Prof. Jiye Hu

China University of Political Science and Law

Title：
Supervision and Legislation of Cryptocurrency in China

Abstract：

The essence of blockchain is distributed ledger technology (DLT) that is disintermediated, unchangeable, and decentralized. As an application of blockchain technology, cryptocurrency has impacted the current financial legal relationship, and its regulation is becoming increasingly important. Some international organizations and countries have ratified laws and regulations concerning cryptocurrency. The supervision and regulation of cryptocurrency have some problems currently, such as consumer protection, the opposition between the global asset flow and the supervision of a single sovereign state, and the difficulty in determining the subject of legal responsibility. To seek solutions to these problems in China, firstly it is necessary to define the legal attribute of cryptocurrency, to balance blockchain innovation and financial risk. At the same time, the regulatory sandbox can be used to regulate blockchainbased cryptocurrency. The core regulatory points are to establish the technical standard access system, financing audit registration system, and investor suitability management system of blockchain financial enterprises.

Keywords: Blockchain; Cryptocurrency; Sandbox supervision; Legislation

JEL Classification: D14, E59, K20

Biography:

Jiye Hu is a professor of law and finance, at the China University of Political Science and Law, and visiting scholar at Oxford University, and Duke University. He received bachelor’s and master’s degrees from Tsinghua University, and a Ph.D. in economics from the Graduate School of the Chinese Academy of Social Sciences. Before his appointment in 2006, he worked for the Beijing local municipal government and held various posts in the policy-oriented economic research field. In 2009, 2010, and 2017 he was appointed as a local senior expert at the EU-China Social Security Reform Cooperation Project. In 2011 he was appointed as a local expert on a joint project by the World Bank and the Chinese Ministry of Environment Protection. His current research and teaching focus on pension finance, financial regulation, and digital finance. He published several books On the Legislation of Pension Regulation (2013), and Security of Future: Social Insurance Funds Invest into Capital Market (2006). His representative English papers are “An empirical approach on regulating China’s pension investment”, European Journal of Law and Economics, Volume 37, Issue 3 (2014); “Pension finance: theoretic definition and some practical issues in China”, Finance and Trade Economics, No.6. 2013. 

Currently, research projects include: Research on legislation and supervision related to the digital economy, sponsored by the National Cyberspace Administration’s computer network and information security management center, October 2019; A study on the regulation of prevention and mitigation of local financial risks of fintech, sponsored by Beijing law society, August 2019; Research on financial theory and practice innovation of full life cycle pension preparation, a major project sponsored by the Ministry of Education, July 2019; Research on preventing systemic financial risks in a new era, a key project sponsored by Beijing social science foundation, August 2018.