Research On Legal Issues Of China's Central Bank Digital Currency Issuance

Many countries are trying to develop a digital payment and settlement tool issued by the central bank with national credit as a guarantee liability——the Central Bank Digital Currency(CBDC).CBDC is different from virtual currency and electronic currency,it adopts block chain technology similar to private digital currency in technology.There are also advanced technologies such as distributed ledger technology and smart contracts,which can be used to achieve point-to-point offline transactions without bank accounts.In addition,unlike private digital currencies,the degree of anonymity of transaction information and user data of CBDC is controllable(controllable anonymity).Some countries have theoretical disputes about whether to issue a CBDC,the motivation for issuing a CBDC,and issue what kind of CBDC.Internationally,Venezuela was the first to issue Petro Crypto-Currency,other countries are also actively experimenting and preparing for the issue of CBDC,such as The UK RS Coin project,Canadian Jasper Project,Singapore Ubin project,and the digitization of national currencies in Sweden and Uruguay.In these practices / experiments,the research on CBDC issues in various countries is mainly concentrated in the economic field,which exposes the neglect of the research on CBDC legal issues.Law is the minimum that individuals and organizations can touch.For the stable and orderly development of CBDC,we must guard against the legal problems and potential risks it faces.The CBDC being developed in China is a digital currency and electronic payment tool called DC / EP.It faces two main types of legal issues: First,there are real issues.It lacks certain legal basis.Issues such as monetary law reimbursement and entry into force of ownership have not been clarified by legislation.Second,potential risks.Based on the new technology it uses,it may face money laundering problems and the risk of data privacy breaches.In this regard,we should make preparations in the following areas: First,wemust clarify the legal status of the CBDC.Including clarifying the legal currency status of the CBDC,unlimited legal repayment,and the effective requirements for ownership transfer.Secondly,we must improve the legal provisions on currency crimes.Unified CBDC accreditation standard,formulate the procedures for destroying counterfeit coins in the CBDC,and improve anti-money laundering laws and regulations.Furthermore,creatively apply regulatory technology.Combining law with science and technology,adopting science and technology to strengthen supervision and reducing the cost of law enforcement.Finally,actively promote international exchanges and cooperation.