Supervision of virtual currency by bank and insurance supervisio

2. At present, the trading of virtual currencies such as bitcoin in China is closed and cannot be traded in exchanges
virtual currency lacks supervision and is too free; Therefore, China's current virtual currency is still in a serious regulatory scope; Of course, the research on virtual currency blockchain technology is worth trying.

3. The main purposes are as follows:

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4. 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
5. Avoid excessive speculation in the name of "virtual currency" for virtual commodities such as bitcoin, which will damage the public interest and the legal tender status of RMB.

4.

The financial laws in China's financial supervision mainly include: Law of the people's Bank of China, commercial bank law, bill law, guarantee law, insurance law, securities law, trust law, securities investment fund law and banking supervision and management law

Financial laws and regulations mainly include: Regulations on the administration of savings, regulations on the administration of enterprise bonds, regulations on the administration of foreign exchange, measures for banning illegal financial institutions and illegal financial business activities, and measures for punishing illegal financial acts

regulations on the administration of RMB, Interim Regulations on the board of supervisors of key state-owned financial institutions and regulations on the real name system of indivial deposit accounts

regulations on financial asset management companies, regulations on the revocation of financial institutions, regulations on the administration of foreign insurance companies, regulations on the administration of foreign banks and regulations on the administration of futures trading

Interim Measures for the administration of central enterprise bond issuance, regulations on risk management of securities companies, regulations on supervision and administration of securities companies, etc

< H2 > extended data:

financial supervision system is the way and organizational system of responsibility division and power distribution of financial supervision. The main international financial supervision system can be divided into two-line multi supervision system, one-line multi supervision system and single supervision system

Financial supervision system is the proct of the history and national conditions of various countries. The basic principle of establishing the mode of supervision system is not only to improve the efficiency of supervision and avoid excessive overlapping and mutual restriction of responsibilities, but also to pay attention to the mutual restriction of power and avoid excessive concentration of power

in the case that the supervision power is relatively concentrated in one supervision subject, scientific and reasonable division of internal power and division of responsibilities must be implemented to ensure the correct exercise of supervision power

on April 27, 2018, the guidance on standardizing the asset management business of financial institutions was officially released, which is referred to as the "new asset management rules" in the instry

the establishment of major policy standards such as breaking rigid cashing, banning multi-layer nesting and restraining channel business will promote the development of the asset management instry to return to its original source, and the licensees with prudent investment strategy will usher in major strategic advantages

If a country wants to develop its economy, the first problem is money. With money, government agencies can pay civil servants, and various national policies can be implemented. There are two types of state institutions related to money: financial institutions and government institutions

Financial institutions in financial institutions, the State Council is the big boss. He has three financial institutions under his command: the central bank, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission

(1) people's Bank of China. Her daily work is printing and distributing banknotes, regulating currency circulation and guiding banking business. Among them, it is very important to guide the banking business, because the major banks are directly exposed to money, and the banks themselves are divided into policy banks and commercial banks

Policy banks are non-profit institutions, and the state needs to seek loans if it wants to carry out construction

Commercial banks, profit-making institutions, are closely related to the common people, such as the Agricultural Bank of China, instrial and Commercial Bank of China, Bank of China and China Construction Bank

the main management currency of the above institutions is RMB, and foreign currency is also managed by the central bank. However, she gave the job to the foreign exchange administration to manage foreign exchange

(2) CIRC

the people's Bank of China mainly controls the economy by sending jobs to banks, so the institution that supervises banks will mention CIRC, which mainly manages the daily operation of banks, such as banks want to open branches, changes in senior executives, etc. The CIRC also administers non bank financial institutions and insurance institutions

in 2018, the two committees merged the China Banking Regulatory Commission and the China Insurance Regulatory Commission into the China Banking and Insurance Regulatory Commission, because China's financial model has changed and entered the era of mixed operation, with frequent cross operations among various businesses, serious problems such as regulatory overlap and regulatory vacuum, and some new financial institutions, such as wealth companies, need the coordination of the two regulatory bodies, Otherwise, there will be a regulatory blind spot

the central bank and the CIRC have a lot of business intersection, and usually cooperate with each other, but the specific work is still different, the central bank is the business guidance, and the CIRC is the regulatory operation

