People.com.cn: electronic money regulation agenda

People.com.cn: electronic money regulation agenda

The Commodity Futures Trading Commission (CFTC) recently for the first time to bitcoin and other virtual currencies are defined as commodities, announced the regulation of bitcoin futures and options trading. After a while, suspicion of the use of bitcoin trading platform CFTC on money laundering, called Delaware trading a bitcoin swap trading platform to carry out the punishment.

Coincidentally, the U.S. bank regulators Association recently suggested that there will be third party transaction or transfer behavior and electronic money company, incorporated into the scope of responsibilities, banking regulators. Although there is still in the proposal stage, but it will promote the economic activities of the electronic currency regulation process.

Changes in the regulatory level of attitude, for after the storm the bitcoin market is brought about by the double impact. On the one hand, illegal speculation and speculation by money laundering bitcoin behavior will gradually usher in a more stringent “long supervision”. In fact, compared with its around bitcoin transactions, based on the development of all kinds of risk bitcoin derivatives and structured products more, this is bitcoin is classified as a reason for commodity management. On the other hand, in the development of environmental norms, bitcoin may also gradually get rid of “bad boy” image, become a modern financial portfolio choice stability.

The current has entered a “post bitcoin era”, and from the change radically daxitaibei, to be rational, become the mainstream of the development of bitcoin. In fact, bitcoin value of innovation is more reflected behind the block chain (blockchain) technology. This is a string of data blocks using cryptographic methods associated with the each data block contains information in the past 10 minutes all bitcoin network transactions, for the validity and the data block to verify the information. Block chain provides a decentralized attempt on various industries, including finance, provides a re establishment of information verification, credit building way. The recent technology has attracted more and more attention to traditional financial industry. For example, according to the European Banking Association (EBA) latest report, block chain technology is to reduce costs, improve product supply and improve the speed of the potential.

Although some people think that bitcoin and block chain technology is not stable, but also can not ignore the payment brings the revolutionary change for. The reason is the development of the Internet and new technology brings the development of distributed payment mechanism, which may promote the Distributed Innovation of financial transactions. Even a relatively “stable” of the Federal Reserve, in early 2015 also released a report, to create the conditions for direct clearing facilities among financial institutions for public IP network, because it is more likely to lower costs.

In the “post bitcoin era”, although many virtual currencies are not the real distance monetary attribute is closer, but in a relatively stable development path, through the payment of the liquidation as the core function of money digging, could help to explore the real innovation of electronic money. However, behind the pace of innovation should be followed by the regulation.

Author: Yang Tao

“People’s Daily” (October 13, 2015 22 Edition)

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