On The Regulation Of Stablecoin

Stablecoin is a cryptocurrency linked to the value of legal currency with stable value.With the rapid development in recent years,the risk of harm to the market has gradually increased.In terms of its legal attributes,legal currency stablecoin is a kind of credit certificate with blockchain technology as the shell,which represents the real assets to be cashed by the issuer to the holder and is linked to the value of legal currency.According to different issuers,the stablecoin can be divided into the stablecoin issued by the state and the stable currency issued by private entities;According to the types of mortgaged assets,they can be divided into legal currency stablecoin and asset stablecoin.The legal currency stablecoin issued by the state is the digital form of legal tender issued by the central banks of various countries.The stablecoin issued by private entities is a currency token that lacks the support of national credit and is a vassal of legal currency.The stablecoin does not meet the Howell test,so it is not a securities.Its essence is that the issuer has obtained the power to create money,which leads to the monetary attribute of stable money.The stablecoin issued by private entities has developed rapidly,which may lead to systemic financial risks.At present,China has formulated strict regulatory policies for stablecoin.In the field of financial law,cryptocurrency related businesses,including stablecoin,are illegal financial activities.In the field of civil and commercial law,the relevant civil legal acts are invalid because they violate public order and good customs.Because the stablecoin has the monetary attribute and the currency has the public law attribute,the stablecoin must be regulated by the financial law,and the foothold of supervision must be to safeguard the public interest.Therefore,the strict supervision of stablecoin is of great significance to maintain the security of financial market.However,stablecoin can improve the speed and security of transactions and is a new track for currency competition in the future.Represented by digital RMB,the stablecoin issued by the state plays a promoting role in maintaining national financial security and promoting the internationalization of RMB.Therefore,the current regulatory scale may change with the development of international currency in the future.Foreign countries have begun to implement a series of regulatory measures.Europe,the United States and other countries have established the principle of regulating and stabilizing currency legislation,established the regulatory body,continuously refined the regulatory links,and promoted the issuance of digital currency by the central bank.These measures can be used for reference.Academic circles need to further deepen their understanding of stablecoin and pave the way for the supervision of stablecoin in the future.In the foreseeable future,we should improve the stablecoin supervision system,strengthen international cooperation and improve the combination level of blockchain technology and law.