• Sun. Aug 14th, 2022

NIO denies plans to issue digital currency

ByHazel R. Lang

Jul 21, 2022

On July 21, the Chinese automaker NIO released a statement claiming that apparently official reports that the company will issue digital currency are false. The company said it currently has no plans to issue digital currency and has not authorized any third parties to issue digital currency.

Earlier today, an announcement titled “NIO Global Initial Offering and Subscription Guide” has been published on the Internet, obviously signed by the “NIO Business Development Department.

The announcement said that in positive response to the Chinese central bank’s digital monetary policy and to strengthen the market position of the yuan in the international payment and settlement system, NIO had decided to issue a digital currency in Hong Kong. The total number of tokens issued by NIO will be constant 200 million, of which 100 million will be issued to the public, and the initial subscription price will be $1 per token.

In response to this apparently fraudulent use of NIOto publish inaccurate information, NIO claims that he has taken legal action and will pursue the legal liability of the parties involved.

SEE ALSO: NIO Launches Independent Investigation into Grizzly Short Sellers Report

It should be noted that another major electric car maker, Tesla, released its second quarter results on July 20. The results show that Tesla sold off most of its Bitcoin holdings, converting about 75% of its holdings into fiat currency. CEO Elon Musk said the sale was aimed at improving its cash position and the company was open to increasing its Bitcoin holdings in the future. Musk also stressed that selling Bitcoin should not be viewed as some kind of judgment on crypto trends.

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