Financial Commission: Crack down on Bitcoin mining and trading behaviors and resolutely prevent individual risks from being transmitted to the social field.

Liu He presides over the 51st meeting of the Financial Stability and Development Committee of the State Council

On May 21, the Financial Stability and Development Committee of the State Council (hereinafter referred to as the Financial Committee) held its 51st meeting to study and deploy key tasks in the financial field for the next stage. The meeting was presided over by Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council, and director of the Finance Committee.

News | The Russian Duma Financial Committee may have a second review of the cryptocurrency bill from March to early April: According to Interfax, Anatoly Aksakov, chairman of the Russian State Duma Financial Market Committee, confirmed that digital assets The bill on digital financial assets used in the transaction and amendments to the Civil Code (GC) of the Russian Federation will receive a second hearing in “March or early April.” Aksakov previously said that the Duma Finance Committee would give priority to discussing the bills at the beginning of the spring session, but in recent days he admitted that consideration and decision-making on the bills in February seems impossible. It is reported that a year has passed since the bill was first introduced in the House of Representatives, and the Duma has repeatedly postponed the second hearing of the bill. [2019/2/20]

The meeting pointed out that the financial system resolutely implements the decisions and deployments of the Party Central Committee and the State Council, and increases support for the real economy. The stable monetary policy is flexible and moderate, the credit policy is accurately adapted to the needs of market players, the liquidity remains reasonable and sufficient, and the level of financial services is improved. Support for epidemic prevention and control and economic and social development has achieved remarkable results.

The Financial Services Commission of Korea revised its internal organization chart: The Financial Services Commission of Korea decided to revise its internal organization chart in order to strengthen its financial consumer protection business. A new organizational chart will be released in the first half of the year. Cui-zonggoo, chairman of the Financial Services Commission of Korea, said: "This organization reorganization will promote the previous financial consumer protection business, actively cultivate the financial technology industry, and improve innovative financial products such as virtual currency and blockchain." [2018/5 /9]

The meeting called for the financial system to maintain an awareness of the overall situation, insist on stability, implement macro-control scientifically and accurately, grasp the degree, and avoid sharp turns. It is necessary to comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity, effectively prevent and resolve financial risks, and promote a virtuous economic and financial cycle. One is to further serve the real economy. A prudent monetary policy should be flexible, precise, reasonable and moderate, continue to implement policy tools that directly reach the real economy, enhance the vitality of micro-entities, stabilize enterprises and ensure employment, and vigorously support inclusive small and micro businesses, rural revitalization, manufacturing, technological innovation, and green transformation and development. The second is to resolutely prevent and control financial risks. Adhere to the bottom line thinking, strengthen all-round scanning and early warning of financial risks, promote the reform of small and medium-sized financial institutions to eliminate risks, focus on reducing credit risks, strengthen the supervision of financial activities of platform companies, crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field. It is necessary to maintain the stable operation of the stock, bond and foreign exchange markets, severely crack down on securities violations, and severely punish financial violations and criminal activities. It is necessary to strictly guard against external risk shocks, effectively respond to imported inflation, strengthen expectation management, strengthen market supervision, and prepare response plans and policy reserves. The third is to continue to deepen reform and opening up. Further promote the market-oriented reform of interest rates and exchange rates, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Accelerate the reform of the capital market and promote the high-quality development of the bond market. Deepen the reform of financial institutions, return to the origin, stick to the positioning, and carry out investment and financing behaviors in accordance with the green concept. Continue to expand high-level financial opening-up.

The South Korean Financial Commission announced that it will discuss plans to formulate per capita transaction limits if necessary: The South Korean Financial Commission announced that it will complete the guiding principles for virtual currency anti-money laundering business in mid-January next year. For virtual currency accounts, a real-name system will be implemented. All accounts must be transferred to a bank account. In the future, when necessary, plans to formulate per capita transaction limits will be discussed. [2017/12/28]

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