Implementation of Internet finance supervision bitcoin
Publish: 2021-05-12 22:53:36
1. bitcoin can be regulated
however, it has not been fully and effectively regulated at present (as of March 6, 2019)
if we understand bitcoin as a kind of "currency", then it is equivalent to US dollars leaving the United States. Usually, after the US dollar leaves the United States, banks in other countries will help manage it. However, it is impossible to count the scattered us dollars that are neither in the United States nor in the hands of banks and other financial institutions. For example, in some areas of Africa where there are no banks, the US dollar is used
these scattered us dollars are equivalent to bitcoin
how to regulate these scattered us dollars
generally, in addition to controlling the issuance of US dollars, US dollar regulation also controls the circulation and usage ports. The Federal Reserve controls the number of new currencies issued each year according to the flow and damage of dollars abroad. At the same time, we should supervise the inflow and outflow of US dollars, so as to keep us dollars in an environment that can be roughly traced, so as to facilitate the issuers to count the total amount, so as to avoid excessive inflation or deflation
in fact, these scattered us dollars exist in some deregulated environments. Although they are out of control, they will not affect the overall economic situation
If anyone wants to influence the international economy through these scattered us dollars, then it must enter the existing regulatory system. In this way, these scattered dollars are regulated
for bitcoin, we can also learn from these forms of regulation
first of all, from the point of view of the issuing end, although the total number of bitcoin is now 21 million, it is also "set before" and cannot be changed
recently, it has been mentioned that the 21 million bitcoin limit should be abolished, which means that the issue of bitcoin is not stable. Therefore, it is necessary to control the issuance of bitcoin from the development end
you need to get inside the development side and become a core developer
Second, monitoring from the circulation link. In fact, this is the most difficult monitoring at present, because the blockchain is anonymous, the user is anonymous, and the receiver is anonymous
even though we can trace the circulation path of bitcoin by technical means (for example, we can know that a transaction is sent from a small house in the United States to a commercial building in Germany), it is only a drop in the bucket for tens of millions of users in the whole environment. How to trace and manage the overall transaction data is a huge problem
you can't know from the transaction data whether the user is engaged in illegal transactions
what should we do? Regulators have come up with a way to bind personal identity information to the user's real name, your exchange account number and bitcoin wallet address. But this is also a temporary solution, because it can only monitor the use of bitcoin in specific situations. An indivial can use multiple bitcoin wallet addresses. You don't know when he will apply for a new one
in terms of circulation, there is also a monitoring system to control the exchange channel between bitcoin and local legal currency. Banks in some regions do not provide financial services for users who exchange bitcoin for legal currency, and some countries and regions prohibit financial institutions from providing bitcoin and local legal currency exchange services
if users secretly exchange huge amounts of bitcoin, some clues can be found through the bank transfer records, so as to crack down on illegal acts in time. As for those who make little trouble, let him go
thirdly, restrict the use. This is relatively easy to achieve. For example, relevant laws have been issued to prohibit the use of bitcoin transactions. Although it's impossible to ban it completely, it's better than letting it run wild All over the world, it seems that what is forbidden is not completely forbidden
for example, before using bitcoin in public, you must use your real name, and you have to pay taxes to hold or use bitcoin
of course, it's OK for users not to do so, so it's better to use its assets in the dark
having said so much, now you know that bitcoin can be regulated, but it's not so well managed. Many measures have been taken, and it seems that they are not effectively regulated. Under what circumstances can bitcoin be effectively regulated? Users consciously report their holdings of bitcoin to the regulatory authorities. The regulatory authorities add some development functions to the bitcoin to achieve supervision, or they don't need to use it, so it doesn't matter at all
in fact, it can't be controlled so strictly, as long as it can't be controlled in the range of big waves. After all, there is light and dark, and there may be no gray space at all
new technology will surely have an advantage when it comes to living now.