(3) the terms "stocks, funds and futures" of China Securities Regulatory Commission (SFC) may be familiar to investors. The institutions that can operate these businesses are all elites among the elites, referred to as "jingzhongying" for short. If these institutions are not managed properly, the stability of the financial market will be affected unprecedentedly. It is the SFC that manages them

for example, if an enterprise wants to be listed, it needs to go to the CSRC for approval. Only when it is approved by the CSRC, the stock exchange will be ready and the enterprise can issue shares

the central bank, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission all perform their respective ties and manage their own affairs, which are equal level relationships. They are the national financial institution system

2. The government should have its own department to manage the money, otherwise, how to deal with the tax collected? How to pay civil servants' wages? It's called the Ministry of finance, whose main responsibilities are: setting tax policies, issuing treasury bonds, and managing government revenues and expenditures

Because the Ministry of finance is a national institution, its structure has the typical characteristics of the government

Their working mode is also very simple: the Ministry of finance makes policies, the Department of Finance implements them, and the finance bureau implements them

The relationship between the central bank and the Ministry of finance is under the leadership of the State Council

when the state wants to manage the economy, it needs the cooperation of two institutions, such as "deleveraging" in recent years, the central bank makes banks "tighten", that is, less lending to enterprises, and the Ministry of finance should follow up "tightening", that is, the government should also spend less

summary of laws and regulations related to Internet Finance:

according to the people's Bank of China, Ministry of instry and information technology, Ministry of public security, Ministry of finance, State Administration for Instry and commerce, Legislative Affairs Office of the State Council, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission

the guidance on promoting the healthy development of Internet Finance (YF [2015] No. 221, hereinafter referred to as the guidance) jointly issued by the state Internet Information Office on July 28, 2015

at present, China's legal Internet Finance formats include: Internet payment, Internet lending, equity crowdfunding, Internet fund sales, Internet insurance, Internet trust and Internet consumer finance

in addition to the traditional laws and regulations and regulatory systems and policies, the regulatory provisions specifically for new formats mainly start from the regulation of third-party payment institutions in the people's Bank of China Document No. 2 (administrative measures for payment services of non-financial institutions) in 2010 (it is generally believed that the development and supervision of payment business is also a landmark event in the development of China's Internet finance instry)

Document No. 221 (guidance) issued by ten ministries and commissions in 2015 is not only a comprehensive summary, carding and confirmation of Internet Financial formats in recent years, but also a programmatic and "guiding" document for the implementation of regulatory policies in the future

On August 23, 2011, China Banking Regulatory Commission (CBRC) issued the notice on risk warning of Renren loan [2011] No

this kind of intermediary companies collect information about borrowers and lenders, evaluate borrowers' collateral, such as real estate, cars, equipment, etc., then match them, and charge intermediary service fees

a lot of reports have been made on the operation and influence of such intermediary companies by the relevant media, which has aroused much attention. In this regard, the CBRC organized a special investigation, found a large number of potential risks and gave tips

It can be seen that the notice is only a risk warning document for Renren loan. At the inter ministerial joint meeting of nine ministries to deal with illegal fund-raising held on November 25, 2013, the central bank clearly defined the illegal fund-raising behavior of P2P network lending instry

mainly includes three types: fund pool mode; The risk of illegal fund-raising caused by unqualified borrowers and Ponzi scheme< On June 4, 2010, the people's Bank of China issued the measures for the administration of payment services of non financial institutions (No.2 [2010]). Article 1 of the measures stipulates that the purpose of the measures is to promote the healthy development of the payment service market, regulate the payment service behavior of non-financial institutions, prevent payment risks, and protect the legitimate rights and interests of the parties

