How the United States can make internet finance subversive

From the perspective of development experience, the United States is undoubtedly the originator of the Internet financial development. With the advent of the information revolution in the 90 's, the American financial system began to use modern information technology to upgrade the traditional financial business model and business mode, and there appeared a very popular "network bank". At present, although the United States Internet financial business has made great progress, but the United States Internet finance is more traditional financial information, in the United States, internet finance as an independent industry does not seem to have achieved universal consensus.

In fact, the definition of internet finance is not clearly defined, in the United States, there are even network finance, online finance, electronic finance and other related titles. In terms of category definition, internet finance should be based on the Internet to realize the financing of financial business, and this kind of financing is the basis of credit. From the development of Internet finance in the United States, there are four internet financial businesses which are relatively independent.

First, the traditional financial business of Internet. This is mainly the traditional commercial banks, securities, insurance, personal wealth management, asset management and so on through the Internet to achieve a new business form, in fact, the original financial business information upgrade. Financial business Informatization is the initial and basic power source of American internet financial development, and it is also the initial business state of Internet Financial development in America.

The second is internet-based financial payment system. The new payment system based on the third party payment and mobile payment has developed rapidly with the support of Intelligent Mobile terminal. In particular, non-financial enterprises use the Internet to actively promote the network of business payments, such as Facebook (54.45,-2.18,-3.85%) Credits payment system, PayPal's micro-payment system digital hereby system, etc. It greatly promoted the integration of payment system and Internet, and became the "infrastructure" of internet finance.

Third, the Internet credit business. This mainly includes network deposits, loans, public financing and other emerging Internet financial credit business. The main business of network deposit and loan is peer-to-peer, through this network loan platform, capital demand and supply both sides can complete the financing on the Internet. The business is completely divorced from the traditional commercial banking system, is a typical manifestation of the media. Another typical representative of the Internet credit business is the public, the public is to focus on the platform for a large number of participants, for small enterprises or individuals to carry out an activity, such as providing financial support, is actually a small and medium-sized enterprises or individuals of the Internet financing platform.

Four is the network fictitious currency. The most typical representation is bitcoin. Currently, Bitcoin and Facebook are offering virtual currencies, and supermarket chains such as US Target are selling Facebook virtual currency cards. The existence of virtual currency and the conversion possibility of real currency will make internet finance and traditional monetary policy framework intertwined. The German government has recognized the legal and tax status of Bitcoin. The Korean Supreme Court found in the 2010 jurisprudence that the virtual currency is equivalent to the real currency.

In the course of the development of Internet finance in China, most of them think that it will be a revolutionary subversion of the traditional financial model. In the development of Internet finance in the United States, there are two trends: one is the deepening of the integration with traditional financial business, the other is the booming of the emerging internet finance from traditional finance. From the current situation, internet finance in the United States has not become an independent financial ecosystem, the banking system or the financial system of business and risk impact are smaller.

From the traditional financial business information, overall, internet finance in the impact of traditional financial business, but also in the consolidation of traditional financial status. The United States mobile credit card, mobile banking and other development is faster, 2012 growth rate reached 24% and 20%, but this did not weaken the credit card, the bank's financial functions, but to improve the traditional business information level.

From the emerging Internet financial business, one is in the payment field, according to the relevant research, 2012 U.S. mobile payments accounted for less than 1% of the total payment system, 2015 is expected to reach 2%, mobile payments and third-party payments will indeed weaken the traditional payment system functions, But it will take a long time to reach the point of replacing the traditional payment system. Second, in the Internet credit business, the United States two major Peer-to-peer network loan company Lending Club and Prosper 2013 years of turnover amounted to 2.42 billion U.S. dollars, but compared to the U.S. financial system trillion-dollar scale of social financing, network loans are still very small part. Third, in the virtual currency, this does exist greater uncertainty, once the virtual currency widely used, the impact on monetary policy may be substantial, fortunately, the regulatory authorities are mostly cautious attitude.

The impact of Internet finance on the U.S. financial system can be verified in the regulatory system. The US financial regulator does not have a specific regulatory framework for Internet finance, but it applies to the general regulatory framework. The United States as a whole to the Internet to adopt a more relaxed regulatory policy, and even through the revision of regulatory laws to adapt to the needs of the Internet financial development. This shows that internet finance has not caused a substantial risk impact on the US financial system.