Japan's research on digital currency

1. What are the current views of central banks on digital currency? Money is money. It's inflated now

2.

Japan is also the first country in the world to legislate on virtual currency. Just in April last year, Japan's "change of capital payment law" was formally established. Virtual currency is defined as having the function of currency and can be used for monetary payment. Moreover, some time ago, the tycoons of the domestic currency circle also went to Japan one after another to learn from Japan

Finally, the popularity of virtual currency in Japan is also the intentional guidance of the Japanese government. The emergence of virtual currency gives the Japanese government a new "future". The Japanese government hopes to establish a monetary system independent of the U.S. regulation through virtual currency, so as to revive its so-called great power status

however, we should also see that Japan's too loose virtual monetary environment has also led to many negative problems. For example, the frequent theft of virtual currency makes the Japanese government have to intervene in the asset security of the virtual currency market. As a result, Japan has strengthened the supervision of virtual currency, and the virtual currency market has become a bit quiet - exchanges such as hotcoin and BIGone have even given up Japanese language services

3. In 2017, the financial department of Japan officially issued the digital currency exchange operation license to the first batch of applicants. Japan has established regulations on the supervision of digital currency dealers, and has made clear the operational guidelines for digital currency dealers
the FSA said that it would put Japan's digital currency exchange under a comprehensive regulatory framework, including monitoring the internal system of the exchange, checking the customer asset protection mechanism, and possible on-site inspection. At the same time, the FSA requires digital currency exchanges including bitcoin to implement a more stringent KYC policy than at present. Exchanges must begin to verify the identity of account users, keep transaction records, and report suspicious transactions to regulators
the conditions for the registration and establishment of Japanese digital currency dealers:
the establishment of a Japanese corporate company
leasing Japanese office
three Japanese employees are employed, one of whom is a director of a Japanese company
Japanese companies open bank to company accounts
there is a normal trading system (Japanese version is not required)
provide KYC information (specifically prepare the government information list)
the services include company registration before obtaining the license, assistance in leasing office space, assistance in recruitment of company employees, preparation of audit reports in cooperation with accounting firms, AML and KYC reports, business plans, all compliance documents to be submitted to FSA prepared with Japanese law firms, and answering all questions raised by FSA
in the process of obtaining a digital currency dealer license and in the process of future operation, traders must employ at least three employees, at least one of whom has a digital currency or bitcoin background or financial background
follow up maintenance: first, ensure the normal operation of the Japanese office and the daily work system of employees. Annual financial and audit reports should be submitted to the financial department of Japan every year. The contents of the reports are large, including the transaction details of virtual currency, the number of customers, the number of traders, the handling fees, the amount of customers' funds, etc. After obtaining the license, all the operation related expenses need to be paid by the dealer.

4.

At the G20 meeting, different countries held different views on digital currency, some strongly resisted it, and some actively supervised it. Now let's take a look at the attitudes of the G20 countries towards digital currency

In a statement, the Canadian Securities Regulatory Agency (CSA) said that considering the whole process of ICO issuance, many ICO tokens meet the definition of securities and require them to comply with the securities law. In addition, the CSA noted that ICOS may also be derivatives, subject to derivatives laws passed by Canadian securities regulators, including trade reporting rules. Regulators said they welcome companies that are about to conct ICO to enter the "regulatory sandbox" to test new financial procts in a limited environment

India

the securities and Exchange Commission of India is planning guidelines for the regulation of the bitcoin market in India. In addition, the securities and Exchange Commission of India set up a financial regulatory commission and held meetings with Reserve Bank of India (RBI) officials. The SEC also plans to regulate whether bitcoin derivatives and other cryptocurrencies are used to raise funds illegally

5.

According to the published data and conclusions, China will be ahead of foreign countries in terms of science and technology theory, e-payment habit and mature payment system{ RRRRR}

finally, in China, the electronic payment system is relatively perfect, that is to say, if digital currency is implemented in the future, it can be easily implemented, and the related construction cost is relatively low. Moreover, whether it is digital currency or electronic payment, the difference between the two is not big, and digital currency can adapt to more diverse scenarios, and people can accept it more easily, It will not become unaccustomed because of the sudden change, which will also lay a good foundation for the development of digital currency in our country. However, such a system and payment habit are not possessed by other countries at all, and most countries are not used to electronic payment, so there is no digital currency base at all

6. Yen is the safest safe haven currency in the world. It is a freely convertible capitalist country. A digital currency can't do anything to Japan. On the contrary, there can't be any digital currency in China. If digital currency is connected with other countries in the world and empties domestic foreign exchange reserves minute by minute, the crime rate of the United States is high, and many people launder money through digital currency, so they don't support digital currency very much,

7. At present, there are 11 digital currency exchanges in Japan, and another 17 are under review
Japan has developed into the largest bitcoin trading market this year, and about 50% of bitcoin transactions are concted through bitcoin / yen.

8. Digital currency is written into the draft of the fourteenth five year plan of many places. Experts suggest that the pilot scope of digital RMB should be expanded. The central bank's currency or currency can better prevent money laundering, facilitate better supervision, and be more concive to the circulation of money, so as to improve the effect of wealth flow. Digital currency has become a hot word of local "two sessions", At present, bitcoin is more of a kind of speculation and investment assets, and it has also derived financial investment speculative procts based on bitcoin combined with traditional finance. Only in form, it is more innovative and radical than the traditional way, which is more in line with the characteristics of people's fast pace
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9.

It is an inevitable trend for legal tender to develop into legal digital tender. In the long history of currency development, China, as the earliest ancient civilization in the world, according to the literature and relevant archaeological findings, the currency has been used for more than 5000 years, and the alternate development of its currency in various dynasties is very representative. For example, before the early Shang Dynasty, our ancestors took the lead in using shells as an equivalent trade, which greatly facilitated people's daily life; From the early Shang Dynasty to the early Song Dynasty, with the development of commodity exchange, there was an increasing demand for money. Seashells could not meet people's demand, so various shapes of copper coins began to appear; Since the late Northern Song Dynasty, e to the shortage of copper materials, paper money has been invented creatively. Nowadays, the development from traditional banks to E-banks has injected action into the development of China's low-carbon cashless society and created a good social environment for the development of legal currency to digital currency

non legal digital currency challenges legal sovereign currency. In 2009, Nakamoto created the world's first point-to-point decentralized digital currency, which was initially used as a gray commodity trading currency in the dark network (black market) within nine years. It has obtained legal status in the United States, Canada, Australia, Japan, Malaysia, Western Asia, Europe and other countries and regions. At its peak, bitcoin's total market value was close to $10000. Because bitcoin and other digital currencies have the characteristics of global transaction, point-to-point, anonymity, legalization of some countries and other factors, the state can not implement supervision and prohibition, resulting in a large number of capital flight and illegal transfer of assets, increasingly affecting the national financial stability, and posing challenges to the national currency, foreign exchange and other financial systems. At the same time, bitcoin and other digital currencies are increasingly challenging the security of the financial system of illegal countries, which also leads to bitcoin facing more severe financial regulatory policies and technical barriers in these countries

10. This can't be done, because the proction of the interstellar bit miner is confidential and afraid of plagiarism.