US policy on virtual currency

1. bitcoin has been regulated by the US government in the United States. The US Commodity Futures Trading Commission (CFTC) recently released a document saying that bitcoin and other virtual currencies are reasonably defined as commodities, just like crude oil or wheat. This means that bitcoin futures and options are subject to CFTC regulations and regulation. It is necessary to apply for a license to carry out bitcoin related business in New York State, otherwise it will be considered illegal. In California, the attitude of bitcoin and other virtual currencies is relatively friendly, but they need to be registered

in the United States, it is legal as long as we do not use virtual currency to carry out illegal activities. Fuyuan coin is registered in the United States, and treasure coin is also registered in the United States. However, according to relevant media reports, the Chinese Americans represented by Liu Longzhu are targeting an enterprise called Regal group. On September 29, the Chinese company in Los Angeles was seized. The company was accused of using a virtual currency called "treasure coin" to cheat investors by pyramid selling, and Jiang Kun's photo became their propaganda material. In mainland China, there are still people peddling "precious coins", but the peddler did not mention Jiang Kun to mainland buyers.

2. The United States has no anti money laundering agency specifically for virtual currency. Because virtual currency is very small in the face of the huge amount of money in the United States, and it has not been officially circulated in the world, it is not worth spending a lot of taxpayers' money to establish a special anti money laundering agency.

3. Now the virtual RMB has also been issued, and the state's policy on virtual currency must strengthen supervision. In this case, we can agree.

4. 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.

5. Hairstyle virtual currency does not need any qualification or standard. You just need to find some technical programs, because bitcoin's source code is open source, anyone can view and innovate. Therefore, you can use the source code of bitcoin to create a virtual currency of the heart. Only someone can play it, no one can play it, and your virtual currency has no value

most Shanzhai coins are created by using the source code of bitcoin, which is stereotyped without much innovation.

6. That's a good question
but your question has already been answered

7. A new resolution initiated by representative Adam kinzinger, a Republican from Indiana, has been submitted to the US House of Representatives, calling for a national policy on emerging technologies, including digital currency and blockchain technology
the resolution calls on the idea of bitcoin, but does not directly mention its name. Instead, it calls it "alternative illegal currency". Blockchain technology is the key point, which points out that this technology has the potential to "fundamentally change" the way trust and security are built on online transactions
but in fact, the United States has not taken action to formulate this rule. However, there is a global blockchain alliance R3 in the process of formulating the standard for the use of blockchain. Of course, blockchain is just a technology that can be used by anyone. In China, there is a project called decent, which is more avant-garde. It uses blockchain technology to create a decentralized content release, but it may encounter some problems in China.

8. The monetary system of the United States (1) the Central Bank of the United States the Federal Reserve System is the Central Bank of the United States, which was established on December 23, 1913. Its main responsibility is to ensure the security, flexibility and stability of the monetary and financial system of the United States

according to the Federal Reserve Act of the United States, member banks are required to pay 6% of their capital and surplus to the Federal Reserve Bank. The Federal Reserve Bank is required to pay a dividend of 6% of its paid in capital to its member banks every year, usually twice a year. As of December 31, 2006, the registered capital of the Federal Reserve Bank was US $13.536 billion, accounting for 51.2% of its total capital< According to the Federal Reserve Act of 1913, the United States set up reserve banks in 12 major cities, which became part of the Federal Reserve System. The responsibilities of the 12 regional reserve banks include the exchange of cheques for their member banks, recovery of damaged currency and issuance of new currency, evaluation of merger applications, discount loans to member banks in the region, review of state banks that are members of the Federal Reserve, analysis and reporting on local banks and economic conditions, As well as general banking and economic research and publication of some publications. The Federal Reserve Board is an important part of the Federal Reserve System. The Council consists of seven members. They are all appointed by the president of the United States and confirmed by the Senate for a 14-year term. The Federal Reserve Board, which is based in Washington, usually meets several times a week to discuss issues related to monetary policy and banking supervision< (2) U.S. dollar coins are issued by the U.S. Department of the Treasury, and have six kinds of values: 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 dollar; Dollar notes are issued by the Federal Reserve System of the United States. They are in denominations of one dollar, two dollars, five dollars, ten dollars, twenty dollars, fifty dollars and one hundred dollars< According to the Federal Reserve Act of the United States, the goal of monetary policy in the United States is to control inflation and promote full employment. At present, the operational target of the Fed's monetary policy is the federal funds rate
the US federal funds rate refers to the interest rate in the US interbank market, the most important of which is the overnight lending rate. This change of interest rate can sensitively reflect the balance and shortage of funds between banks. The Federal Reserve can directly affect the cost of funds of commercial banks by targeting and adjusting the interbank offered rate, and pass the balance and shortage of funds in the interbank market to instrial and commercial enterprises, thus affecting consumption, investment and national economy< The Federal Open Market Committee is the most important monetary policy-making department in the Federal Reserve System. It consists of seven members of the Federal Reserve Board and five governors of the regional reserve bank, of which the governor of the Federal Reserve Bank of New York is a fixed member. Generally speaking, the chairman of the Federal Reserve Board is the chairman of the Federal Open Market Committee, and the president of the Federal Reserve Bank of New York is the vice chairman. The committee usually meets in Washington every five to eight weeks to vote on specific monetary policy operations. The FOMC's policy directives and meeting summaries will be made public six weeks after the meeting< (3) the implementation of monetary policy in the U.S.
the main tools used by the U.S. Federal Reserve System to implement monetary policy include open market operation, discount rate and statutory deposit reserve ratio

