| Since entering the era of credit currency,inflation has been accompanied by the development of human society.The over-currency of money is widely regarded as the chief culprit of inflation.Economists have emphasized that the government should control the circulation of money.In early November 2008,Nakamoto published an article entitled "Bitcoin: A Peer-to-Peer Electronic Cash Payment System" on the "metzdow.com" website,which introduced a different from the past,endorsed by national credit.A central bank-centric currency system.In 2008,the US subprime mortgage crisis triggered a global financial crisis.In this context,people suffering from the financial crisis are eagerly pursuing bitcoin with the characteristics of “decentralization”,open source,anonymity and limited total.Driven by Bitcoin founders,advocates,and the Bitcoin Foundation,Bitcoin is increasingly being used to pay for consideration for goods and services,and to gradually assume the role of its currency within a certain range.It is precisely for the purpose of facilitating the acquisition and redemption of bitcoin,the virtual currency trading platform is generated.However,the design of Bitcoin is not perfect,for example: flaws with transaction delays,lack of scalability,and the inability of scripting languages to build more advanced applications.Therefore,for the defect of Bitcoin,there are many improved new currencies(also known as "Clone Coin","Altcoin"),such as Litecoin,Ethereum,and so on.Numerous currencies have emerged,bringing the number of virtual currencies to 2,160.The virtual currency trading market is full of huge bubbles because of the over-amplification of virtual currency advantages,lack of regulation,and speculators.The use of virtual currency,the conversion of virtual currency and legal currency will have a fundamental impact on the monetary system and financial system in which a government has the right to issue money.At the same time,it will trigger the risk of money laundering and so on,which has attracted the attention of the regulatory authorities.In addition to the inherent risks of virtual currency,the virtual currency trading platform accumulates potential moral and credit risks due to the lack of transparency in trading platforms,lack of transparency in trading activities,and the functions of custody and liquidation of customers’ virtual currency and legal tender.Trading platform systems often have security vulnerabilities.The wallet of the platform stores a large amount of property of customers and has the risk of being attacked by hackers.Therefore,the virtual currency trading platform with risk accumulation is the focus of the regulatory authorities in various countries.In the face of the impetuous virtual currency and the virtual currency trading platform that gathers a lot of risks,the regulators around the world have adopted different regulatory attitudes.China has successively issued a series of documents to define virtual currency as “virtual goods” and adopt a regulatory strategy of “one size fits all” and “blocking”.However,the open source nature of virtual currency and the characteristics of global circulation mean that once the project is opened,it will continue to run.The government of any country cannot completely ban the circulation of virtual currency by itself,unless the virtual currency enthusiasts It lost interest.On the other hand,the status of domestic virtual currency transactions,the "vest" trading platform has come back,domestic over-the-counter transactions,offline transactions still exist.Although the “one size fits all” regulatory strategy can control the impact of virtual currency on China’s financial order to a certain extent,it cannot completely cut off the actual connection between the virtual currency trading market and Chinese investors,but will drive virtual currency transactions to covert ones.The gray area has increased the difficulty of supervision.Combining the characteristics of the era of virtual currency,the substantive attributes,and the changes in the attitudes of virtual countries in various countries/regions around the world,the author suggests that the regulatory agencies should combine the actual situation of China and the business characteristics of virtual currency on the premise of judging relevant risks.Advanced foreign experience,a steady and orderly examination of the gradual opening of the virtual currency trading platform,on the basis of encouraging financial innovation and protecting the stability of the financial order,explored an advanced virtual currency supervision system with Chinese characteristics.Looking through the regulatory documents of other countries,we can find that most countries have entered into special regulations,or added special sections in the existing legal and regulatory system,and incorporated virtual currency transactions in the territory into the existing regulatory system to improve access to trading platforms.Standards,coupled with strict operational practices,prevent risks.The author selects the United States,Japan,and Hong Kong to issue regulatory documents for virtual currency as the research object,and analyzes their commonality,personality,advantages and defects.In the end,based on a large amount of literature research,the author puts forward the following three suggestions: First,scientifically define the legal attributes of “virtual currency”;second,establish a classification license supervision system;third,use the “supervisory sandbox” to explore specific Regulatory standards.It is expected to further study the supervision of the virtual currency trading platform and add new sources of materials. |
PDF Full Text Request