Article 2 of the measures specifies that the payment services of non-financial institutions referred to in the Measures refer to the following part or all of the monetary fund transfer services provided by non-financial institutions as intermediaries between the payees and payers:

(1) online payment

(2) issuance and acceptance of prepaid cards

(3) bank card receipt

(4) other payment services determined by the people's Bank of China

the term "online payment" in the Measures refers to the behavior of transferring monetary funds between the payee and the payee relying on public network or private network, including currency exchange, Internet payment, mobile phone payment, fixed phone payment, digital TV payment, etc

the term "prepaid card" as mentioned in these Measures refers to the prepaid value of goods or services issued for profit and purchased outside the issuing institution, including prepaid cards issued in the form of cards, passwords, etc. by adopting magnetic stripe, chip and other technologies

the bank card acquiring in the Measures refers to the behavior of collecting monetary funds for the bank card merchants through the point of sale (POS) terminals The administrative measures for payment services of non-financial institutions is an important regulatory regulation for third-party payment< On June 4, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the notice on strengthening the management of virtual currency in online games (Wen Shi Fa [2009] No. 20), which stipulates that market access should be strictly enforced and the management of issuers and providers of virtual currency trading services in online games should be strengthened

engaging in "online game virtual currency trading service" business must comply with the relevant provisions of the competent department of Commerce on e-commerce (platform) services. In addition to legal currency purchase, online game operation enterprises shall not provide online game virtual currency to users in any other way

on July 20, 2009, the Ministry of Culture issued the declaration guide for "online game virtual currency issuing enterprises" and "online game virtual currency trading enterprises", which provides operational guidance rules for the declaration and approval work of operating Internet cultural units applying for "online game virtual currency issuing service"< On September 28, 2008, the State Administration of Taxation made clear the tax treatment of virtual currency in the reply to the issue of personal income tax on the income of indivials from online trading of virtual currency (Guo Shui Han [2008] No. 818)

that is to say, the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, which should be calculated and paid according to the item of "income from property transfer"

5. Obviously, it is impossible to make 6000 yuan in 12 months a year, with an annual return of 60%. Who has such a strong voice. Only those P2P companies dare to boast about 10% return, and they are basically illegal and deceiving. This is 60% as soon as it comes up. It's not reliable. If you think about 500 yuan a month, people may think about 10000 yuan.

6.

On July 21, in order to promote the unified supervision standards of asset management procts and promote the healthy development of bank financial services, the China Banking and Insurance Regulatory Commission recently drafted the measures for the supervision and administration of financial services of commercial banks (hereinafter referred to as the measures) and solicited opinions from the public The measures require commercial banks to implement classified management of financial management business, and distinguish between public offering and private financing procts. The public offering financial procts are publicly issued to non-specific public, and the private offering financial procts are privately issued to no more than 200 qualified investors; At the same time, the sales starting point of a single public offering financial proct will be reced from the current 50000 yuan to 10000 yuan

in order to prevent the risk of "shadow banking", the measures continue the requirements of "three orders" for independent management, separate account establishment and separate accounting of financial procts, and stipulate that if financial funds invest in non standardized creditor's rights assets, the termination date of assets shall not be later than the e date of closed financial procts or the latest open date of open financial procts; Investment in the equity of an unlisted enterprise should be a closed-end financial proct with a matching period. At the same time, it is required that the balance of non standardized creditor's rights assets invested by bank's financial procts should not exceed 35% of the net assets of financial procts or 4% of the total assets of the bank; The balance of non standardized creditor's rights assets invested in a single institution and its affiliated enterprises shall not exceed 10% of the bank's net capital

