BTC securities bank insurance

1. In order to protect the property rights and interests of the public, protect the legal tender status of RMB, prevent the risk of money laundering, and maintain financial stability, the people's Bank of China, the Ministry of instry and information technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and the Recently, China Insurance Regulatory Commission jointly issued the notice of the Ministry of instry and information technology of the people's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on the prevention of bitcoin risk (YF [2013] No. 289, hereinafter referred to as the "notice")

the notice defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and compulsion, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market. However, bitcoin trading as a commodity trading behavior on the Internet, ordinary people have the freedom to participate at their own risk

the notice requires that at this stage, all financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin into the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc

according to the notice, the bitcoin Internet website, as the main trading platform of bitcoin, shall be filed with the telecommunications administration according to the provisions of the Telecommunications Regulations of the people's Republic of China and the measures for the administration of Internet information services. At the same time, in view of bitcoin's high risk of money laundering and being used by criminals, the notice requires relevant institutions to perform the legal anti money laundering obligations such as customer identification and suspicious transaction report in accordance with the anti money laundering law of the people's Republic of China, so as to effectively prevent the money laundering risks related to bitcoin

in order to avoid excessive speculation of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment

in the future, the people's Bank of China will continue to pay close attention to the trend and related risks of bitcoin based on its own responsibilities End)

bitcoin home has an interpretation.

2.

Insurance, banking and securities are all financial instruments

banks are financial institutions established according to law to operate money and credit business, and are the proct of the development of commodity monetary economy to a certain stage

securities are the general name of many kinds of economic rights and interests certificates, and also refer to special kinds of procts, which are used to prove the specific rights and interests enjoyed by ticket holders. It mainly includes capital securities, currency securities and commodity securities

insurance belongs to contractual economic relationship. From an economic point of view, insurance is a kind of financial arrangement to share accident losses; From the social point of view, insurance is an important part of the social economic security system and a "delicate stabilizer" of social proction and social life; From the perspective of risk management, insurance is a method of risk management

extended data:

financial instruments refer to the financial assets that can be traded in the financial market, which is the written proof to prove the balance of money between borrowers and borrowers. The most basic elements of financial instruments are the amount of money paid and the terms of payment

Financial instruments such as stocks, futures, gold, foreign exchange and insurance policies are also called financial procts, financial assets and securities

because they are procts that can be traded in the financial market, they are called financial procts; Because they have different functions and can achieve different purposes, such as financing, hedging and so on, they are called financial instruments

in the qualitative and classification of assets, they belong to financial assets, so they are called financial assets; They are legal documents that can prove the relationship between property rights and debt, so they are called securities. The vast majority of financial instruments or procts, assets and securities have different degrees of risk

4. The trend of graal integration of banking, securities and insurance. Because there is a big difference in the operation among banking, securities and insurance, which has unity and can be accepted by all sides and meaningful development and construction of new regulatory tools!

5. The trend of graal integration of banking, securities and insurance. Because there is a big difference in the operation among banking, securities and insurance, which has unity and can be accepted by all sides and meaningful development and construction of new regulatory tools! In May 1995, Dai Xianglong, the governor of the people's Bank of China, put forward two reform measures: one is to allow conditional securities companies to enter the interbank lending market and bond repo market; The second is to allow conditional securities companies to borrow money from banks through bill service pledge (financial research, No.10, 1999) In 1998, insurance companies were allowed to participate in the interbank bond market. In 1999, China Insurance Regulatory Commission (CIRC) issued the administrative measures for insurance companies to purchase bonds of central enterprises, linking insurance companies with securities companies. After several years of reform, the alliance among banks, securities and insurance has graally expanded to create a new era of finance< First, the feasibility analysis of banking, securities and insurance alliance. With China's accession to the WTO, the pace of opening up of the financial instry will be further accelerated. If Chinese funded financial institutions want to remain invincible in the competition, they must continue to reform the financial system. At the same time, it is necessary and possible for China's securities and insurance companies to establish an alliance of banks, securities and insurance< (1) the financing channels of securities companies are narrow. As a financial enterprise, securities dealers are engaged in the underwriting business of issuing shares of listed companies; Engaged in the M & A intermediary business of acting as a planning consultant for enterprise M & A; They are engaged in the self operated business of trading securities with their own funds to obtain profits. They are also engaged in the brokerage business of collecting commissions to facilitate investors to complete transactions. These are destined to have a huge demand for funds. Less foreign capital. According to the past regulations, China's securities companies can't borrow from banks, can't issue bonds, can't buy back bonds in the interbank market. As a matter of fact, there is only one external financing channel for securities companies, and they can only borrow for one day in the interbank market. Such overnight borrowing is like a drop in the bucket, which has little effect on the long-term development of securities companies