open market business
the open market business of the federal reserve system includes buying and selling securities (usually government bonds (TB), asset-backed securities (ABS) and mortgage-backed securities (MBS)). These business tools are the most basic and main policy tools used by the Federal Reserve System to change the cost and availability of money and credit in the economy. The federal reserve system increases the reserve of the banking system by purchasing securities, so that banks can expand their loans and investments; By selling securities and withdrawing reserves from the banking system, banks' ability to lend and invest is reced<

discount loan
discount loan is the loan from the Federal Reserve to commercial banks and deposit taking institutions. When commercial banks and deposit taking institutions borrow from the Federal Reserve, the interest rate charged by the Federal Reserve is called discount rate. By adjusting the discount rate, the Federal Reserve can affect the reserve level of the banking system, and then the level of the federal funds rate

legal deposit reserve
adjusting legal deposit reserve is a very direct and powerful monetary policy tool. By adjusting the legal deposit reserve, the Federal Reserve injects or withdraws liquidity into the banking system, which directly affects the total amount of money.

9. In order to coordinate the monetary policy between China and the United States from the perspective of national interests, we need to go beyond monetary policy and comprehensively examine the whole process of the impact of American monetary policy on China's economy; It is necessary to go beyond the worship of GDP and start from the goal of national wealth growth to promote moderate export growth and export structure adjustment. 100 years ago, US monetary policy began to affect China's economy. In 2010, US multi interest groups put great pressure on China on the issue of RMB exchange rate. In 2015, the US dollar returned strongly and a large number of funds withdrew from China. How to deal with US monetary policy? This is a big problem for the Chinese government
U.S. monetary policy has not only influenced China's economy, but also profoundly influenced China's politics. The history of the great influence of American monetary policy on China can be divided into three stages: the first stage is around 1910“ A global financial crisis triggered the collapse of China's Shanghai stock market. Because of the collusion between government and businessmen, bureaucratic strife, institutional corruption and many other factors in China's stock market, this simple market crisis has not only magnified the extent of harm, but also quickly turned into a political crisis - the Sichuan Han railway, which entered the market illegally and suffered heavy losses, has fallen into financial difficulties, and has continued to conflict with the central government on the compensation for the losses, triggering the "road protection movement.", To be the forerunner of the revolution of 1911. " The second stage is the early 1930s“ As the United States implements the silver policy and artificially raises the silver price, the world silver price is much higher than China's domestic silver price. If silver is shipped from China and sold in London or New York, the profit will be very considerable. The outflow of domestic silver not only impacted China's monetary system at that time, the silver standard system, but also had a very bad impact on China's social economy "[3], and directly led to the collapse of China's silver standard system. The third stage is the end of the 20th century and the beginning of the 21st century. Wu Lili believes that at the end of the 20th century and the beginning of the 21st century, the US monetary policy made China's exports grow at a high speed by influencing the international commodity prices, and PPI continued to rise, eventually resulting in the loss of China's wealth
from the perspective of international trade, capital flow, exchange rate, interest rate and liquidity, the US monetary policy has led to the growth of China's trade surplus, the appreciation of RMB against the US dollar, the inflow of speculative funds, the rise of foreign exchange reserves and base money supply, and the increase of inflation pressure. The impact of U.S. monetary policy has no significant impact on China's exchange rate and nominal interest rate, but has a significant impact on domestic and foreign RMB exchange rate spread and Sino foreign interest rate spread. Zhang Shuguang measured China's foreign direct investment function, import and export function and their exchange rate elasticity. He believed that the appreciation of RMB exchange rate would rece the export trade volume, but after a few quarters, the impact of appreciation almost disappeared. He believed that RMB appreciation would not affect China's foreign trade in the long run. Li zenglai and Liang Dongli used structural vector autoregressive model to study the dynamic impact of US monetary policy shocks on China's imports, exports, net exports and total output. Its contribution lies in the use of variance decomposition to decompose policy shocks into two aspects: long-term and short-term. However, it does not consider the impact mechanism, nor the impact of exchange rate and interest rate. Wang Chaohui analyzed the influence of asset securitization, changes in residents' financing channels, financial merger and other factors on the transmission mechanism of monetary policy. It can be seen that because of financial innovation, compared with M1 and M2, m3 can better reflect the US money supply. Binjiancheng et al. Studied the impact of the US quantitative easing monetary policy on China's short-term capital flow, and believed that the US quantitative easing monetary policy caused a large number of short-term capital inflows into China. This paper discusses the impact of U.S. money supply M1 and interest rate spread between China and the United States on China's short-term capital inflow. However, as a representative indicator of US monetary policy, M1 is biased. Liu Rui believes that the US quantitative