Why are governments afraid of virtual money
Publish: 2021-04-24 18:12:16
1. In 2013, the people's Bank of China issued the notice on preventing bitcoin risks. Later, it was reported that the people's Bank of China had an interview with more than 10 third-party payment companies, explicitly requiring them not to provide payment and clearing services to bitcoin, lightcoin and other trading websites. The price of bitcoin in China has dropped all the way from about 7000 yuan to 3300 yuan. More analysis says that bitcoin will withdraw from China. Is that true< On December 5, 2013, the central bank and other five ministries and commissions issued the notice on the prevention of bitcoin risks, saying that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and mandatory, and is not a real currency. The move caused bitcoin trading prices to plummet
since then, the network and shell electronics have announced the stop of bitcoin payment. Recently, the central bank interviewed the third party payment agencies. Alipay and Fu Tong pass closed the virtual currency trading window such as bitcoin, resulting in a further fall in bitcoin prices.
it is also reported that the cooperation between banks and bitcoin trading platform is not supported by the regulatory authorities, which basically turns off the possibility of recharge and withdrawal on bitcoin platform, that is, blocking the mutual exchange between domestic bitcoin and RMB
bitcoin trading platforms such as "bitcoin China" and okcoin also resumed to charge 0.3% transaction fees, and increased the withdrawal fees to 1%. Some analysts believe that this is to prevent a large number of investors from cashing out
all kinds of signs show that bitcoin is getting worse and worse in China. However, the conclusion of bitcoin's exit from China may be overstated
first, bitcoin can be freely traded as a commodity
although the central bank does not recognize the legal tender status of bitcoin, it does not deny the legitimacy of bitcoin as a commodity and does not prohibit investment, trading and purchase of bitcoin. Ordinary people have the freedom to participate at their own risk
Second, the bitcoin trade has not collapsed yet
a bitcoin player said that the current transaction price of bitcoin is not low enough to lead to the collapse of the trade. The price of bitcoin is still higher than the cost price of bitcoin, that is, the price of mining< Third, the transaction channel is not blocked
although some third-party payments have stopped supporting bitcoin transactions, and banks are not optimistic, bitcoin trading platform can also use other third-party payment interfaces, or use foreign payment interfaces to pay. Some bitcoin trading platforms are considering transferring their servers abroad
the above-mentioned bitcoin player said that he once withdrew cash from his personal account to remit money to him. In other words, bitcoin transaction may bypass the third-party payment
at the same time, cash transaction is also a possible way of transaction< Four, the biggest risk of bitcoin trading is not regulation
the biggest risk of bitcoin trading is not government regulation, but security risks
bitcoin is at risk of being stolen by hackers. If there is a large-scale loss of bitcoin, it will directly affect the fairness of market transactions, which is a real "bottom-up"
however, at present, the security risks of bitcoin have not been fully exposed
the overall risk has increased
it must be admitted that the government's increased supervision has further increased the risk of bitcoin trading
moreover, the transaction threshold is obviously higher than before
in essence, as a means of investment, the risk of bitcoin is self-evident. If there is no final person to take over the offer, even if bitcoin is in short supply, it lacks real value and only has limited online use value. If you can't find the last recipient, bitcoin will probably disappear like a bubble.
since then, the network and shell electronics have announced the stop of bitcoin payment. Recently, the central bank interviewed the third party payment agencies. Alipay and Fu Tong pass closed the virtual currency trading window such as bitcoin, resulting in a further fall in bitcoin prices.