financial constraints make securities companies face risks. The risk of securities companies refers to the risk caused by fund raising and application, that is, the possibility of loss in fund raising and application caused by uncertainty. It is shown as follows: (1) liquidity risk, which refers to the lack of liquidity in the financial structure of securities companies e to the low liquidity ratio. When the operation is unfavorable, the financial procts can not be realized quickly, Securities companies are in financial turnover crisis e to lack of sufficient liquidity. According to statistics, by the end of 1996, none of China's top ten securities companies had a liquidity ratio close to 90%, while Morgan in the United States had a liquidity ratio of 98% 2) Capital adequacy risk. The maximum ratio of net assets to liabilities of China's securities companies is 10:1, while the ratio of net assets of some small and medium-sized securities companies is too high< (2) the channels of insurance payment need to be widened. With the improvement of national income and the enhancement of insurance consciousness of Chinese people, China's insurance instry has made great progress in recent years, and the premium income of each insurance company shows a trend of substantial growth every year. In 1997, China's premium income was 107.2 billion yuan, an annual increase of 20% over 19%. In 1998, China's premium income was 124.7 billion yuan, an increase of 14% over the previous year. According to the prediction of relevant departments, the total revenue of China's insurance instry is likely to exceed 200 billion yuan by 2000, and its market potential is as high as 250 billion yuan in scale. Such a huge amount of capital is facing the restriction of capital operation mode, the contradiction between the intensified competition between the investment income and the company, and the investors' demand for higher return on insurance investment. Long term life insurance fund has two basic characteristics: saving and expected premium payment delay. Due to the long time interval between payment and payment, in order to guarantee the payment for several years or even decades and meet the expected needs of the insured, insurance companies must keep and increase the value of insurance funds. Therefore, it is the need of insurance itself to keep and increase the value of insurance funds. The fundamental way to keep and increase the value is to make full use of insurance funds and broaden the investment channels of insurance funds

for a long time, the use of insurance funds in China has been restricted, and can only be deposited in banks. In recent two years, it has been relaxed, and it is only limited to the trading of government debt and financial bonds. Therefore, in China, the difference between the interest of deposit and national debt and the predetermined interest rate of insurance policy becomes the main source of insurance company's income. Although the proportion of insurance companies investing in treasury bonds has increased at present, the small scale of treasury bonds restricts the scale and proportion of investment, and the funds invested in banks still account for a certain proportion. In this way, since 1997, with the interest rate of bank savings deposits lowered seven times, it has brought great losses to insurance companies. For a long time, it will shake the solvency of insurance companies. With the development of world economic integration, the pace of China's accession to the WTO is speeding up, which requires the member countries to play cards according to the rules of the world trade organization, that is, China's insurance instry should speed up the pace of opening up. Rece the income standard and improve the investment income, so as to improve their core competitiveness in the strong insurance instry. In order to solve the problem that the interest margin of insurance funds is reced or even inverted e to the rection of bank deposit interest rate, only through effective multi-channel use of funds, improving the rate of return of funds is the key to solve the problem of interest margin inversion of insurance companies and the long-term development of insurance companies in the future. In the developed market economy countries, the ability of insurance instry to accumulate and finance is second only to the banking instry. For example, the business volume of insurance companies in the United States accounts for more than one third of its financial market business. Therefore, in the long run, the use of funds in China's insurance instry needs a great development both in form and means< (3) the scope of banking business needs to be broadened. Since 2000, financial regulators have encouraged commercial banks and insurance companies to carry out business innovation and agency business. For insurance business and securities business, banking business can be expanded in the following aspects:

1. More than 80% of foreign bancassurance business is handled through market intermediaries, i.e. agent brokers. China should also make full use of the characteristics of banking business, wide range, relatively high quality of personnel and familiar with the insurance instry to vigorously develop the agency insurance business< With the development of electronic network technology, banking and insurance instry can share network resources. Insurance companies can choose to use the customer resources and information base owned by banks, and banks can act as financial consultants of insurance companies and provide custody services for funds

3. Insurance companies can provide insurance services for bank procts such as consumer credit, personal mortgage loans and auto mortgage loans< As a kind of securities, insurance policy can be used as an effective pledge of bank loans. How to combine the certificate of deposit with insurance policy and fund can also be studied

5. In terms of financing business, insurance companies are big depositors of banks, and may become the main investors of bank financial claims in the future. Banks and insurance companies can borrow funds through inter-bank lending, bond repurchase and other ways, so as to improve the liquidity and yield of funds

