NIO has no plans to issue any digital currencies, nor has it authorized any third parties to issue digital currencies, it said.

NIO warns of illegal token offerings in its name-CnEVPost

NIO (NYSE: NIO, HKG: 9866, SGX: NIO) is warning about activities that fraudulently issue digital tokens in its name, after some rumors raised concerns earlier today.

NIO noticed false information on the Internet today about digital currencies being issued under the company's name, Karl Gao, the company's vice president and global general counsel, said in a statement.

NIO has no plans to issue any digital currency and has not authorized any third party to issue digital currency, the statement said, adding that the company has initiated legal proceedings and will pursue legal responsibility for the parties involved.

The following statement was posted on the NIO App and translated by CnEVPost:

It has come to our attention that false information about the issuance of digital currency under the name of NIO has appeared online today (July 21).

We hereby firmly declare that NIO has no plans to issue any digital currency, nor has it authorized any third party to issue digital currency.

We ask NIO users and the public not to believe the false information to protect their property.

We have initiated legal proceedings to pursue the legal responsibility of the relevant parties for this fraudulent release of false information under the name of NIO.

NIO warns of illegal token offerings in its name-CnEVPost

Earlier today, a Chinese "announcement" titled "NIO Coin Global Initial Offering and Subscription Guide" was circulated on the Internet, signed by "NIO Business Development Department".

The "announcement" said that NIO decided to issue digital tokens in Hong Kong in response to the Chinese central bank's digital currency policy and to enhance the market position of the RMB in the international payment and settlement system.

The token is a decentralized blockchain digital asset based on Ethereum and is an ERC 20 standard token, according to the "announcement".

NIO Coin will have more application scenarios in the future, and can be used for car purchases and battery swap services, the "announcement" said.

The NIO Coin subscription deadline is July 22 at 0:00, with a subscription price of $1 per coin and a trading date of July 25 at 12:00, the "announcement" said.

In China, digital currency trading and issuance are not allowed.

The "announcement" circulating on the Internet can be easily judged as false by those who know a little about digital currencies, but it could lead to losses for some people.

The statement from NIO is timely in stopping the wider spread of false information.

It is worth noting that this is not the first digital currency news related to NIO.

In early April CnEVPost reported that an NIO server manager was caught using the company's servers for Ether mining for over a year.

NIO issues first NFTs, but only for employees

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