In the first half of 2021，The cryptocurrency market has gone through huge turbulence，Bitcoin rose from $ 29022 to $ 64805，Then it fell to $ 31712。other，As of July 1, 2021，bet365 live casino games The total value of the cryptocurrency market is 1.4 trillion US dollars。The volume of the cryptocurrency market is huge，The currency value is ups and downs，The technology involved is complicated，If a crisis occurs，It is easy to cause systemic financial risks。Facing the drastic changes in the encryption market，May 18, 2021，China Internet Finance Association、China Banking Association、China Payment Clearance Association jointly released the "Announcement on Preventing the Risk of Prevention of Virtual Currency Trading Specifications"，once again emphasized that the relevant institutions must not carry out regulations on virtual currency -related businesses。But，With the close connection between my country and the international financial market，The crisis generated by cryptocurrencies may also affect the stable operation of my country's financial market through other financial systems。This article will be based on the legal attributes of cryptocurrencies，Analysis of the impact of cryptocurrencies on other financial products and markets，The possibility of studying systemic financial risks and diffusion，Analysis of legal supervision of cryptocurrencies。

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Cryptocurrencies, also known as digital currencies or crypto assets，There is no unified definition in the academic community，International Monetary Fund (IMF) thinks，Cryptocurrencies are digital expression achieved by value through cryptography and distributed ledger technology，Have your own account pricing Bet365 lotto review unit，Able to achieve discarding transmission。Legal attributes for cryptocurrencies，The academic and even countries have different views in regulatory practice。The focus of the general controversy around whether the cryptocurrency has the product attribute、securities attributes and currency attributes。Commodity attributes for cryptocurrencies，Some countries and judicial practice believe that cryptocurrencies meet the practicality of goods、Three requirements of scarcity and legitimacy。Canadian transactions will be regarded as "transliterate transactions" with cryptocurrencies for payment。securities of cryptocurrencies，The United States will see cryptocurrencies as price securities in judicial practice，Regulate and regulate by the Securities Law。The controversy is the currency attribute of cryptocurrencies。Currency in the legal sense is given unlimited repayment capacity by law，Therefore, it can only be said that cryptocurrencies can partially bear the currency function，But does not have currency attributes。

Some scholars believe that whether cryptocurrencies have currency attribute depends on whether the cryptocurrency obtains "currency identity"。Such as the libra project was originally designed with cross -border payment as the core，Support with blockchain technology and mobile Internet，Build a global payment network，and use its own digital wallet system to replace traditional financial infrastructure，If libra goes smoothly，With a huge customer volume with Facebook，libra to obtain "currency identity" beyond the border is very likely。This is why libra was opposed by the regulatory authorities of various countries and finally changed the plan。While discussing the single legal attributes of cryptocurrencies，Some national regulatory authorities believe that cryptocurrencies have bet365 live casino games multiple legal attributes at the same time。If the Canadian government believes that cryptocurrencies have product attributes，But the C-31 bill also determines that virtual currencies, including cryptocurrencies, are "currency service business" in the anti-money laundering method，Cryptocurrency is also regarded as currency。Visible，The legal attributes of cryptocurrencies are not unified in judicial practice of various countries，Even thinking that cryptocurrencies have multiple legal attributes，In different economic fields、In different social practice，cryptocurrencies show different legal attributes，and this multiple nature makes cryptocurrencies more likely to cause systemic financial risks。

　　Capital Currency's way to trigger financial risks

Systemic risk of financial systems is the inherent risk of the financial market，Generally speaking，Systemic financial risks are panic in the financial market and institutions on the economic impact of the occurrence.，This causes the financial market chain response and collapse。Systemic financial risks can cross -conduct and amplify the market behavior of financial institutions and financial products。Cryptocurrencies under the premise that they have the ability to achieve a certain currency function，Participate in financial market activities with securities attributes，It is likely to become a amplifier for systemic financial risks。Cryptocurrencies have both monetary functions and securities attributes，Formation of risk transmission channels，The risk of accelerating and spreading itself and other financial products，to generate systemic financial risks，Treating a wide range of financial risks。When a financial institution has multiple roles in cryptocurrency projects，As the underwriter at the same time、Electronic wallet supplier、Storage asset trustee for stable bet365 Play online games currency，So the cryptocurrency currency value is violent turbulent or technical risk occurs、Operation risk and other risks，This risk will be quickly transmitted to other subjects in the market through financial institutions that participate in cryptocurrencies.，to generate systemic financial risks。At the same time，Cryptocurrencies that undertake payment functions will also directly affect an agency that accepts it as a payment tool，The systemic risk of the financial market is transmitted to the real economy field。

