| The development and transformation of science and technology in the 21 st century has made the risk characteristics of modern society increasingly prominent.How to realize the integration of finance and technology and how to respond to risk supervision issues is an important direction of contemporary financial law research.Since its birth,Bitcoin has often been criticized for price fluctuations.Under this background,the Libra stable currency launched by Facebook has attracted widespread attention because of its price stability advantage.Its goal is directed at "super-sovereign currency",which makes the regulatory agencies of various countries feel the threat from the new technology-Libra stable currency,and have stepped up research on the Libra stable currency in order to find effective regulatory strategies to prevent the currency The impact of fiat currency.From the theoretical research of my country’s digital currency,most of my country’s academic achievements are dominated by bitcoin.Libra stable currency is a new digital currency,and there is a lack of literature research on its attributes,risks and regulatory methods.Therefore,this paper generally uses interdisciplinary research methods,comparative research methods,and case analysis methods involving knowledge of computers,laws,and finance to analyze theoretical issues such as the properties of Libra-type stable coins and the current shortcomings of China’s supervision.The deconstruction of currency risk is the center of gravity,and the case analysis highlights the legal risks of Libra stable coins,and provides targeted recommendations for the legislation and supervision of Libra stable coins in China.From the perspective of research,from the perspective of the attribute of Libra stablecoin,the opening of this paper analyzes the token attribute,currency attribute,and legal attribute of Libra stablecoin.The risk analysis laid the theoretical foundation.This article combines the classification of risks in the Basel Agreement to study the legal risks,operational risks,market risks,credit risks,and liquidity risks that may exist under the currency price stability mechanism of Libra anchoring a basket of currencies.Based on this,the legal risks of the Libra stablecoin are deconstructed with a focus on case studies.Finally,the paper points out that the supervision of Libra stablecoin should first change the supervision concept,establish a supervision concept centered on risk management,and implement differentiated supervision for different risks;legal risks should highlight rigid supervision;market risks and operational risks should focus on The balance between innovation and stability;and credit and liquidity risks should highlight flexible supervision.The final conclusion of this article is that although the Libra stablecoin has not yet been officially issued,the concessions on the regulatory content from the 1.0version of the Libra white paper to the 2.0 version of the whitepaper can see that the possibility of Libra passing supervision is greatly enhanced,and the anchored package of fiat currency shown by the Libra stablecoin The concept of "super-sovereign currency" has foretold the future development direction of the digital currency field.The commodity attributes and property attributes of Libra stablecoins cannot be denied.The risks of Libra stablecoins need to be placed under complete digital currency supervision in order to achieve comprehensive supervision.The complete digital currency supervision depends on synergy from the legal level to the practical level. |