6. Banks and securities can interact in marketing and share marketing network and customer resources. Banks have extensive customer base and branch network, and can use the existing network to develop securities business, fund business and insurance business< Through the feasibility analysis of the alliance among the above three, it is necessary to put forward the specific ways of alliance
(1) the choice of alliance mode between insurance fund and securities market. Since 1997, the interest rate of RMB savings deposit has been lowered seven times. Among them, the interest rate of one-year bank deposit has dropped by 7%, and the interest rate of three-year and five-year deposit has also dropped by the same extent, which is unprecedented. Compared with the current bank deposit interest rate, insurance companies have obvious interest rate inversion phenomenon, the use of insurance funds environment is getting worse, the operation of the insurance instry has never been difficult. The voice of expanding the use of long-term life insurance funds is growing in the instry. At the same time, there are still some problems in China's securities market, such as small scale, lack of stable sources of funds and so on. How to solve the above problems has been concerned by the government and the securities instry, and has become an urgent problem for managers<

the investment mode of insurance funds in China can be as follows:
1. The reasonable use structure of insurance funds is determined according to the use cycle of funds to ensure the safety and efficiency of funds. Carry out short-term investment business, such as commercial paper, for short-term liabilities such as unearned reserve and outstanding loss reserve; Most of the life insurance reserves belonging to medium and long-term liabilities can be used for medium and long-term investment, such as government bonds, financial bonds, corporate bonds, etc., except for a small amount used to cope with irregular changes in liquidity; The total reserve and underwriting surplus, which are the most suitable medium and long-term investment funds, can be used to purchase high-quality stocks, real estate and mortgage loans in the secondary market

2. Insurance companies purchase securities funds directly. That is to say, when subscribing or purchasing various securities investment funds in the primary and secondary markets, the competent department of insurance business at the same level should strictly limit the proportion of investment to ensure the safety and efficiency of insurance funds and protect the interests of investors< 3. Establish securities investment insurance fund. Securities investment insurance fund is one of the main operation ways for insurance companies to invest funds in developed countries. Considering the actual situation of our country, we can let the qualified insurance companies establish securities investment insurance funds, and stipulate that the amount of capital issued by them is determined by a certain proportion of their total assets. The way can be initiated by securities companies and trust and investment companies to establish new insurance fund management companies, or we can choose established fund management companies< (2) the choice of alliance mode between banks and insurance companies. Once China's insurance market is open to the outside world, foreign insurance companies, with their asset strength, marketing means, management technology and other advantages, will inevitably bring impact to China's national insurance companies. With the increase of insurance companies' capital utilization and risk awareness, the cooperation between insurance instry and commercial banks is no longer limited to collecting premiums and striving for deposits, mainly in the following aspects:

1. At present, the State Council has announced that insurance funds can enter the stock market indirectly through securities investment funds, and the people's Bank of China has also made a decision that commercial banks can try to arrange agreed deposits with insurance companies. As far as life insurance is concerned, life insurance payment is not as unpredictable as property insurance and liability insurance. The investment strategy mainly focuses on the long-term stable growth of value, so it has a positive response to the agreement deposit business of commercial banks. Moreover, in the process of integrating with international practice, insurance companies must avoid the risk of centralized manipulation of funds. They will transfer part of their funds from the four major commercial banks, and the banks should

6.

Common ground: securities, banking and insurance belong to the financial instry

The difference is that the business scope is different

1. Banks are financial institutions which take deposits, loans and settlement as the main goal. Main functions (business): deposit business, loan business, settlement business

2. Securities companies are corporate enterprises specialized in securities trading

3. Insurance is a kind of economic form in which the economic relationship between the two parties is established in the form of contract and the insurance fund is established by paying insurance premium to compensate or pay for the losses caused by disasters and accidents within the scope of insurance contract

7. Common ground: securities, banking and insurance all belong to the financial instry
difference: business is different
Banking: mainly engaged in indirect financing services, assuming that a group of people or enterprises have surplus money, let's call it a, while there are other people or enterprises in the economy who are in urgent need of money but have no money, let's call it B. And the role of the bank is a middleman, taking deposits from a, and then lending money to B, to earn interest margin. Both a and B have a direct relationship with the bank. There is no direct relationship between a and B. even if B cannot return the money to the bank, the banking instry must return the money to a
Securities: mainly engaged in direct financing services, or the above assumption that a has surplus money, B is short of money, a does not know that B is short of money, and B does not know that a has surplus money,. The role of a securities company is equivalent to an introcer, who acts as a bridge between a and B, allowing a and B to have a direct relationship, and collecting commissions and handling charges. At that time, if B goes wrong, the consequences will be borne by a, and the securities company has no obligation to compensate
Insurance: why is insurance also a financial institution? Because insurance companies, like banks, have the function of absorbing idle funds and investing. Insurance companies collect premiums from policy holders, and then use them to invest and earn income to ensure that there is a profit after compensation. Essentially, it's also collecting money from a and putting it into B. It's just a form of banking. The bank will eventually return the money to all the people in a, while the insurance company will eventually return the money to some people in a, only the amount returned to each person is higher, which is what we usually call claims.

8. Securities have a bright future,
insurance has a bad reputation,
banks have average wages, long working hours and many rules

9. The bank is the wife, how much to pay, how much to return, occasionally to a small welfare, certificate is the third grade, you have money to play with you, insurance is the parents, when you need to take out all the savings.