however, it has not been fully and effectively regulated at present (as of March 6, 2019)
if we understand bitcoin as a kind of "currency", then it is equivalent to US dollars leaving the United States. Usually, after the US dollar leaves the United States, banks in other countries will help manage it. However, it is impossible to count the scattered us dollars that are neither in the United States nor in the hands of banks and other financial institutions. For example, in some areas of Africa where there are no banks, the US dollar is used
these scattered us dollars are equivalent to bitcoin
how to regulate these scattered us dollars
generally, in addition to controlling the issuance of US dollars, US dollar regulation also controls the circulation and usage ports. The Federal Reserve controls the number of new currencies issued each year according to the flow and damage of dollars abroad. At the same time, we should supervise the inflow and outflow of US dollars, so as to keep us dollars in an environment that can be roughly traced, so as to facilitate the issuers to count the total amount, so as to avoid excessive inflation or deflation
in fact, these scattered us dollars exist in some deregulated environments. Although they are out of control, they will not affect the overall economic situation
If anyone wants to influence the international economy through these scattered us dollars, then it must enter the existing regulatory system. In this way, these scattered dollars are regulated
for bitcoin, we can also learn from these forms of regulation
first of all, from the point of view of the issuing end, although the total number of bitcoin is now 21 million, it is also "set before" and cannot be changed
recently, it has been mentioned that the 21 million bitcoin limit should be abolished, which means that the issue of bitcoin is not stable. Therefore, it is necessary to control the issuance of bitcoin from the development end
you need to get inside the development side and become a core developer
Second, monitoring from the circulation link. In fact, this is the most difficult monitoring at present, because the blockchain is anonymous, the user is anonymous, and the receiver is anonymous
even though we can trace the circulation path of bitcoin by technical means (for example, we can know that a transaction is sent from a small house in the United States to a commercial building in Germany), it is only a drop in the bucket for tens of millions of users in the whole environment. How to trace and manage the overall transaction data is a huge problem
you can't know from the transaction data whether the user is engaged in illegal transactions
what should we do? Regulators have come up with a way to bind personal identity information to the user's real name, your exchange account number and bitcoin wallet address. But this is also a temporary solution, because it can only monitor the use of bitcoin in specific situations. An indivial can use multiple bitcoin wallet addresses. You don't know when he will apply for a new one
in terms of circulation, there is also a monitoring system to control the exchange channel between bitcoin and local legal currency. Banks in some regions do not provide financial services for users who exchange bitcoin for legal currency, and some countries and regions prohibit financial institutions from providing bitcoin and local legal currency exchange services
if users secretly exchange huge amounts of bitcoin, some clues can be found through the bank transfer records, so as to crack down on illegal acts in time. As for those who make little trouble, let him go
thirdly, restrict the use. This is relatively easy to achieve. For example, relevant laws have been issued to prohibit the use of bitcoin transactions. Although it's impossible to ban it completely, it's better than letting it run wild All over the world, it seems that what is forbidden is not completely forbidden
for example, before using bitcoin in public, you must use your real name, and you have to pay taxes to hold or use bitcoin
of course, it's OK for users not to do so, so it's better to use its assets in the dark
having said so much, now you know that bitcoin can be regulated, but it's not so well managed. Many measures have been taken, and it seems that they are not effectively regulated. Under what circumstances can bitcoin be effectively regulated? Users consciously report their holdings of bitcoin to the regulatory authorities. The regulatory authorities add some development functions to the bitcoin to achieve supervision, or they don't need to use it, so it doesn't matter at all
in fact, it can't be controlled so strictly, as long as it can't be controlled in the range of big waves. After all, there is light and dark, and there may be no gray space at all
new technology will surely have an advantage when it comes to living now.
2. To be protected by law, you should refer to the following conditions to see if all of them can be met:
1
2. Your bitcoin transaction is legal and not restricted or prohibited by law
3. The profits you earn are recognized by law and can be distributed and owned by you
if the above conditions are met, you should be able to obtain legal protection. If the case is solved in the future, you should be able to claim civil compensation as the victim, but there is no guarantee of full compensation
in general, if the public security organ files a case for investigation, the case will still be held accountable for how long it takes; If the public security organ does not file a case and may be sentenced to fixed-term imprisonment of not more than five years, it will not be investigated after five years. However, the law also stipulates that if a complaint is filed by the victim ring this period, the relevant authorities should file the case but not, it is not limited by the limitation period of prosecution. You have reported the case to the public security organ, but the case has not been filed because of public security reasons. This case should not be limited by the prosecution period according to law, and the prosecution effect will not be lost for a long time.
1
2. Your bitcoin transaction is legal and not restricted or prohibited by law
3. The profits you earn are recognized by law and can be distributed and owned by you
if the above conditions are met, you should be able to obtain legal protection. If the case is solved in the future, you should be able to claim civil compensation as the victim, but there is no guarantee of full compensation
in general, if the public security organ files a case for investigation, the case will still be held accountable for how long it takes; If the public security organ does not file a case and may be sentenced to fixed-term imprisonment of not more than five years, it will not be investigated after five years. However, the law also stipulates that if a complaint is filed by the victim ring this period, the relevant authorities should file the case but not, it is not limited by the limitation period of prosecution. You have reported the case to the public security organ, but the case has not been filed because of public security reasons. This case should not be limited by the prosecution period according to law, and the prosecution effect will not be lost for a long time.
3.
The vice president of the people's Bank of China said in an interview that through this market fluctuation, we will study the regulatory rules of bitcoin. As we all know, the price of bitcoin has been rising rapidly, attracting the attention of countless investors, but it has been followed by a sharp decline of bitcoin. Because there is no way to regulate such a virtual currency, its capital flow has become a puzzle. This time, the people's Bank of China said in an interview that it would study such a virtual currency, which obviously sent a signal. So today, let's discuss the difficulties in the regulation of bitcoin{ Third, how do you view this interview
this interview not only expresses that we will carry out strict supervision over the special currency, but also expresses another attitude. That is, bitcoin, as an investment currency, has been included in the scope of compulsory regulation nationwide, even worldwide. At the same time, we also need to understand that although bitcoin has investment properties, it can not replace currency itself
4.
