NIO Denies Plan to Issue Digital Currency

On July 21, Chinese automaker NIO issued a statement asserting that seemingly official reports that the firm will issue a digital currency are false. The company said that it currently has no plans to issue any digital currency, nor has it authorized any third party to issue a digital currency.

Earlier today, an announcement entitled “NIO Global Initial Offering and Subscription Guide” was posted on the internet, evidently signed by the “NIO Business Development Department.”

The announcement indicated that as a positive response to the Chinese central bank’s digital currency policy and to enhance 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 a constant 200 million, with 100 million issued to the public, and the initial issue subscription price will be $1 per token.

In response to this apparently fraudulent use of NIO‘s name to publish inaccurate information, NIO claims that it has initiated legal proceedings and will pursue the legal responsibility of the relevant parties.

SEE ALSO: NIO Launches Independent Probe Into Grizzly Short-Seller Report

It’s worth noting that another major electric car maker, Tesla, reported second-quarter earnings on July 20. The results show that Tesla sold most of its Bitcoin holdings, converting about 75% of holdings to fiat currency. CEO Elon Musk said the sale was to improve its cash position and that the company is open to increasing its Bitcoin holdings in the future. Musk also emphasized that the sale of Bitcoin should not be seen as some sort of judgment on crypto trends.