。Scene construction of this virtual currency，Including price floating、exchange rate、Transaction volume, etc.，can all control its specific performance and change through the system。Virtual currency and digital currency have formal commonality，such as digital form、Network dependency, etc.。It is difficult for ordinary public to distinguish between two，Even from the technical distinction，It is difficult for victims to enter the system directly to check。Even if individual deceptions check the problem，No and unable to persuade all other deceptions to believe in checking the results。

At the value level，There are a lot of value bubbles in the field of digital currency。Digital currency decentralization and fixed issuance quantity can eliminate the national credit crisis，Inhibit inflation，But the market determines the price mechanism，Due to the lack of the necessary government control，Make digital currency a huge value bubble。The value of the digital currency foam not only inspires the public's profits nature，and affect the speculation risk of digital currency，Specific reflection of three aspects: First，Value bubble stimulates speculative behavior and criminal behavior。People have the nature of profit，Digital currency huge value bubble naturally attracts the public to implement speculation，Because of this，Under the temptation of huge interests，Criminal behavior against digital currency speculation is hundreds of tricks、More intense。2，Value Bubbles cover the false falsification。Digital currency is staggering value bubble，The use of crimes is used by people to cover up their deception.，Reduce the public vigilance and caught it into speculative scams。third，Value bubble rupture makes the loss of public property difficult bet365 Play online games to recover。The value of the value of digital currency bubble phenomenon will cause the price of digital currency to rise，It will also cause price drop。Under decentralist distribution mode，When the digital currency bubble is broken，speculation failed，No one is responsible for losses。Even if speculation is considered a risk -negative behavior，But public losses caused by lack of correct guidance，It is easy to cause group incidents and cause social instability。

At the external environmental level，International Different Regulatory Vulnerabilities。Tokens Risk Announcement reiterated the non -currency attribute of digital currency，and prohibit engaging in token issuance financing activities and conducting business related to the issuance of tokens。Although my country takes a ban on digital currency，But there are many positive affirmation of digital currency in the world，and actively modify the laws of the country，To cope with the possible changes，For example, the United States、Germany、Japan, etc.。Regulatory measures in different countries in the world are used by criminals，induced or expanded digital currency speculation risks。International differences supervision caused Chinese speculators to be in an unfavorable position。Chinese speculators show the blindness and fraud of speculation。In the field of international digital currency speculation，The interests of the people in our country are easily infringed by speculators in other countries。

　　Standardization of the subjects of the two parties: "speculators" and "regulators"

At the speculator level，Divide the risk of self -extent。As an investor，The public should maintain a rational attitude in the face of digital currencies，Correctly understand the essence of digital currency, that is, the uncertainty and high risk of digital currency speculation。After recognizing the risk of digital currency speculation，Specifications based on bet365 best casino games your own real and free consciousness，The speculators should bear the risk alone。From this we know，The speculative behavior under real and free awareness is the inner condition of the risk of speculators。but，The risk of speculators should set up two external conditions: one，speculative projects have a legitimate nature。Digital currency speculative risks exist in many fraudulent accompanying risks，These risks are either no digital currency or investment project，Either pretend to be digital currency with virtual currency to attract funds。Acts for illegal crimes of initiator，Can't bear risk and loss by speculators。Its two，Performance of the speculators accept sufficient risk notification。Due to the complexity and novelty of digital currency，The risk cognitive obligation of the speculators should shift from speculators to the initiator，The initiator undertakes the risk notification obligation。In the process of digital currency speculation，Exaggerated high profits of digital currency，The high risk of avoiding digital currencies deliberately avoiding digital currencies is an important reason for the public's blind investment。Coupled with the public's operating principle of digital currency、I know very little about speculative methods，Therefore，At this stage, the speculators accept full risk notification as an important measure to solve this problem。

At the regulatory level，Clarify the regulatory responsibility of digital currency regulatory agencies。Civil investment is the funding between the initiator and the investor，However，Make it easy to breed fraud。Therefore，Third -party regulatory platform is particularly important。The clear supervision and management agency is a key link for effective supervision，For this，Digital currency financial regulatory agencies should be established Bet365 lotto review to implement unified supervision of digital currency，Targeted supervision is an important measure to prevent fraud risk to prevent digital currency speculation。From the perspective of external regulatory experience，Establishing a unified digital currency regulatory agency is a common governance measure。For example, the Japanese Financial Agency supervises the behavior of digital currency trading in Japan，Singapore Financial Supervision Bureau (MAS) supervision of virtual currency intermediaries in Singapore。It can be known from the research and development and management practice of digital currency，The People's Bank of China is the main regulatory agency of digital currency in my country。Give full play to the regulatory role of digital currency，Digital currency supervision and management agencies shall have, but not limited to the following important functions。

First，Regulatory digital currency industry agency。Specific speaking，Including the establishment of an institution、Change、Rejuvenation, etc. Register and review，Mainly review the authenticity and operation ability of trading agencies。and publicize the basic situation and review results of the digital currency industry institutions。2，Examine the digital currency investment project。Investment projects that enterprises initiate digital currencies for the public need to declare review to the regulatory authorities，Its purpose is to identify the authenticity of the public's authenticity of digital currencies or investment projects，to reduce the fraud risk of digital currency speculation。third，Two -way risk inform function。Digital currency regulatory agencies have risk notification obligations to the public and enterprises，Regulatory agency's notification obligation to the public is abstract administrative acts，It is not for specific individuals，Instead, it is a new type of risk bet365 Play online games that appears to the public as a whole to the public。Fourth，Whether to communicate with other institutions。The supervision of digital currency involves many fields，For example, illegal crime、Tax、currency, etc.。It is difficult for a single department to solve the entire digital currency field，If the behavior of the digital currency industry involves other parts，Regulatory agencies should communicate with relevant agencies in time。

　(Author Unit: Law School of Anhui University)