absolutely impossible
you can imagine this picture: payday is coming, your cold wallet has received 0.05 bitcoin, according to the bitcoin 60000 US dollars, you have earned 3000 US dollars this month, a total of 20100 RMB! You are very happy, just as you are going to have a big meal to reward yourself, bitcoin suddenly plummeted from $60000 to $50000, and it is still falling!! Your 0.05 bitcoin is still so much, but your income instantly reced to 16250, nearly 4000 yuan evaporated, not only that, but also the amount continued to decline with the naked eye!! At this time, I'm afraid no one would like to invite you to a big meal. Instead, I nervously took out my mobile phone and quickly sold bitcoin! When the transaction is completed and RMB 16000 is paid to your account, you will finally relax...
so why is bitcoin easy to store money and transfer assets? This is determined by its design principle. Professional knowledge is too complex. In short, bitcoin is a code city that can't be broken by hackers. All users involved in bitcoin trading in this city can't trace their real information through any technical means. Therefore, bitcoin has become a pure land of assets that governments can't control. In this city, your private property will always be yours, No one wants to take it away. If you forget your password, it will be miserable, because you don't want to take back your own bitcoin. It will be stored in this city forever. Therefore, the extreme security and secrecy of bitcoin make it easy for private property to completely get rid of the control of sovereign states, so it is reasonable for governments to study regulatory methods, because bitcoin is the most powerful in history, which can fight against the country's enemies economically
5. The rapid development of Internet finance is based on science and technology. The supervision of Internet finance is inseparable from the supervision of financial technology
"e to the asset light, cross regional and high concealment characteristics of Internet finance, a large number of lawless elements are mixed up to evade supervision, which makes it impossible to prevent many cases." Zhou Hongren said that in view of the above problems and risks in the field of Internet finance, while speeding up the construction of Internet finance laws and regulations system, we must start to solve the more urgent regulatory technical problems in the development of Internet finance
to build a financial technology regulatory system, regulatory authorities need to further promote the development of financial technology regulatory rules and tools, and establish targeted and effective financial technology regulatory infrastructure, basic principles, micro indicators and regulatory tools; Strengthen the knowledge sharing and communication between regulators and the market, especially strengthen the typical technology of financial technology and its integration with the financial system and its impact on the financial regulatory system; Under the current situation of separate supervision, we should strengthen the coordination of financial supervision, especially the coordination between financial supervision institutions and non-financial supervision institutions
the organizational structure of financial technology supervision should be reformed. He said that the development of Internet Finance and financial technology highlights the significant development advantages of cross-border operation and comprehensive operation in China's financial field, which also calls for a relatively more unified financial regulatory framework. The most ideal way is for the State Council to initiate the establishment of a financial regulatory agency, under which a financial technology innovation center can be set up to focus on improving the innovation and supervision of financial technology, And coordinate the supervision of "one bank, three committees" and other relevant ministries and commissions on financial technology. The meeting proposed the establishment of the financial stability and Development Commission of the State Council.
"e to the asset light, cross regional and high concealment characteristics of Internet finance, a large number of lawless elements are mixed up to evade supervision, which makes it impossible to prevent many cases." Zhou Hongren said that in view of the above problems and risks in the field of Internet finance, while speeding up the construction of Internet finance laws and regulations system, we must start to solve the more urgent regulatory technical problems in the development of Internet finance
to build a financial technology regulatory system, regulatory authorities need to further promote the development of financial technology regulatory rules and tools, and establish targeted and effective financial technology regulatory infrastructure, basic principles, micro indicators and regulatory tools; Strengthen the knowledge sharing and communication between regulators and the market, especially strengthen the typical technology of financial technology and its integration with the financial system and its impact on the financial regulatory system; Under the current situation of separate supervision, we should strengthen the coordination of financial supervision, especially the coordination between financial supervision institutions and non-financial supervision institutions
the organizational structure of financial technology supervision should be reformed. He said that the development of Internet Finance and financial technology highlights the significant development advantages of cross-border operation and comprehensive operation in China's financial field, which also calls for a relatively more unified financial regulatory framework. The most ideal way is for the State Council to initiate the establishment of a financial regulatory agency, under which a financial technology innovation center can be set up to focus on improving the innovation and supervision of financial technology, And coordinate the supervision of "one bank, three committees" and other relevant ministries and commissions on financial technology. The meeting proposed the establishment of the financial stability and Development Commission of the State Council.