The dual attributes of cryptocurrencies will amplify the systemic financial risks caused by the crisis of confidence in the market。Cryptocurrencies have assumed the payment function or value storage function in many fields，At the same time, it also has a price ups and downs in the financial market。Once a certain cryptocurrency is used as a securities, the market value occurs violently，The wealth of the currency holding institution will inevitably be turbulent，When cryptocurrencies fell rapidly in a short period of time，Make the wealth value of the currency holding institution shrink quickly，The market has a crisis of confidence in itself，The confidence of the institution that uses it as a value storage method and the wealth shrinks sharply will also decrease at the same time，This crisis of confidence may lead to interruption of the operation of the currency institution in the most extreme situation。corresponding，If the underwriter of the cryptocurrency or the trustee of the reserve assets encounter a crisis，The confidence crisis of the financial institution will also be quickly transmitted to cryptocurrency，and transmit it to other institutions through the currency function undertaken by cryptocurrencies，This amplification effect on the crisis of faith is very easy to cause systemic financial risks，endangers the entire financial system。

bet365 live casino games The total value of the cryptocurrency market is huge，Value is mainly concentrated on two to three head currencies，If a crisis occurs，It is easy to cause systemic financial risks。In the wave of Bitcoin's soaring waves in the first half of this year，The total market value even reaches $ 2 trillion，once surpassed the US dollar currency circulation。and also on July 1, 2021，Bitcoin market value accounts for 43.9%of the total cryptocurrency market value，Ethereum accounted for 17.3%。The transaction volume of the cryptocurrency market on the day was $ 110 billion，Among them, the transaction volume of Bitcoin is 30 billion US dollars，accounting for 27.3%; Ethereum transaction volume is 27.8 billion U.S. dollars，accounting for 25.3%。You can see，On the market with such a huge volume，Bitcoin、Ethereum two cryptocurrencies have exceeded 60%of the total market value，The transaction volume of these two cryptocurrencies in daily transactions also exceed 50%of the total transaction value。The concentration of wealth is also a concentration of risks，Once a technical risk of cryptocurrencies with a large share in the market、Operation risk and other situations，It is easy to pass on other financial institutions in the market due to its active trading behavior，Treatment of systemic financial risks，Then it has an impact on the overall financial market。

Legal supervision strategy of cryptocurrency

Systemic financial risks for preventing cryptocurrencies，You can carry out financial supervision work through the following strategies。First，Construct and improve my country's financial systemic risk supervision system，Strengthen the main responsibility，Improve the degree of coordination of financial supervision work in various industries。Deepen my country's financial supervision system reform，Introduction of laws and regulations clearly clearly, my country、The main responsibility Bet365 app download of the financial regulatory department of each format for financial systemic risk supervision，Strengthen the State Council Financial Stability Committee in the leading position of preventing systemic financial risks，Give full play to the coordination role of the People's Bank of China Financial Stability Bureau in the supervision of various financial industries，Building different format supervision information sharing platforms，Film and accurately discover the domestic financial market risks that may cause the cryptocurrency crisis in a timely manner，Smooth of the Crisis of Crisis Identification。

Second，Improve financial institution access and withdrawn from the regulatory system，Reasonably improve the entry threshold for financial institutions，Standardize the exit mechanism of financial institutions。For large cross -border financial institutions operated by mixed industry，and cross -border non -financial institutions operating some financial business，Refined access rules，penetrating identification and innovative financial product essence，Prevent the cryptocurrency crisis in the domestic financial market through cross -border financial business。It is affected by the cryptocurrency crisis，financial institutions that may or have disrupted the normal financial market order，Immediately start the exit mechanism，Strict control of cryptocurrency risk。

third，International cooperation on systemic financial risks，Actively participate in the work of the International Financial Organization，Pay attention to the movement of the cryptocurrency market。Actively cooperate with the Basel Bank Supervision Committee、International Monetary Fund Organization、Macro -prudential supervision work of organizations such as the Financial Stability Committee and other organizations，Promoting the construction and operation of the effective disposal bet365 live casino games mechanism of systemic financial risks，Actively pay attention to cryptocurrencies、cryptocurrency -related financial products、Institutions and real economic institutions close to cryptocurrencies，Timely judging the possibility of cryptocurrency risk exposure and the possibility of systemic risk，Prospective of improving cryptocurrency supervision。

　　(Author Unit: School of Law School of Central South University of Economics and Law)