block.one - Statement Regarding Proposed Changes to PRC Law
September 4, 2017
Prior to the commencement of the distribution of the EOS ERC-20 compatible tokens on the Ethereum blockchain (the “EOS Tokens”) pursuant to a related ERC-20 smart contract (the “EOS Smart Contract”), block.one obtained legal advice from a leading law firm in the People’s Republic of China (the “PRC”) which concluded with reasonable certainty that:
- the EOS Tokens do not fall within the definition of “security” as stipulated by the Securities Law of the PRC (as amended); and
- the distribution of the EOS Tokens is not considered “illegal fundraising” as defined under the Criminal Law of the PRC (as amended).
While this legal advice continues to be accurate, due to the changing regulatory environment in the PRC with respect to the distribution of cryptographic tokens generally, block.one has decided as a matter of prudence to exclude citizens and residents of the PRC and entities formed under the laws of the PRC (collectively, “Chinese persons”) from purchasing EOS Tokens effective immediately.
Chinese persons are strictly prohibited and restricted from using the EOS Smart Contract and/or purchasing EOS Tokens. If a Chinese person uses the EOS Smart Contract and/or purchases EOS Tokens, such person has done so and entered into the EOS Token Purchase Agreement on an unlawful, unauthorized and fraudulent basis and such agreement will be null and void.
Statement Regarding Mr. Li Xiaolai
block.one also wants to clarify and confirm that the development of the EOS.IO software and the distribution of the EOS Tokens are independent projects of block.one, and Mr. Li Xiaolai is not a co-founder, director, officer, fiduciary, employee, agent or team member of block.one. Furthermore, block.one has not commissioned Mr. Li Xiaolai to act as a spokesperson for the EOS project or block.one in any way, including in relation to the EOS Token distribution.
If you have any questions regarding the foregoing, please contact support@block.one.
Sincerely,
block.one
Nice post. I find it unfair towards Chinese people :(
In the markets, China has surprised me more than once. The last attempt to shutdown a major Bitcoin exchange preceded a major rally which basically got us where we are today (strong US investments are coming in now). It is harsh but it really teaches people to be smart and strong. Those that are both, are rewarded. I'm very grateful to the Chinese for all they have done so far.
I understand that currencies and markets tend to be protectionist from political instability but this doesn't change the discriminatory nature of this move. How would you feel if you were Chinese? I would feel like a second class citizen in this case.
I would have a lot of adjusting too do.. At a high I would imagine it is all the same: wake up friends and family (the masses), overcome fear, see the insanity where it exists, use and demand new systems that make the old systems obsolete, boycott evil even if it is more convenient.
and make new systems ourselves.
Absolutely.
This is just a statement that allows Block.one to cover their proverbial a## while having exactly zero bearings on Chinese people's ability to effectively invest in EOS. Let's not get too sentimental.
US Residents were also banned from purchasing EOS. China is being more extreme though. Places like South Korea, Japan and Switzerland are leading the way. Zug is the first City to put its residents on blockchain Government ID's.
This is really a very nice post.
Isn't interesting that two of the largest economies in the world are barring their citizens from participating in what is arguably the greatest wealth creation opportunity any citizen is likely to see in their lifetimes. It's not your money and you don't get to choose what to spend it on unless the Guberment says you can... and the Guberment says you can only buy fiat, debt and ponzi securities that have a negative return after inflation. My God I can't wait until Dan makes these idiots obsolete.
The US government doesn't care if the nation is getting richer as a whole. What they care is to keep their tax salves as indebted, subjugated, ignorant, overworked and obedient as possible, so that they can retain absolute control and maintain themselves at the top of the pyramid. Now if freedom minded folks are allowed to make serious money in crypto, they are going to get more and more interested in that technology, quit their jobs, and have plenty of time to develop, fund or support even more disruptive shit that's going to make it even more difficult for them to keep the lid on the people. No way they can let that happen.
You nailed that one @recursive. Governments want a monopoly of control over coercive force and money. The tax slaves must live by the government rules, and be happy about it.
Freedom, on the other hand, is a very dangerous thing. When governments talk about freedom, they really mean "their freedom to do what they want" NOT "the liberty of citizens".
When I convinced my wife to invest some money in cryptos, I told her that it will be a very bumpy road for the next 10 years. I do not believe that the banks and the stock market will go down with out a fight and you mention whose support they have :)
We just need to hang there tide
so are we in the clear to roll out soon to be the most used blockchain in the world EOS
在根据相关的ERC-20智能合同（“EOS智能合同”）分发EOS ERC-20兼容令牌之前，依据“EOS令牌”的规定，来自中华人民共和国（“中华人民共和国”）的主要法律事务所，合理确定：
一.EOS令牌不属于“中华人民共和国证券法”（经修订）规定“证券”的定义;
二.EOS令牌的分配不被视为“中华人民共和国刑法”（经修订）规定的“非法集资”。
尽管这一法律建议仍然是准确的, 但由于中国对加密货币代币的分配方面的监管环境不断变化。因此, block.one决定排除中华人民共和国公民和中华人民共和国法律 (统称 "中国人") 形成的实体, 购买 EOS 令牌的有效性。
中国人严格禁止使用EOS智能合同和/或购买EOS令牌。如果中国人使用EOS智能合同和/或购买EOS令牌，该人已经这样做，以非法、未经授权和欺诈的方式订立EOS令牌购买协议，此协议将无效。
关于李笑来先生的 声明
block.one还要澄清并确认EOS.IO软件的开发和eos令牌的分配 是block.one的独立项目。而李笑来先生不是联合创始人、董事、高级人员、信托、员工、代理人或团队成员。此外，block.one没有委托李笑来先生担任EOS项目的发言人或者其他任何方式，包括EOS令牌分发。
如果您对上述有任何疑问，请联系support@block.one。
If this is the Chinese translation (which it looks like it is) Thank you!
Yes
会继续支持EOS的发展，这是一项好技术，就是有点担心投的钱会打水漂了，不知道未来会怎么样，希望一切都好吧……
EOS 会从云币下架吗？中国人以后就不能买EOS了吗？
I think its a silly move from Chinese Government. I understand not letting Chinese citizens to buy tokens, but to refund them. That probably can't work.
Great post, Chinese pushed the price lower, maybe good time to buy.
I doubt Chinese investors will just stop investing and trading in ICOs because the authorities are tying to clamp down.
(shhhht, don't say that so loud)
Just to make sure we're all on the same page - when you say the EOS token purchase agreement is null and void for people in the US and China, you're talking about the same purchase agreement that states that no one has any obligations and you guys will have no control over anything done with the tokens later, right?
What they mean is that the purchase agreement between you and them whereby you donate your money to them in exchange for aboslutely nothing is null and void, and you won't be getting your absolutely nothing when the time comes or doesn't as the case may be when you don't expect anything.
...Exactly.
@recursive and @troglodactyl are involved in a dangerously fact-based and logical discussion. There is no room such disruptive wrong think. Or is there?
From now we will remember this issue, as one of out understanding of eos token distribution in china, I hope we don't blame anyone of this issue, but how take this issue as our expereince in new era of crypto. Looking forward. See u on the top.
Buh bye China.