| In the past two years, the Internet Finance is the most heated issue in our financial markets. It represents for the future innovation of China’s financial market, and constantly hits the original economic system, which make the entire financial industry feel the pressure of competition for the Internet companies, including the Third Party Payment Platform, P2P (Peer to Peer Lending), Virtual Electronic Currency, etc. On June 17,2013, Alipay and Celestica fund announced that the two companies would jointly carry out Internet Fund Financial management business, and launch a value-added service called Yuebao, which bring China’s market of monetary industry epoch-making breakthrough, make people have a new-understanding of the Internet Finance.In specific operation, Alipay users can put the minimum amount of 1 yuan into the account which is called Yuebao to make financial investment, the users can get the daily revenue, and can choose now take and in stock, the funds can be used for online pay for purchases in real-time consumption, it can be said to achieve a new combination of financial and shopping. And once this new type of financial planning product launched, it showed the explosive growth in the following year. According to the report in the 3rd quarter of 2014, the share of the net of Yuebao amounted to 530 billion yuan. With the success of Yuebao, other Internet companies have also joined to accelerate the launch of Internet Monetary Fund products, such as Baidu Baifa, Tencent financial management and other financial products are available one by one. Currently in the market, the number of Internet Monetary Fund products has reached dozens, which is an epic revolution in the history of China’s fund industry.With the rise of Yuebao, millions of Internet users are deeply impressed at the moment, and it makes the Internet Finance being possible. There is a great possibility that, more and more people will transfer idle funds into Yuebao, Internet Finance represents the future, and contains the hope, and this type of making money which is like "deposits" is also in constant innovation. While the cooperation of Monetarily Fund between Celestial and Alipay brought benefits for the Alipay customers and was popular among the clients, it also input a steady stream of power for the fund company business development. Meanwhile, it increased the identity of the customers to Alipay,which played an exemplary role in the path of China’s fund industry to market competition. But at the same time, the Internet Currency Funds represented by Yuebao was wracked by relevant experts and scholars when it was launched, such as the qualification of its sales, and they also attacked the false propaganda of the products in the process of promotion activities and the operating system from the safety performance of the fire. Combined with lessons from America’s supreme crisis, focusing on efficiency instead of stability, "the least regulation is the best regulation" won’t work, of course, pure pursuit of balanced and the transition has been innovation, is far from good regulation. Like other emerging things, Internet Monetary Funds will also definitely experience twists and turns, and suffer from doubt in the beginning of their development. Their development manners and prospects are still in exploration, requiring the more perfected policies, laws and regulations.And the focus should be on gaining the most profit from the decentralized money under the regulations and supervisions of laws based on avoiding Internet Financial risks, protecting consumers’ interests and realizing Internet financial stability. From the perspective of Yuebao — the most popular Internet Monetary Fund at present with the most influence, this paper tries to analyze the problems occurring in the development of Internet Monetary Fund so as to construct legal regulations for Internet Monetary Fund in the aspects of law, supervision and practice. |
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