6. Alibaba Yuebao, Tencent wechat payment, P2P, Internet banking, mobile banking... In 2013, China's Internet and e-commerce giants competed in the financial field and launched innovative Internet financial procts. The emergence of these procts puts forward higher requirements for the regulators: strive to eliminate existing risks, actively face new risks, and keep pace with the times to treat and manage new financial formats<
in the "decision of the CPC Central Committee on several major issues concerning comprehensively deepening reform" just released, it is proposed to implement the financial regulatory reform measures and prudent standards, improve the regulatory coordination mechanism, and define the financial regulatory responsibilities and risk disposal responsibilities of the central and local governments. It is decided to put forward a more comprehensive and intensive financial supervision mode in China in the future, so as to adapt to the new requirements of the future mixed operation financial structure and the corresponding risk structure
the advantages of Internet finance, such as high loan interest rate, low investment threshold, guaranteed principal and convenience, make up for the shortcomings of traditional finance and bring convenience to indivials or enterprises in need of financing. According to the data of China Internet Network Information Center, by the end of June 2013, the number of Internet users using online payment in China has reached 244 million, among which the number of mobile online payment Internet users has reached 79.11 million, which has laid a good foundation for the development of Internet finance. The number of P2P network lending platforms is developing rapidly in China, and there are hundreds of them. According to the information disclosed by the central bank, the market size of third-party payment alone exceeded 10 trillion yuan in 2012
Internet finance has brought new financial formats, especially to small and micro enterprises. However, the current development of Internet finance is a little too fast, and the lack of supervision will also bring hidden dangers to the future. On the one hand, there are a large number of customers with certain risks. On the other hand, whether it is online lending platform or third-party payment platform, many participating institutions do not have the financial license that financial intermediaries should have. Most of the companies registered in instry and commerce are consulting companies, which lack clear instry rules and supervision, so it is inevitable that problems will be exposed
at the same time, the mixed operation of financial institutions is accelerating, and there are some inconsistencies between China's separate supervision mode and the changing trend of financial market. The existing regulatory system and regulatory standards and regulatory philosophy do not adapt to the contradiction, the concept of financial regulation and the contradiction between the system and financial development is increasing
we believe that Internet Finance provides new financing channels for domestic enterprises, and also poses revolutionary challenges to traditional banks. Internet finance, small loan companies and other practitioners involved in the financial field, to break the monopoly and inertia of China's financial instry, its significance is very important. However, restricted by the system of "separate operation and separate management", facing new things and phenomena, it brings new requirements to the supervision and management, and the supervision level inevitably faces new challenges
new financial regulation, such as the Internet, is a new topic and a common concern of regulatory authorities and the instry. With more and more Internet companies carrying out cross instry operation and providing financial services, it is necessary to transform the financial supervision mode from institutional supervision to functional supervision, and formulate targeted supervision measures according to its characteristics different from the traditional financial instry. On the basis of ensuring the safety of investors' funds and preventing risks, we should also respect the self-development law of Internet business. Keeping pace with the times is the only choice for regulatory authorities<
Chongqing Huakun studio answers for you
in the "decision of the CPC Central Committee on several major issues concerning comprehensively deepening reform" just released, it is proposed to implement the financial regulatory reform measures and prudent standards, improve the regulatory coordination mechanism, and define the financial regulatory responsibilities and risk disposal responsibilities of the central and local governments. It is decided to put forward a more comprehensive and intensive financial supervision mode in China in the future, so as to adapt to the new requirements of the future mixed operation financial structure and the corresponding risk structure
the advantages of Internet finance, such as high loan interest rate, low investment threshold, guaranteed principal and convenience, make up for the shortcomings of traditional finance and bring convenience to indivials or enterprises in need of financing. According to the data of China Internet Network Information Center, by the end of June 2013, the number of Internet users using online payment in China has reached 244 million, among which the number of mobile online payment Internet users has reached 79.11 million, which has laid a good foundation for the development of Internet finance. The number of P2P network lending platforms is developing rapidly in China, and there are hundreds of them. According to the information disclosed by the central bank, the market size of third-party payment alone exceeded 10 trillion yuan in 2012
Internet finance has brought new financial formats, especially to small and micro enterprises. However, the current development of Internet finance is a little too fast, and the lack of supervision will also bring hidden dangers to the future. On the one hand, there are a large number of customers with certain risks. On the other hand, whether it is online lending platform or third-party payment platform, many participating institutions do not have the financial license that financial intermediaries should have. Most of the companies registered in instry and commerce are consulting companies, which lack clear instry rules and supervision, so it is inevitable that problems will be exposed
at the same time, the mixed operation of financial institutions is accelerating, and there are some inconsistencies between China's separate supervision mode and the changing trend of financial market. The existing regulatory system and regulatory standards and regulatory philosophy do not adapt to the contradiction, the concept of financial regulation and the contradiction between the system and financial development is increasing
we believe that Internet Finance provides new financing channels for domestic enterprises, and also poses revolutionary challenges to traditional banks. Internet finance, small loan companies and other practitioners involved in the financial field, to break the monopoly and inertia of China's financial instry, its significance is very important. However, restricted by the system of "separate operation and separate management", facing new things and phenomena, it brings new requirements to the supervision and management, and the supervision level inevitably faces new challenges
new financial regulation, such as the Internet, is a new topic and a common concern of regulatory authorities and the instry. With more and more Internet companies carrying out cross instry operation and providing financial services, it is necessary to transform the financial supervision mode from institutional supervision to functional supervision, and formulate targeted supervision measures according to its characteristics different from the traditional financial instry. On the basis of ensuring the safety of investors' funds and preventing risks, we should also respect the self-development law of Internet business. Keeping pace with the times is the only choice for regulatory authorities<