easing monetary policy increases China's trade surplus and GDP, increases China's inflation pressure, and has a significant impact on China's fixed income assets of foreign exchange reserves. However, this paper is limited to theoretical discussion and lacks empirical analysis. Zhang Zuoyun believes that the US quantitative easing monetary policy leads to the excess liquidity of US dollars, which has a very negative impact on China's economic operation. In addition, on how to deal with the US monetary policy, Yu Yunhui [12] pointed out that in the Sino US monetary policy contest, the overall interests of the country and the nation should be put in the first place, and the initiative of economic development and the leading power of policy-making should be grasped. The general idea of China's monetary policy should focus on the goal of domestic economic development and the requirements of economic structural adjustment, take the domestic interest rate policy as one of the main means of macroeconomic regulation and control, and take the exchange rate policy as one of the main means to safeguard China's economic achievements and the territory of China's economy. At the same time, the exchange rate policy should serve the interest rate policy, the exchange rate policy and the exchange rate policy In order to make way for the implementation of correct interest rate policy, we should not let exchange rate policy restrict the formulation and implementation of interest rate policy. Through the implementation of independent monetary policy, the United States is forced to adjust its own monetary policy and form a relatively fair international economic environment. Yu Li [13] believes that "the appreciation of RMB can not solve the trade problem of the United States, and the mainstream academic circles in the United States also know that China should adhere to a managed floating exchange rate system.". These judgments are novel, but they have not been empirically tested. In short, researchers pay more attention to the impact of U.S. monetary policy on a certain aspect, rarely discuss the impact mechanism, even if there are occasional discussions, there is a lack of empirical analysis
this paper selects m3 as an indicator of US monetary policy, analyzes the impact of US monetary policy on China's prices and imports and exports, discusses its mechanism, including the role of exchange rate and interest rate in the process, and puts forward and tests the transmission medium hypothesis of factor control of monetary policy under the conditions of opening-up and domestic factor price control, The U.S. expansionary monetary policy led to the adjustment and expansion of China's economic structure, and ultimately led to the rise of domestic interest rates, prices and import and export growth
the problem of how to rece the negative impact of US monetary policy on China's economy itself contains what kind of regulatory objectives the government hopes to achieve. There are two goals: one is GDP growth; Second, wealth growth. For the transition countries, under the historical conditions of globalization, factor price control has increased the inconsistency between GDP and national wealth growth. In an open environment, low factor prices and excessive exports even lead to the loss of national wealth
the choice of regulatory objectives will directly determine the way to solve the problem. If the fundamental goal is GDP, China's policy is very successful. The devaluation of the US dollar has caused the price of China's instrial proct ex factory price index (PPI) to rise too fast, the long-term deviation between PPI and CPI, the rapid growth of exports and GDP growth. However, in this process, China's resources are maximized, high energy consumption and resource-based instries continue to expand, China's economic structure continues to deteriorate, Sino US economic imbalance continues to expand, in the process of anti-mping in the United States and other countries, China's share of international profits is less and less, and even the loss of wealth. As long as the US continues to implement the strategy of US dollar depreciation, this cycle will continue. China will continue to meet more external demand with less resources in the world until the resources are exhausted; If we aim at the growth of national wealth, rather than simply pursuing GDP growth, then export trade should aim at the minimum consumption of resources to obtain the maximum profit, and China should take a more active part in the international monetary policy game. It is undoubtedly right to regard wealth growth as the fundamental goal of economic regulation, especially for export instries. In the face of strong external demand, China needs to take active measures to curb the export growth of some instries.

10. In April 2012, China and South Korea bypassed the U.S. dollar and signed a trade agreement to settle accounts in local currency, which seriously shakes the status of the U.S. dollar in East Asia. The U.S. is afraid that China will create an Asian dollar, so the U.S. encourages the Philippines to send warships to detain Chinese fishermen on Huangyan Island, Japan's Shinzo Abe stood on the platform of the United States and claimed to nationalize the Diaoyu Islands
the US military attack on the Federal Republic of Yugoslavia is also a shock to suppress the euro zone
now it seems that the U.S. military containment of China has little effect, and China has further strengthened the cooperation and trade between ASEAN. However, the economies of the United States and Japan are increasingly declining in the containment of China
the United States has g a big hole for China with its loose monetary policy to make China jump in. At that time, the United States used this big hole to turn the ambitious instries acquired by Japan in the United States into nothingness. However, China did not jump in this hole and made a settlement in local currency. It is obvious that it can not get along with the United States. The big hole g by the United States has made a hole for the United States itself, The credibility of the dollar has fallen to an unprecedented low.