Study On The Legal Issues Of Central Bank Digital Currency Issuance In China

CBDC(Central Bank Digital Currency)causes heated debate in the international community.Many countries do all the active work to develop it.In brief,as a digital means of payment and settlement,it is issued by the central bank and secured by national credit.There are essential differences between CBDC and other currencies,such as virtual currency,digital currency.From the view of technology,similar to private digital currencies,CBDC mainly uses the technology of block chain,distributed accounting,smart contract and other technologies.It can be completely separated from bank accounts to conduct peer-to-peer transactions.Moreover,compared with private digital currency,the biggest difference is that transaction information and users’ information can be controlled and anonymous.From the perspective of international society,the first CBDC was issued by Venezuela,and other countries also paid more attention to develop it,such as RS Coin in the UK and Jasper in Canada.According to the result of study,the focus of the research on CBDC in these countries is mainly in the economic field,and they ignore the study of law.Law is the basis for stabilizing social order and ensuring the normal development of society.Therefore,in order to further promote the healthy development of CBDC,it is necessary to conduct in-depth research on its legal issues,so as to reduce risks as far as possible.China is also developing a digital currency and electronic payment method similar to CBDC,namely DC/EP(DC=digital currency,EP=electronic payment).As for the issue of its possible legal issues,it basically has the following two questions:first,it has no legislative basis,law for monetary compensation and ownership are not accordingly.The current standard in counterfeit and destruction procedure does not completely applicable to CBDC;Because of some new technology,the Potential legal risk is high.It may lead to the generation of money laundering problems.In this regard,China should notice the following aspects: firstly,the legal status of CBDC should be recognized through legislation.Besides that,the legal status of CBDC should not only be clear in the law,but also the unlimited legal compensation and ownership transfer;Secondly,perfect laws and regulations about currency crimes,clarify how CBDC counterfeit money should be destroyed,improve anti-money laundering laws;Thirdly,strengthen the development of science and technology,especially the application of regulatory technology,so as to prevent the occurrence of illegal and criminal acts as far as possible;Finally,we should strengthen international cooperation and open communication channels between countries.