Chongqing Huakun studio answers for you
7. The channel revolution brought about by the Internet has increased the requirements for supervision
the emergence of the Internet has changed the scope, number, amount and environment of financial transactions. The sharp increase of transaction volume and turnover rate has greatly increased the financial systemic risk
when the transaction volume is only a few thousand or tens of thousands of yuan, many people will regard convenience as the most important thing, because even if they lose all of them, they will not necessarily affect their lives. This is also the attraction of Alipay and Yu Ebao. For financial institutions engaged in Internet lending, the same is true: as long as the amount of each loan investment is small, "law of large numbers" enables financial institutions to resolve the loss of single investment by investing in many projects. But these "small" Internet finance can only stay in the "small", when the amount rises to hundreds of thousands or millions, the possibility of people leaving it to the "machine" to help themselves with financial management will be greatly reced. It's hard to imagine that in a Chinese society with serious credit crisis, Internet Finance Based on abstract machine can make people feel relieved that they no longer need face-to-face communication with traditional banks and financial institutions. Even if many people don't realize this today, a small financial crisis in the future will remind and even teach them this
when the audience of financial transactions is too large and the number of participants is too large, the probability of "a single spark can start a prairie fire" in the financial market will increase greatly, and the problems caused by non supervision may exceed the social cost implied by supervision itself. In regulatory economics, the general philosophy is: if the number and geographical scope of financial transactions or other transactions are very limited, then the government should not regulate. It's because there's no need to send officials - there are dozens or hundreds of people in the trading room. Of course, there's no need for officials to tell us what to do. The disadvantages that officials can bring will greatly outweigh the benefits. However, if the number of financial transactions reaches one million, tens of millions or even hundreds of millions, if there are problems in financial transactions at this time, it is easy to become a big social and political problem. In the context of China, it is a problem of "maintaining stability". With the increase of the number of people involved in the transaction, the necessity of supervision also increases
just because the number of customers of Internet finance can surpass that of ICBC and ABC, the supervision of Internet Finance in the future may be stricter than that of traditional banks. Perhaps because Internet finance is a new thing, and today's regulation is still very few, there are still some opportunities for development. But as long as we encounter several problems and risk events, the situation will change. After the strengthening of supervision, the profit space will be squeezed. This is what makes Internet Finance hot today, but for a long time, the regulation of Internet finance will squeeze this bubble.
yu'ebao is similar to banks, but it has potential problems
although in terms of specific arrangements, yu'ebao can say that customers' accounts are the same as general fund accounts: the money in each account is directly linked to bond investment, so it belongs to "direct financing", rather than "indirect financing" of traditional banks; But in the view of the balance of customers, they think that the operator, Alipay (China) Network Technology Co., Ltd. is actually manipulating and assuming responsibility, and the effect is not much different from that of traditional banks. However, there are some potential problems in such financial arrangements:
first, term mismatch. The money of the balance account is a "real time" investment, because customers can withdraw funds and return to Alipay at any time, while the time limit for money market fund procts invested by the balance fund is not instantaneous, but only a few days, months or even years. Therefore, the time limit between assets and liabilities is seriously mismatched and implied interest rate risk.
Second, liquidity mismatch. Because yu'ebao can withdraw money at any time, managers need immediate liquidity, and money market fund procts have a fixed term. Although bonds and other secondary market transactions can provide "immediate" exit, the trading volume is limited. When the amount of yu'ebao is not particularly large and the market is normal, liquidity is not a problem. However, once there is a market crisis or semi crisis, many yu'ebao customers may need to withdraw capital at the same time. Under the pressure of "run", liquidity mismatch will be very prominent. In particular, many financial procts have a lock-in period, so it is difficult to withdraw early. Therefore, the liquidity of investment position will be very poor. If the investment scope of yu'ebao and other procts is not limited, and if they can be invested in financial procts, such as real estate, land, various stocks and private funds, the liquidity of these positions may be worse< Third, credit risk. If any Internet company has launched "yu'ebao" or other procts, what guarantee does the credit of these internet financial companies rely on? How to deal with breach of contract? What are the capital requirements? Should the operator be required to make provision in proportion to capital? On the other hand, if Internet finance companies do not have their own capital to participate in each investment project, do Internet finance companies have enough incentive to choose each investment proct? The subprime mortgage loan problem reflected in the US subprime mortgage crisis shows that when the financial operators do not have their own funds to share weal and woe with the customer's funds, the incentive of the operators will be distorted, and they may not be so cautious about the credit risk and other issues of the invested projects
the concept of "Internet finance" has been hot since 2013. On the one hand, Internet companies are actively involved in financial business; on the other hand, the traditional financial instry is paying more and more attention to the Internet. The Internet, especially the mobile Internet companies, with their vigorous marketing methods, strongly intervene in people's daily financial activities, which makes people refreshing. This also promotes a vague concept of "Internet finance"
as a technology, the Internet has been influencing the global financial instry for more than 20 years. However, the influence of the Internet is mainly concentrated in the back office (such as payment) and channels, and has not spawned any new finance. In the United States, where Internet technology is the earliest, most mature and most widely used, there is no so-called "Internet finance" concept
the popularity of "Internet finance" in China is mainly e to the macro background of "financial repression" in China's financial system and the lack of supervision on the financial business involved in "Internet finance". The rapid development of the so-called "Internet finance" is actually more radical regulatory arbitrage than traditional banks
the flexible and radical operation mode of Internet companies disturbs the inherent pattern of traditional financial enterprises. They are forcing the marketization of the operation of traditional financial enterprises and the marketization of interest rates. However, China's so-called "Internet finance" business is only a survival form of traditional finance outside the supervision, and the Internet is just a tool. The essence of finance has not changed, and there is no new finance that can be called "Internet finance"
