Tax supervision of 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.
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4. Protect the property rights and interests of the public, protect the legal tender status of RMB, prevent the risk of money laundering and maintain financial stability
5. Avoid excessive speculation in the name of "virtual currency" for virtual commodities such as bitcoin, which will damage the public interest and the legal tender status of RMB.
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but also depends on the clinical diagnosis
some patients don't have to be treated in the emergency department when they are received in the emergency department, for example, some major trauma immediately enters the operating room. If in the emergency treatment, there must be emergency medical records, you can ask the doctor.
after many people's bank cards have been frozen, they contact the bank to learn that they have been "judicial frozen", which will be considered as the court freezing, but in practice, most of them are frozen by the public security organs based on the needs of handling cases
if it is frozen by the court, it is often the measures taken by the court to apply for preservation or enforcement after the person is involved in a civil dispute, sued to the court or judged by the court, and it is often limited freezing
therefore, if the bank card is frozen, you should get the detailed freezing information from the bank at the first time. Most banks will print the freezing information sheet. If the bank refuses to print, you should ask for the full name of the freezing authority, freezing case number, freezing personnel's name, telephone number and ID number, freezing reason, freezing time, freezing amount and other information
public security organs generally freeze the current accounts involved in cases such as online gambling, telecommunication fraud, money laundering and illegal business operation, which may be directly related to level 5-6 accounts
for the frozen terminal parties, they are often frozen by the public security organs for the following reasons: participating in online gambling, concting digital currency transactions, providing technical services or internet promotion for online gambling platforms, participating in online bill brushing, concting foreign currency exchange in underground banks, helping people exchange currency abroad, accepting money from a strange third person, etc
among them, digital currency transaction and online gambling are the main reasons for freezing cards
digital currency is generally considered as a virtual currency based on node network and digital encryption algorithm. Digital currency is like an investment proct. Because of the lack of a strong guarantee institution to maintain its price stability, its role as a measure of value has not yet appeared, and it can not be used as a means of payment. However, e to the fluctuation of its price, most people will invest in it
however, as a new thing in China, digital currency is facing many new regulatory problems, and such transactions are not encouraged at the national level< At present, China is mainly cracking down on various illegal fund-raising activities or related criminal activities. The above criminal activities affect not only the normal financial order, but also the interests of the general public<
at present, the nationwide crackdown on Telecom fraud and online gambling cases involves a wide range and complicated capital flow, which is led by the Ministry of public security, organized by local anti fraud centers and handled by subordinate case handling organs. Most of the public security associations will block and freeze the victim's account to the next level and the second level. In some areas, the public security associations will block and freeze the victim's account to the third level. In a few areas, the public security associations will block and freeze the victim's account to the fourth level.
In order to defend the peso, which has been under great devaluation pressure since December last year, the Central Bank of Argentina raised interest rates three times in a row from April 27 to May 4, raising the benchmark interest rate from 27.25% to 40%
At present, Argentina has asked for financial support from the International Monetary Fund (IMF) to help curb the decline of the peso for five consecutive months. IMF president Lagarde said in a public statement in Washington on the 8th that the IMF and the Argentine government have started to work together to strengthen Argentina's economy, and these measures will be implemented in the short term At the beginning of the 20th century, Argentina's economy once ranked among the top ten in the world. What's wrong with Argentina's economy today Since December last year, the Argentine Peso has been under the pressure of devaluation, and the cumulative decline of the peso against the US dollar once reached more than 15%in the face of the sudden sharp depreciation of the peso, in order to stabilize investors' confidence and the mood of domestic residents, the Central Bank of Argentina raised interest rates for three consecutive times in eight days: on April 27, it raised interest rates by 300 basis points, raising the benchmark interest rate from 27.25% to 30.25%; On May 3, the Central Bank of Argentina raised interest rates again by 300 basis points, and the benchmark interest rate has reached 33.25%; In order to curb the peso's decline in the foreign exchange market, the Central Bank of Argentina directly raised the benchmark interest rate to 40% on May 4
In line with the action of the central bank, the Argentine government has reced its fiscal deficit target from 3.2% of GDP to 2.7% this year. So far, the peso has a little breathing space in the foreign exchange marketMartin, chairman of Argentina E3 engineering company, told China first finance and economics that the fluctuation is the adjustment of the market exchange rate by the Central Bank of Argentina
