National policy of digital currency

1. China's law on the supervision of digital currency is still a blank. Digital currency is in a gray area in China. If it is not prohibited by law, it can be used. However, there are still some normative provisions on digital currency in China
at the end of 2013, the central bank and other five ministries and commissions jointly issued the bitcoin risk notice, which clearly defined bitcoin as a special Internet commodity, and people can buy and sell it freely at their own risk. But it denies its monetary attribute. At this stage, bitcoin cannot and should not be used as currency
Ruitai, Qianjin card, Laite and other digital currencies are all applicable to the definition of bitcoin. Digital currency can exist as a commodity.

2. It's not illegal to issue digital currency in China. It doesn't need the next three years. Now people have already issued digital currency. For example, Ruitai, bitcoin, Yuanbao and sandcoin are all digital currencies issued by domestic companies. But if not

3.

In China, digital currency is illegal. According to the regulations, financial institutions and non bank payment institutions shall not directly or indirectly provide procts or services such as account opening, registration, trading, clearing and settlement for token issuance financing and "virtual currency"

it is not allowed to underwrite insurance business related to token and "virtual currency" or include token and "virtual currency" in insurance liability. Financial institutions and non bank payment institutions shall report to the relevant departments in a timely manner if they find clues of violation of laws and regulations in token issuance financing transactions

extended information:

since the announcement on preventing the financing risk of token issuance was issued, any so-called token financing trading platform shall not engage in the exchange business between legal tender and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as a central counter party, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"

for the token financing trading platform with illegal problems, the financial management department will request the competent department of telecommunications to close its website platform and mobile app according to law, request the network information department to remove the mobile app from the app store, and request the instrial and commercial administration department to revoke its business license according to law

4. No matter from personal point of view or from Yi Gang's point of view, regarding digital monetary policy, from the standpoint of the central bank, it has revealed:
first, to maintain the continuity of monetary policy, not to release water, not to shrink abruptly
Second, it will not change the fact that bitcoin is not legally recognized
thirdly, strengthen supervision, pay attention to safety and maintain stable and neutral development
Fourth, to serve the development of the real economy
considering the consistent policy of the Chinese government on digital currency, maintaining stability and continuity should be the current orientation and trend< In addition, although Yi Gang pointed out at the Boao Forum for Asia that he would take a strict attitude towards digital currency, it does not mean that he will stop studying digital currency. At present, the central bank is studying how digital currency can serve the real economy in a better form, develop safely in the best form and avoid possible negative effects, Let digital currency serve the economy better
in spite of stricter supervision, it is still believed that the central bank will adopt a combination of easing and blocking measures for the development of digital currency in the future.

5. The core value of CBDC can be summarized as four points: first, the original purpose is to let the central bank better manage money creation and supply, enhance the effectiveness of monetary policy transmission mechanism and better deal with the business cycle. Second, the construction of payment and clearing infrastructure based on blockchain related technologies can rece costs and increase efficiency. Digital currency can greatly rece the cost of currency issuance, circulation, use and other links, and realize banknote free transactions, which is also in line with the current trend of rapid development of electronic payment. Third, it has given the central bank stronger control over the monetary system, such as KFC, anti money laundering, anti-terrorism financing, and some targeted policies. Before the launch of Libra, the central bank attached importance to CBDC mainly for the above three purposes. But now, the significance of CBDC in promoting the internationalization of RMB has become more important than ever. This is the fourth purpose of the central bank. Judging from the current progress of RMB internationalization, there are indeed many difficulties. One is the US led encirclement and interception, and the other is the turbulence in the stock and exchange markets. In order to break the encirclement led by the United States, realize the normal development of the stock exchange market and the foreign exchange market, and realize the internationalization of RMB, it is really a good way for the central bank to issue digital currency. On the 10th anniversary of RMB internationalization, RMB internationalization has made remarkable achievements. 13 international financial institutions around the world began to pay attention to China's bond market. In the tide of interest rate rection in developed countries, negative interest rate has become a conventional means, and China's bonds are very competitive in the world. As of the second quarter of 2019, 38 countries have signed currency swap agreements with China, with a total amount of 3.67 trillion yuan. The one belt, one road, which one belt, one road to push forward, is continuously creating demand for RMB internationalization, and the export of RMB has become an important means of "one belt and one road" internationalization of RMB. In addition, RMB is one of the most active currencies in the global foreign exchange market, and London has surpassed Hong Kong as the world's largest offshore RMB foreign exchange trading center. With the steady development of China's economy, RMB assets will continue to be favored by all countries in the world< One belt, one road or other friendly country, was also shared by the Central Bank of China when it issued the CBDC. It shared some of the mint rights with br />
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<

4 digital currency will become the biggest magic weapon of RMB internationalization

China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.

6. Commonly used are the United States MSB, Estonia, Canada MSB, Australia austrac, which belong to the second category of high cost performance, Bermuda license is not clear, sorry.

7. In 2014, China continued to implement a stable monetary policy. Monetary policy mainly balances "steady growth", "risk prevention" and "leverage rection". In addition, the obstruction of policy transmission also restricts the effect of total easing policy. Monetary policy maintains a steady overall tone and tends to be loose, so as to maintain the stability and moderation of market liquidity; On the premise of overall stability, policy operation will continue to show the characteristics of structural support and directional adjustment, so as to strengthen financial support for key areas and weak links.

8.

In fact, in our country, we can also actively promote the development of digital currency, and also be able to use it in a wider field

in fact, our country can pay more attention to the behavior of digital currency and introce more policies to make digital currency recognized by more people. China strongly promotes the development of digital currency. What is the future development prospect of digital currency? I think the future development prospect of digital currency is particularly good. There are three reasons for this: first, digital currency has been recognized by the state

in my opinion, I think digital currency can really have a better and better prospect, and the future development direction is also very clear. Because digital currency is recognized by the country, the country is very recognized digital currency, but also can actively promote the development of digital currency. This means that the country can use more policies to promote the development of digital currency, and also to stabilize the development of digital currency. In this way, digital currency will have a better future{ RRRRR}

that's my opinion. Do you have any ideas