in this way, "Internet finance" may be a false proposition. To study the Internet, we should realize its essence as a technology and its universal applicability as a technology, including its application in traditional financial enterprises. As a technology, the Internet helps to improve the efficiency of financial services and customer experience, extend the boundaries of financial services, and help to realize the concept of Inclusive Finance, while "Internet finance" is a specious concept
why there is no "Internet finance" in the United States
the United States is the most developed country in both finance and Internet, but there is no "Internet finance" in the United States
this is e to the nature of the Internet as a technology. The impact of Internet on finance is essentially the conflict between machine and human capital. The result depends on the extent to which machine can replace human capital. This kind of conflict has been going on since the birth of finance. On this point, there is nothing particularly prominent about the Internet
the characteristics of the Internet are the convenience and scale of standardized and digital content transmission. In the financial field, this kind of information (such as transaction data) and process are mostly the back office of business. Human capital (such as business relations), which is difficult to standardize, is stored in indivials and is hard to be impacted by the Internet. In history, technological progress in the financial field has eliminated human capital for many rounds. But some information is destined to be difficult to machine process, which is often the most important part of finance
because transaction data is a standardized mass of data, the trading market is most affected by Internet technology. For example, stock trading is the registration and transfer of stock ownership in business processing. This kind of ownership information is stored in the computer in a digital way, which is convenient for transmission through the Internet. When ice (Intercontinental Exchange) was founded in the 1990s, it was to use Internet technology to establish an energy trading market. Today, the Intercontinental Exchange has merged the New York Stock Exchange into one of the largest exchanges in the world. In the trading market, the Internet has also promoted the emergence of Internet-based stock trading platforms such as Ameritrade and etrade, which has reced transaction costs, provided more convenience for retail investors to carry out stock trading, and had a great impact on the traditional securities trading platform
the data in the field of payment is more single and standardized. Take money as an example. Apart from cash in hand, most money exists in the form of bank bookkeeping. That is to say, most of the money we often talk about is digital debit and credit relationship. This kind of accounting relationship is stored in the computer in a digital way, and it is also very convenient for transmission through the Internet. When developing countries promote microfinance, the payment and transfer function of smart phones, which is widely used, relies on the mobile Internet
other information in the financial field, such as credit information and economic, instry and company research reports, is also proced and disseminated in a digital way
those Internet-based community and interactive technologies promote the exchange between market participants, make the transaction easier and increase the liquidity of the transaction. At the same time, it also strengthens the inherent network effect of financial transactions. Western exchanges have been actively adopting various technologies, including the Internet. With the continuous evolution of trading system, technological innovation emerges one after another. After the continuous cross-border and cross market mergers, a few large global exchanges (such as Intercontinental Exchange) have emerged, which can be multi variety, multi regional and 24-hour trading
it can be said that over the past 20 years, Internet technology has comprehensively and profoundly changed the market structure of the western financial instry, especially the financial trading market represented by the United States. However, the impact of the Internet on the western financial instry can only be described as a "quiet revolution". Finance improves efficiency behind the scenes, but more often than not, it is not noticed. However, the six functions of Finance (payment, financing, resource allocation, risk management, price signaling and information asymmetry) have never changed. The Internet has not derived new financial functions. From this point of view, it has no essential difference with its impact on music, film and other instries
take the Intercontinental Exchange as an example, it has promoted the development of the United States
the emergence of the Internet has changed the scope, number, amount and environment of financial transactions. The sharp increase of transaction volume and turnover rate has greatly increased the financial systemic risk
when the transaction volume is only a few thousand or tens of thousands of yuan, many people will regard convenience as the most important thing, because even if they lose all of them, they will not necessarily affect their lives. This is also the attraction of Alipay and Yu Ebao. For financial institutions engaged in Internet lending, the same is true: as long as the amount of each loan investment is small, "law of large numbers" enables financial institutions to resolve the loss of single investment by investing in many projects. But these "small" Internet finance can only stay in the "small", when the amount rises to hundreds of thousands or millions, the possibility of people leaving it to the "machine" to help themselves with financial management will be greatly reced. It's hard to imagine that in a Chinese society with serious credit crisis, Internet Finance Based on abstract machine can make people feel relieved that they no longer need face-to-face communication with traditional banks and financial institutions. Even if many people don't realize this today, a small financial crisis in the future will remind and even teach them this
when the audience of financial transactions is too large and the number of participants is too large, the probability of "a single spark can start a prairie fire" in the financial market will increase greatly, and the problems caused by non supervision may exceed the social cost implied by supervision itself. In regulatory economics, the general philosophy is: if the number and geographical scope of financial transactions or other transactions are very limited, then the government should not regulate. It's because there's no need to send officials - there are dozens or hundreds of people in the trading room. Of course, there's no need for officials to tell us what to do. The disadvantages that officials can bring will greatly outweigh the benefits. However, if the number of financial transactions reaches one million, tens of millions or even hundreds of millions, if there are problems in financial transactions at this time, it is easy to become a big social and political problem. In the context of China, it is a problem of "maintaining stability". With the increase of the number of people involved in the transaction, the necessity of supervision also increases
just because the number of customers of Internet finance can surpass that of ICBC and ABC, the supervision of Internet Finance in the future may be stricter than that of traditional banks. Perhaps because Internet finance is a new thing, and today's regulation is still very few, there are still some opportunities for development. But as long as we encounter several problems and risk events, the situation will change. After the strengthening of supervision, the profit space will be squeezed. This is what makes Internet Finance hot today, but for a long time, the regulation of Internet finance will squeeze this bubble.