he explained that when Argentina's president Mauricio Macri came to power at the end of 2015, Argentina's last government left an inflation rate of about 28%. Although the Macri government introced a series of measures to curb inflation, it had little effect, because the Macri government relied on borrowing and issuing excess currency to solve the problem, and the growth of the real economy was small. From 2017 to 2018, the interest rate of local currency short-term bonds of the central bank was about 26% - 28%. However, the exchange rate of Peso against the US dollar remained relatively stable, resulting in the lag of Peso exchange rate and arbitrage space for financial institutions. In addition, in April this year, the Afghan government began to levy a financial income tax ranging from 5% to 15% on foreign financial investors, which was also affected by the rise of US bond interest rate, As a result, a large number of funds came out at the end of April and the beginning of May after making profits, which led to the sharp fluctuation of Arab exchange rate market last week
Dr. Shi peiran of the Latin American Institute of the Chinese Academy of Social Sciences specifically analyzed the multiple factors of the peso exchange rate fluctuation to the first financial reporter
he believes that from the perspective of internal factors, Argentina's economy has shown a moderate recovery in recent years after the Macri government took power. After Macri came to power, he released the strict foreign exchange control of the former government and adopted a series of market-oriented measures. Therefore, since 2016, the international market has generally been optimistic about Argentina's economy, which is reflected in the relatively stable exchange rate of Peso against the US dollar and the rising price of Argentine government bonds in the international market
however, in January 2018, the Central Bank of Argentina raised the inflation target for 2018. Meanwhile, the implementation of the government budget in 2017 also shows that the target of recing expenditure and deficit of the Argentine government has not met the expectation, which is a smell of risk for investors
Shi peiran added that if it is other countries, the combination of the two will cause some degree of exchange rate fluctuations, but the scale is difficult to compare with Argentina. Because Argentina is famous for its currency devaluation, the large-scale currency crisis of the Argentine Peso has occurred more than once. At the same time, another bad reputation of Argentina lies in foreign exchange control. For example, ring the term of former president Christina, the free flow of foreign exchange in Argentina was a big problem In terms of external factors, according to Shi peiran's analysis, the strength of the US dollar in recent years is a huge pressure on emerging countries. Therefore, the combination of internal and external factors has aroused the concern of international investors. The natural choice made by the market is to sell the peso in exchange for the US dollar. What is chain like is that once the Argentine Peso begins to depreciate on a large scale, it is difficult for the international market not to recall the peso crises of the 1980s and 1990s At the same time, the world bank believes that Argentina's economic recovery is continuing. Argentina's economy deflated by 1.8% in 2016 and recovered in 2017 with a growth rate of 2.9%. At the same time, Argentina's basic deficit decreased from 4.3% of GDP in 2016 to 3.8% of GDP in 2017, but both were lower than the official fiscal target. The Argentine government plans to graally achieve a basic fiscal balance by 2021 According to Tang Jun, Argentina's economy grew slightly in 2017, which shows that many policies of Markley to stimulate economic growth have played a certain role. In 2018, the Argentine government will set its economic growth target at about 3%. China's one belt, one road initiative and its desire to move forward in 2017 will bring new opportunities for Argentina to visit Macri. However, Argentina's economy is also facing many problems, such as single economic structure, fragile financial system, high foreign debt, high government deficit and so on. There are still many negative factors affecting economic growth and social stability. Argentina's economic growth is still shrouded in an unknown shadowas for the current economic performance of Argentina, Martin believes that Argentina adopts the semi floating exchange rate system under the intervention of the central bank, and the Central Bank of Argentina and the Ministry of finance have taken measures to significantly adjust the short-term interest rates to stabilize the foreign exchange market, so as to control the situation in the short term, open and operate the market with greater flexibility and volatility from the medium to normal period, and rece the possibility of similar fluctuations or greater crises
However, it will take some time to solve the deeper problems of the national real economy, such as the heavy tax burden, the reform of labor law, and how to improve the investment environment Martin said, "Argentina's economy is expected to maintain 2% growth this year, inflation rate is about 25%, government fiscal deficit is slightly reced, and trade deficit is about 30 billion US dollars." Tang Jun also said that 2018 is Argentina's home diplomatic year, and the G20 will be held in Argentina. The government of marcori wants to take the opportunity to further promote reform and increase budget expenditure, while the financial deficit of the Argentine government continues to expand, coupled with the successive years of trade deficit, shortage of money, high foreign debt, and huge pressure on the financial system, As a result, since the beginning of this year, the peso's exchange rate against the US dollar has depreciated by more than 40% (from about 17:1 to the current 25:1), and there is a trend of further deterioration. Therefore, the Central Bank of Argentina has to take measures to start the peso defense war