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| Risks and Regulation of the Development of Private Digital Currencies Based on Blockchain Technology |
| CHENG Xue-jun1,2 |
1. Law School of Tongji University, Shanghai, 200092;
2. Institute of Finance and Banking, Chinese Academy of Social Sciences, Beijing,100710 |
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Abstract Private digital currencies have entered our life and rapidly developed with blockchain technology. From historical perspective, currencies have gone through four major stages of commodity currencies, metal currencies, legal tenders, and digital currencies, and the transition from legal tenders to digital currencies is a big leap. Being an important part of digital currencies, private digital currencies have advantages over non-digital currencies. They are built upon blockchain technology and take distributed ledgers as the transaction prerequisite, which is conducive to the internationalization of currencies. Although the development of private digital currencies has greatly boosted financial innovation, there are great financial, technical and legal risks in the development of private digital currencies. We can draw on the risk management experience of private digital currencies in foreign countries to formulate systematic measures to regulate private digital currencies and promote the steady development of private digital currencies in China. Firstly, we need to put more efforts in regulating private digital currencies to guard against monetary policy risks. Secondly, we need to unify financial regulations to consolidate the critical infrastructures for private digital currencies. Thirdly, we need to be wary of technocentrism and improve risk management. Fourthly, we need to toughen supervision over tax evasion, and actively participate in the international cooperation against tax evasion with digital currencies. Lastly, we need to improve the anti-money laundering and anti-terrorism financing mechanisms for private digital currencies to prevent crimes with digital currencies.
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Received: 20 February 2022
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2022, Vol. 39 