yu'ebao is similar to banks, but it has potential problems
although in terms of specific arrangements, yu'ebao can say that customers' accounts are the same as general fund accounts: the money in each account is directly linked to bond investment, so it belongs to "direct financing", rather than "indirect financing" of traditional banks; But in the view of the balance of customers, they think that the operator, Alipay (China) Network Technology Co., Ltd. is actually manipulating and assuming responsibility, and the effect is not much different from that of traditional banks. However, there are some potential problems in such financial arrangements:
first, term mismatch. The money of the balance account is a "real time" investment, because customers can withdraw funds and return to Alipay at any time, while the time limit for money market fund procts invested by the balance fund is not instantaneous, but only a few days, months or even years. Therefore, the time limit between assets and liabilities is seriously mismatched and implied interest rate risk.
Second, liquidity mismatch. Because yu'ebao can withdraw money at any time, managers need immediate liquidity, and money market fund procts have a fixed term. Although bonds and other secondary market transactions can provide "immediate" exit, the trading volume is limited. When the amount of yu'ebao is not particularly large and the market is normal, liquidity is not a problem. However, once there is a market crisis or semi crisis, many yu'ebao customers may need to withdraw capital at the same time. Under the pressure of "run", liquidity mismatch will be very prominent. In particular, many financial procts have a lock-in period, so it is difficult to withdraw early. Therefore, the liquidity of investment position will be very poor. If the investment scope of yu'ebao and other procts is not limited, and if they can be invested in financial procts, such as real estate, land, various stocks and private funds, the liquidity of these positions may be worse< Third, credit risk. If any Internet company has launched "yu'ebao" or other procts, what guarantee does the credit of these internet financial companies rely on? How to deal with breach of contract? What are the capital requirements? Should the operator be required to make provision in proportion to capital? On the other hand, if Internet finance companies do not have their own capital to participate in each investment project, do Internet finance companies have enough incentive to choose each investment proct? The subprime mortgage loan problem reflected in the US subprime mortgage crisis shows that when the financial operators do not have their own funds to share weal and woe with the customer's funds, the incentive of the operators will be distorted, and they may not be so cautious about the credit risk and other issues of the invested projects
the concept of "Internet finance" has been hot since 2013. On the one hand, Internet companies are actively involved in financial business; on the other hand, the traditional financial instry is paying more and more attention to the Internet. The Internet, especially the mobile Internet companies, with their vigorous marketing methods, strongly intervene in people's daily financial activities, which makes people refreshing. This also promotes a vague concept of "Internet finance"
as a technology, the Internet has been influencing the global financial instry for more than 20 years. However, the influence of the Internet is mainly concentrated in the back office (such as payment) and channels, and has not spawned any new finance. In the United States, where Internet technology is the earliest, most mature and most widely used, there is no so-called "Internet finance" concept
the popularity of "Internet finance" in China is mainly e to the macro background of "financial repression" in China's financial system and the lack of supervision on the financial business involved in "Internet finance". The rapid development of the so-called "Internet finance" is actually more radical regulatory arbitrage than traditional banks
the flexible and radical operation mode of Internet companies disturbs the inherent pattern of traditional financial enterprises. They are forcing the marketization of the operation of traditional financial enterprises and the marketization of interest rates. However, China's so-called "Internet finance" business is only a survival form of traditional finance outside the supervision, and the Internet is just a tool. The essence of finance has not changed, and there is no new finance that can be called "Internet finance"
in this way, "Internet finance" may be a false proposition. To study the Internet, we should realize its essence as a technology and its universal applicability as a technology, including its application in traditional financial enterprises. As a technology, the Internet helps to improve the efficiency of financial services and customer experience, extend the boundaries of financial services, and help to realize the concept of Inclusive Finance, while "Internet finance" is a specious concept
why there is no "Internet finance" in the United States
the United States is the most developed country in both finance and Internet, but there is no "Internet finance" in the United States
this is e to the nature of the Internet as a technology. The impact of Internet on finance is essentially the conflict between machine and human capital. The result depends on the extent to which machine can replace human capital. This kind of conflict has been going on since the birth of finance. On this point, there is nothing particularly prominent about the Internet
the characteristics of the Internet are the convenience and scale of standardized and digital content transmission. In the financial field, this kind of information (such as transaction data) and process are mostly the back office of business. Human capital (such as business relations), which is difficult to standardize, is stored in indivials and is hard to be impacted by the Internet. In history, technological progress in the financial field has eliminated human capital for many rounds. But some information is destined to be difficult to machine process, which is often the most important part of finance
