Financial supervision and virtual currency

1. Reason: with the rapid development of information technology, real money is far from meeting people's demand for capital flow. If there are enough people to recognize the value of a virtual currency, it may become a substitute unit of material exchange, and the existence of virtual currency will inevitably cause another upsurge in the financial sector
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.

2.

At present, there are mainly two regulations about virtual currency in China. In 2013, many ministries and commissions issued the notice on prevention of bitcoin risk, giving important tips on bitcoin risk. On September 4, 2017, the central bank and other seven ministries and commissions jointly announced again that the first token issue was an unauthorized illegal financing

According to Zhao, there are various ways to launder money by using digital currency. For example, technical means may be used to transfer funds into the cryptocurrency system, and then deploy various transfer addresses, making it difficult to query its transaction path. In other words, money laundering promoted by technological progress is more and more difficult to be detected and prevented. In addition, it has cross regional characteristics, and the lack of global response mechanism exacerbates this situation

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. In my opinion, many people today will lay an impermeable thing under the bottom of the fish pond. I don't know what it is. It looks like canvas or plastic cloth. We can learn from it.

5.

A: the objectives of financial supervision and monetary policy complement each other

First, monetary policy is consistent with the ultimate goal of financial supervision

the goal of monetary policy is to maintain the stability of RMB value, so as to create a good monetary and financial environment for macroeconomic development, and the stability of financial institutions as the main body of money creation is the premise of currency stability

Second, accurate feedback of financial regulatory information can promote the formulation and implementation of monetary policy

if the financial supervision is not effective, the risk and instability of financial institutions and financial markets will increase, the transmission mechanism of monetary policy will lag and distort, and the intermediate goals of monetary policy, such as the total amount of credit and money supply, may even be distorted, thus the control of monetary policy on the ultimate goal will be weakened and cannot be guaranteed

6. You asked & quot; Why phase separation;, There are many discussions in news and papers, but in fact, there is no logical answer. The reason is: there must always be people and organizations to do everything well. The paper is reluctantly quoted as saying: it strengthens the responsibilities of the people's Bank of China related to the formulation and implementation of monetary policy, and clearly puts forward the function of maintaining financial stability; Divestiture of regulatory responsibility & quot; As a premise, separate one thing from another unit, and the rest of the things will certainly have the opportunity to focus more ~ ~ my answer is not good. If you need it in the classroom, it is suggested to search the online library.

7. The current regulatory policy will make the operation of the monetary fund safer, more stable, and prevent the occurrence of risks. The most direct embodiment is that the return with good liquidity will be lower, and the blind expansion of the scale of the monetary fund should be avoided. The scale of the monetary fund should match the risk guarantee, otherwise the new monetary fund cannot be issued.

8. The problem seems too big. I personally understand that monetary policy is an integral part of ZF's overall economic policy, and financial supervision is a necessary government management responsibility of ZF for relevant financial enterprises.