it is also reported that the cooperation between banks and bitcoin trading platform is not supported by the regulatory authorities, which basically turns off the possibility of recharge and withdrawal on bitcoin platform, that is, blocking the mutual exchange between domestic bitcoin and RMB
bitcoin trading platforms such as "bitcoin China" and okcoin also resumed to charge 0.3% transaction fees, and increased the withdrawal fees to 1%. Some analysts believe that this is to prevent a large number of investors from cashing out
all kinds of signs show that bitcoin is getting worse and worse in China. However, the conclusion of bitcoin's exit from China may be overstated
first, bitcoin can be freely traded as a commodity
although the central bank does not recognize the legal tender status of bitcoin, it does not deny the legitimacy of bitcoin as a commodity and does not prohibit investment, trading and purchase of bitcoin. Ordinary people have the freedom to participate at their own risk
Second, the bitcoin trade has not collapsed yet
a bitcoin player said that the current transaction price of bitcoin is not low enough to lead to the collapse of the trade. The price of bitcoin is still higher than the cost price of bitcoin, that is, the price of mining< Third, the transaction channel is not blocked
although some third-party payments have stopped supporting bitcoin transactions, and banks are not optimistic, bitcoin trading platform can also use other third-party payment interfaces, or use foreign payment interfaces to pay. Some bitcoin trading platforms are considering transferring their servers abroad
the above-mentioned bitcoin player said that he once withdrew cash from his personal account to remit money to him. In other words, bitcoin transaction may bypass the third-party payment
at the same time, cash transaction is also a possible way of transaction< Four, the biggest risk of bitcoin trading is not regulation
the biggest risk of bitcoin trading is not government regulation, but security risks
bitcoin is at risk of being stolen by hackers. If there is a large-scale loss of bitcoin, it will directly affect the fairness of market transactions, which is a real "bottom-up"
however, at present, the security risks of bitcoin have not been fully exposed
the overall risk has increased
it must be admitted that the government's increased supervision has further increased the risk of bitcoin trading
moreover, the transaction threshold is obviously higher than before
in essence, as a means of investment, the risk of bitcoin is self-evident. If there is no final person to take over the offer, even if bitcoin is in short supply, it lacks real value and only has limited online use value. If you can't find the last recipient, bitcoin will probably disappear like a bubble.
2. 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.
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.
3.
There are two reasons for the prohibition of virtual currency trading by the state:
1. The price fluctuates violently and the consumer protection is lacking:
virtual currency is the proct of network, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code
bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is full of speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses
2. Evade supervision and become the "accomplice" of criminal activities:
bitcoin is popular as a payment tool in the so-called "dark web" world“ The "dark net" is full of all kinds of serious criminal activities. One of the original intentions of the invention of bitcoin is to evade regulation. It has the characteristics of anonymity and convenient cross-border flow, and has become the preferred tool of "underground economy"
the existence of bitcoin and exchanges and other instrial chains has constructed a illegal financial market for asset transfer and financing in addition to legal currency, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value
extended information
virtual currency transactions are not protected by law:
according to the notice on preventing bitcoin risks issued by the people's Bank of China and other departments on December 3, 2013 and the announcement on preventing financing risks of token issuance issued by seven ministries and commissions including the people's Bank of China on September 4, 2017, virtual currency is not issued by monetary authorities, It is not a real currency because it does not have the monetary attributes of legal compensation and compulsion
in terms of nature, virtual currency should be a specific virtual commodity, which does not have the same legal status as currency, and can not and should not be used as currency in the market. Although citizens' investment and trading in other virtual currencies are personal freedom, they can not be protected by law
4. Because he is a socialist country with Chinese characteristics, only China has gold, not foreign countries
5. First of all, we should understand what money is
money, in essence, is the contract of exchange right between owners. Different forms of money are unified in essence. In the past, e to people's unclear understanding of the nature of money, people mistakenly divided money into different categories from different angles, such as debt currency and non debt currency according to the commodity value of money, convertible currency and non convertible currency according to whether the exchange ratio of precious metals is agreed, etc
