Financial supervision of digital currency
The digital currency of the central bank is DCEP
the name of the digital currency developed by the central bank is DCEP (digital currency electronic payment). DC is digital currency. EP is electronic payment. Payment transmits digital things through a certain way, not paper currency. Therefore, electronic payment itself has the attribute of digital currency
The characteristics of digital currency are: low transaction cost; Fast trading speed; Highly anonymous
extended data
Application of digital currency
I. fast, economic and safe payment and settlement
cross border payment helps RMB internationalization. In 2015, the settlement volume of cross-border payment involving current account is about 8 trillion yuan. To accelerate the internationalization of RMB, cross-border payment and settlement procts and solutions with low cost, high efficiency and low risk are needed
At present, there are still a lot of repetitive human work in the bank's electronic loan process and processing process, and as the basic support of loan issuance, many of the collateral has the situation of false pricing or multiple or even no collateral. We can consider using digital currency to price and track bank collateral:3. Bill finance and supply chain finance
in recent years, various bill market businesses based on commercial bills have grown rapidly, and bill financing procts have become a hot area of Internet financing. However, about 70% of the current bill businesses in China are still paper transactions, Supply chain finance is also highly dependent on labor costs
reference materials
network digital currency
on September 4, 2017, the people's Bank of China and other seven ministries and commissions issued the "notice on preventing the financing risk of token issuance", which cleaned up the ICO and virtual currency trading venues. The scale of domestic virtual currency transactions decreased significantly, effectively avoiding the impact of virtual currency prices on China's financial market.
At present, there are mainly two regulations about virtual currency in China. In 2013, many ministries and commissions issued the notice on prevention of bitcoin risk, giving important tips on bitcoin risk. On September 4, 2017, the central bank and other seven ministries and commissions jointly announced again that the first token issue was an unauthorized illegal financing
According to Zhao, there are various ways to launder money by using digital currency. For example, technical means may be used to transfer funds into the cryptocurrency system, and then deploy various transfer addresses, making it difficult to query its transaction path. In other words, money laundering promoted by technological progress is more and more difficult to be detected and prevented. In addition, it has cross regional characteristics, and the lack of global response mechanism exacerbates this situationaccording to the virtual financial assets Act (hereinafter referred to as VFAA) which came into effect on November 1, 2018 by the Maltese Government, a license is required to operate the virtual financial assets (VFA) business. This kind of license is issued by the Malta Financial Services Authority (MFSA). All applications for licenses must be made through qualified VFA agents
according to the virtual financial assets act, according to different types of business activities, the license is divided into four categories:
category 1: investment consulting
the license allows the holder to provide investment consulting and financing services for customers, but not to hold virtual assets on behalf of customers
scope of application: VFA investment advisory bodies
category 2: except for exchanges and proprietary trading, any other virtual asset services
holders of such licenses have the right to provide any VFA services and can hold or control customers' funds, but they can not operate VFA exchanges through their own accounts or operate exchanges by themselves
scope of application: wallets, encrypted financial asset investment funds
Category 3: any other virtual asset services except exchanges
holders of such licenses have the right to provide any VFA services, hold or control customers' funds, but cannot operate VFA exchanges
scope of application: OTC traders or market makers
category 4: VFA exchanges
are authorized to operate VFA exchanges and hold or control customer funds, virtual financial assets and / or private encryption keys, as well as services of custodians or agents, but only limited to the operation and related activities of the exchanges
scope of application: all kinds of cryptocurrency exchanges, such as coin an and okex, need to apply for such licenses
the application cycle is 1-2 months. It is suitable for the exchange to apply for compliance, and can engage in financial services such as ICO, cryptocurrency, etc. for details, please consult.