current position:Home>Decoding: NFT and CBDC collide with the future of finance. Does the United States have corresponding encryption regulations?

Decoding: NFT and CBDC collide with the future of finance. Does the United States have corresponding encryption regulations?

2021-08-25 09:22:07 Baize Research Institute

Since the beginning of this year , There is no substitute for tokens (NFT) The market has been expanding , The figures suggest that the total capital in this area may now be 10-500 Between us $100 million . More Than This , These novel digital products have recently gained so much attraction , So that more and more celebrities 、 The artist 、 Illustrators and musicians publish their personal creations almost every day NFT. 

So many content creators —— Now more and more business owners and retailers —— Towards NFT The reason is that they provide a tangible means to provide digital or real-world goods “ Transfer of ownership ”, At the same time, it eliminates the need for any financial intermediary , Otherwise, who will eventually take a large salary .

Besides , It is worth emphasizing that , With NFT The rise of , Even the digital currency supported by the central bank (CBDC) It has also gained considerable attraction in the past year or so . Especially China's digital RMB (DC/EP) The project has aroused a lot of interest , Because this is the first time that major countries have deployed CBDC For mainstream commercial use . 

in other words , Now it seems that many other countries are also actively exploring this field , The United States 、 Japan 、 The British 、 Russia 、 The Swedish 、 The Bahamas 、 The French 、 the Philippines 、 Both turkey and Switzerland hope to design in the near and medium term , Their own digital currency . The bank for International Settlements reported that , exceed 80% The central bank under investigation is engaged in CBDC The study of 、 Test or development . This is because these novel digital products can make daily payments and currency transactions smoother , And the cost of international transfer is greatly reduced .

CBDC and NFT Can help solve similar problems

In recent weeks NFT A simple reason why so much mainstream attention can be gained is , They can be used to promote almost any type of involving digital files and / Or private transactions of digital rights , These deals involve digital files and... In everything from art to music / Or digital rights . video . because COVID-19 The crisis ,“ Contactless ” The economy is booming now , More and more people are promoting the digitization of trade , This may highlight NFT The role that can be played in simplifying Global Digital Trade . 

Given that global market participants can participate NFT The circulation of ,NFT Than CBDC Have an advantage , and CBDC Different economies need to adopt “ Interoperability ” frame ; in other words , In different jurisdictions CBDC The convertibility of . let me put it another way , We can say , By deploying NFT, Distributors and holders are essentially providing... To buyers “ Digital rights transfer contract ”. The advantage of this scheme is that it can be executed completely remotely .

This is related to CBDC The design is very similar , That is, they can be interpreted as “ Goods in digital form ”. However , One major difference is ,CBDC For trading at the retail level —— Like how we use cash to buy a cup of coffee —— Unfortunately , Not available at this time NFT Space .

On the other hand ,NFT One of the most prominent features of the transaction is that it can be carried out digitally without the need for a trusted third-party intermediary , This is largely due to its use of blockchain ledgers —— One of them is related to the NFT Detailed records of all relevant transactions are properly recorded —— Allow a high degree of data transparency .

CBDC-NFT Is hybrid the next frontier ?

NFT The most innovative aspect is the way they promote private arrangements between the two parties . In this regard , although CBDC Legal tender issued by the central bank to support , but NFT In addition to using the blockchain Ledger as its core trust model , There is no centralized settlement and / Or liquidation mechanism .

therefore , The main advantages and risks of almost all currency based transactions exist in NFT It's reasonable , Especially with CBDC Most of the related problems and benefits are directly related to the monetary form of public Authorization . Last ,CBDC The public nature and NFT The private nature of is a feature that can be used and utilized in the context of blockchain technology , Maybe in the form of a new mixed product , We can make full use of both worlds . 

therefore , some time , A clearer policy and regulatory framework may be needed to develop real-world CBDC-NFT A mixture , It can benefit from the controlled nature of the former , At the same time, it provides some security advantages provided by the latter .

Regulatory attack , What regulations affect encryption in the United States ?

Bitcoin ( BTC ) And other cryptocurrencies are novel inventions , Given its short history and unprecedented structure , They are not fully in line with the financial regulatory framework .

Unfortunately , Cryptocurrency is also used to cover up illegal activities . for example , The notorious Silk Road , A global online illicit drug market , Relying on bitcoin as a medium of exchange between buyers and sellers . 

These factors give regulators around the world a headache . But as traditional financial institutions enter the field of encryption , And digital assets are sought after by consumers , US regulators are scrambling to keep up .

In the last few years , US federal regulators have issued a series of policies , Involving cryptocurrency transactions 、 Income from investment 、 Processing of payment services and other activities involving digital assets .

Securities and Exchange Commission (SEC) Indicated , It treats cryptocurrencies as securities , And apply the existing securities law to digital assets . This is important for retail investors , Because this means that they are obliged to report the realized gains and losses of encryption investment on the annual tax return . If you don't do that , Will be reviewed by the IRS , The Bureau vowed to crack down on crypto tax evaders .

by comparison , Commodity Futures Trading Commission (CFTC) Classify bitcoin and Ethereum as commodities . Cryptocurrency derivatives —— The most common is bitcoin futures —— stay CFTC Legally traded on regulated public exchanges . Institutional investments in cryptocurrencies usually take the form of buying and selling futures contracts , Including speculators and hedgers .

image Coinbase ( COIN ) Such a cryptocurrency exchange is legal in the United States . They belong to 《 Bank secrecy law 》(BSA) The regulatory scope of , This is a law that supervises the activities of financial institutions and payment transmitters . To maintain compliance , Cryptocurrency exchanges must implement anti money laundering and know your customers programs . They also need to report relevant information to regulators , And get permission from the financial crime enforcement network , And the payment transfer license in the state where they operate .

What is the Biden administration's comment on cryptocurrency regulations ?

Compared with trump officials , The Biden administration's position on the regulation of cryptocurrency is more firm .

SEC chairman Gary Gensler Express  , Under Biden , In the field of cryptocurrency   Bad actors should be prepared for tougher enforcement ; His agency will actively take law enforcement action ; And Congress should consider enacting a law to regulate cryptocurrency transactions .

“ There is no right to register and make rules to protect the investing public ,”   Gensler say .“ The investing public will benefit from more regulation .”

The Ministry of Finance recently released a tax plan  , It includes a section on encryption . The alarm said , The authorities failed to discover the cryptocurrency used to pay for illegal goods . It also says , The exchange must report all transactions in excess of 10,000 The fair market value of the dollar for encrypted transactions .

Finance minister Janet Yellen has said many times , The U.S. authorities' supervision of cryptocurrency companies is weak .

Michael Xu, the new acting Comptroller of money, said , His organization is reviewing the guidance and instructions issued by his predecessor Brian Brooks . The encryption community is right Coinbase Former general counsel Brooks The encryption friendly policy of . This includes authorizing banks to provide cryptographic custody services and granting banking licenses to cryptographic start-ups .

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