in order to prevent fund idling, the measures continue the regulation that financial procts shall not invest in financial procts issued by this bank or other banks; According to the "new regulations on asset management", asset management procts invested by financial procts are not allowed to "nest" other asset management procts, and can not be simply used as fund raising channels for all kinds of asset management procts; Fully disclose the underlying asset information and do a good job in the information registration of financial management system. At the same time, it puts forward the concentration limit of single securities or public offering securities investment funds The measures allow public offering and private financing procts to invest in all kinds of public offering securities investment funds; At the same time, financial procts investment in public securities investment funds can no longer penetrate into the underlying assets

the transitional period of the measures shall be from the promulgation and implementation of the measures to December 31, 2020. According to reports, in the first half of 2018, the overall operation of bank financial services was stable. By the end of 2017, the balance of non breakeven financial procts was 22.17 trillion yuan, by the end of May 2018 was 22.28 trillion yuan, by the end of June 2018 was 21 trillion yuan, and the scale and proportion of interbank financial procts continued to decline. Financing funds are mainly invested in standardized assets such as bonds, deposits and money market instruments, accounting for about 70%; The investment in non standardized debt assets accounted for about 15%, and remained stable on the whole

from people's daily (July 22, 2018, 03 Edition)

7. The early financial framework of the people's Bank of China was relatively simple, that is, the major state-owned banks under the leadership of the people's Bank of China. It was not until 1983 that the State Council decided that the people's Bank of China would specially exercise the functions of the Central Bank of China, that is, it would no longer concurrently run instrial and commercial credit and savings businesses, so as to strengthen the centralized management and comprehensive balance of credit funds and better serve macroeconomic decision-making. At that time, 10 functions were formulated, including financial risk prevention and resolution, statistical data, bank cards, financial regulations, anti fake currency work, bulletin board, etc< With the development of national financial reform and innovation, China's financial system has undergone profound changes. In order to adapt to the development of the national financial instry, the supervision power of the people's Bank of China has been graally separated: in 1992, the supervision power of the securities market was transferred to the Securities Commission of the State Council and the China Securities Regulatory Commission; In 1995, the supervision power of securities companies was handed over to the CSRC; In 1998, the insurance regulatory authority was handed over to the newly established CIRC; In 2003, the power of banking supervision was transferred to the newly established CBRC. Thus formed the present "one bank, three committees" (i.e. China Securities Regulatory Commission, China Insurance Regulatory Commission and China Banking Regulatory Commission). The "one bank, three committees" constitute the pattern of separate supervision of China's financial instry, and the "one bank, three committees" all implement vertical management. Now I know why the central bank (the people's Bank of China) is called the central mom ~
but the central bank is & quot; Departments of the State Council;, The third committee is at the ministerial level; Institutions directly under the State Council;, We can see that there are differences in their identities
the CBRC is responsible for the supervision and management of the banking financial institutions in China. Its main business can be divided into two types: regulatory business and non regulatory business. In short, it is in charge of the bank
generally speaking, the main business of the CBRC is divided into two types, regulatory business and non regulatory business
in terms of regulatory business, there are large banking department, policy banking department and city banking department to supervise the five major banks, policy banks and city commercial banks respectively. In addition, there is a ministry level Joint Conference Office (non Office) to deal with illegal fund-raising to supervise illegal fund-raising
for non regulatory business, there are mainly regulatory department, Policy Research Bureau, Consumer Protection Bureau, Prudential Regulation Bureau and other departments, which are responsible for formulating prudential regulation rules of banking instry
the CBRC also controls the access rights of banking financial institutions, such as the appointment of bank directors and senior executives, the establishment of new bank outlets, etc., which need the approval of the CBRC
under the leadership of the State Council, the people's Bank of China is a macro-control department that formulates and implements monetary policy, maintains financial stability and provides financial services. In short, it's money management. For example, the increase and decrease of reserve rate by the central bank directly affect the bank's credit business, which is an important income of the bank. Of course, the central bank will not abuse its functions. Everything is for the stable development of the country's financial instry
Why are banks afraid of the CBRC and the central bank? One is in charge of fighting, the other is in charge of money, just like parents~