formally, according to the commodity value of money, it can be divided into physical money and formal money. Physical money itself is a special kind of goods, including the amount of value, such as sheep, precious metals, etc; The formal currency itself has no value, its value is contractual, only contractual value. The two forms are different, but they are unified in essence, that is, they are both agreed as the medium of exchange, and both have contractual value. The purchasing power of money depends on the contract value of money, but the purchasing power of physical money is also affected by its own commodity value. Generally, the commodity value of physical money is less than its contract value as money
in high school textbooks, the essence of money is interpreted as a general equivalent[ 3] This definition only starts from the function, in fact, it does not explain the essence of money, nor can it answer the inherent logical question, that is, why money can act as a general equivalent
for questions about the nature of monetary contract, please refer to monetary contract
secondly, virtual currency
refers to non real currency. Well known virtual currencies, such as online currency of Internet company, q-coin of Tencent company, q-point and voucher of Shanda company, micro currency launched by Sina (used for micro games, Sina reading, etc.), chivalrous Yuanbao (used for chivalrous road game), silver grain (used for bixue Qingtian game), and popular digital currencies in 2013 include bitcoin, Laite coin, infinite coin, quark coin, zeta coin, etc Barbecue coins, pennies (Internet), invisible gold bars, red coins, prime coins. At present, hundreds of digital currencies are issued all over the world. Popular in the circle & quot; The legend of "bitcoin, Wright silver, infinite copper, pennies aluminum"
according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law.
money, in essence, is the contract of exchange right between owners. Different forms of money are unified in essence. In the past, e to people's unclear understanding of the nature of money, people mistakenly divided money into different categories from different angles, such as debt currency and non debt currency according to the commodity value of money, convertible currency and non convertible currency according to whether the exchange ratio of precious metals is agreed, etc
formally, according to the commodity value of money, it can be divided into physical money and formal money. Physical money itself is a special kind of goods, including the amount of value, such as sheep, precious metals, etc; The formal currency itself has no value, its value is contractual, only contractual value. The two forms are different, but they are unified in essence, that is, they are both agreed as the medium of exchange, and both have contractual value. The purchasing power of money depends on the contract value of money, but the purchasing power of physical money is also affected by its own commodity value. Generally, the commodity value of physical money is less than its contract value as money
in high school textbooks, the essence of money is interpreted as a general equivalent[ 3] This definition only starts from the function, in fact, it does not explain the essence of money, nor can it answer the inherent logical question, that is, why money can act as a general equivalent
for questions about the nature of monetary contract, please refer to monetary contract
secondly, virtual currency
refers to non real currency. Well known virtual currencies, such as online currency of Internet company, q-coin of Tencent company, q-point and voucher of Shanda company, micro currency launched by Sina (used for micro games, Sina reading, etc.), chivalrous Yuanbao (used for chivalrous road game), silver grain (used for bixue Qingtian game), and popular digital currencies in 2013 include bitcoin, Laite coin, infinite coin, quark coin, zeta coin, etc Barbecue coins, pennies (Internet), invisible gold bars, red coins, prime coins. At present, hundreds of digital currencies are issued all over the world. Popular in the circle & quot; The legend of "bitcoin, Wright silver, infinite copper, pennies aluminum"
according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law.
6. The first choice is the coin dragon net, and the user is also more, the feeling is still very stable and formal, with more convenient
7. If virtual currency can be used in daily life, we do not need the currency issued by the state, then there is no need to earn the national base currency, and there is no need to pay taxes
the financial management platform has seriously impacted the traditional business of the bank. Investors no longer deposit their money in the bank, which makes it difficult for the bank to obtain deposits. Borrowers have more convenient financing channels, and they will not go to the bank for loans, so the bank will lose its profitability
if your problem is solved, please accept it, thank you!
the financial management platform has seriously impacted the traditional business of the bank. Investors no longer deposit their money in the bank, which makes it difficult for the bank to obtain deposits. Borrowers have more convenient financing channels, and they will not go to the bank for loans, so the bank will lose its profitability
if your problem is solved, please accept it, thank you!
8. It depends on whether you play virtual currency or make virtual currency
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