because transaction data is a standardized mass of data, the trading market is most affected by Internet technology. For example, stock trading is the registration and transfer of stock ownership in business processing. This kind of ownership information is stored in the computer in a digital way, which is convenient for transmission through the Internet. When ice (Intercontinental Exchange) was founded in the 1990s, it was to use Internet technology to establish an energy trading market. Today, the Intercontinental Exchange has merged the New York Stock Exchange into one of the largest exchanges in the world. In the trading market, the Internet has also promoted the emergence of Internet-based stock trading platforms such as Ameritrade and etrade, which has reced transaction costs, provided more convenience for retail investors to carry out stock trading, and had a great impact on the traditional securities trading platform
the data in the field of payment is more single and standardized. Take money as an example. Apart from cash in hand, most money exists in the form of bank bookkeeping. That is to say, most of the money we often talk about is digital debit and credit relationship. This kind of accounting relationship is stored in the computer in a digital way, and it is also very convenient for transmission through the Internet. When developing countries promote microfinance, the payment and transfer function of smart phones, which is widely used, relies on the mobile Internet
other information in the financial field, such as credit information and economic, instry and company research reports, is also proced and disseminated in a digital way
those Internet-based community and interactive technologies promote the exchange between market participants, make the transaction easier and increase the liquidity of the transaction. At the same time, it also strengthens the inherent network effect of financial transactions. Western exchanges have been actively adopting various technologies, including the Internet. With the continuous evolution of trading system, technological innovation emerges one after another. After the continuous cross-border and cross market mergers, a few large global exchanges (such as Intercontinental Exchange) have emerged, which can be multi variety, multi regional and 24-hour trading
it can be said that over the past 20 years, Internet technology has comprehensively and profoundly changed the market structure of the western financial instry, especially the financial trading market represented by the United States. However, the impact of the Internet on the western financial instry can only be described as a "quiet revolution". Finance improves efficiency behind the scenes, but more often than not, it is not noticed. However, the six functions of Finance (payment, financing, resource allocation, risk management, price signaling and information asymmetry) have never changed. The Internet has not derived new financial functions. From this point of view, it has no essential difference with its impact on music, film and other instries
take the Intercontinental Exchange as an example, it has promoted the development of the United States
8.
First of all, it is clear that the third-party payment is supervised by the people's Bank of China and the China Securities Regulatory Commission for fund sales
< EM > based on the current regulatory pattern of one bank and three committees (central bank, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission), Internet finance will still be supervised by one Bank and three committees according to their business attributes: < / EM >
< EM > 1
< EM > 3. P2P online lending will be supervised by CBRC based on the credit business attributes (it seems that the regulators have reached a consensus, although the central bank has done a lot of research in the early stage)
9. The recent ones are rectification opinions
10. According to the filing guidelines issued by the general office of the CBRC, online lending institutions that have carried out business need to complete the rectification of illegal business activities before they can apply for filing and registration. According to the regulatory requirements: Internet lending information intermediaries should apply for the corresponding telecommunications business license in accordance with the relevant provisions of the competent department of communications; Those who fail to apply for the business license of telecommunication business according to the regulations shall not carry out the intermediary business of network lending information
Objective: the central and local governments should cooperate in supervision, put on record when implementing, manage the negative list, strengthen information disclosure, and promote instry self-discipline
main regulatory requirements: information intermediary principle, small amount decentralization principle, online operation principle, reasonable pricing principle, focus on main business principle, service entity principle
subject qualification: Instrial and commercial registration (name, business scope), local financial department registration (evaluation and classification, and timely publish the registration information and classification results on the official website)
business risk control rules: review the qualification conditions and information authenticity of the lender and the borrower; Verify the authenticity and legitimacy of financing projects; Take measures to prevent fraud;
Objective: the central and local governments should cooperate in supervision, put on record when implementing, manage the negative list, strengthen information disclosure, and promote instry self-discipline
main regulatory requirements: information intermediary principle, small amount decentralization principle, online operation principle, reasonable pricing principle, focus on main business principle, service entity principle
subject qualification: Instrial and commercial registration (name, business scope), local financial department registration (evaluation and classification, and timely publish the registration information and classification results on the official website)
business risk control rules: review the qualification conditions and information authenticity of the lender and the borrower; Verify the authenticity and legitimacy of financing projects; Take measures to prevent fraud;
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