How does digital currency affect the international monetary syst

1. digital currency is a kind of data structure, which combines data blocks in chronological order. Digital currency is a public account book that can not be tampered with or forged by means of cryptography

we can understand that digital currency is an account book containing all historical transactions. Each block will have several transaction records, which can be viewed by all participants. Each participant of digital currency has to maintain this account book together, Digital currency is a collection of transaction data

for example, in the field of digital currency bitcoin, there will be the concept of "miner". Miner needs to constantly repeat operations to generate workload, and each miner has competition. It needs to complete a mathematical problem based on cryptographic hash algorithm. The answer is in the area, if who works out the answer first, So who can broadcast in the network that he has obtained this block, other miners will not go to this block for mining, but will work in the next block. Miners will have more transaction costs in his block, and they will generate what we call digital currency bitcoin as a reward, and then they will go to their own digital currency bitcoin account

there is no problem with digital currency itself. There may be criminals using digital currency as a cover to cheat, which needs to be carefully screened

1. The volume of digital currency is too large. With the development of digital currency, the volume of digital currency stored in nodes is becoming larger and larger, and the computing burden is also increasing. Colleagues have also caused a lot of impact on the operation of digital currency bitcoin client

2. There is a problem with the data confirmation time. The time for a digital currency bitcoin transaction is about 10 minutes. If we confirm six times, we need to wait for an hour, which is a long time;

2. The core value of CBDC can be summarized as four points: first, the original purpose is to let the central bank better manage money creation and supply, enhance the effectiveness of monetary policy transmission mechanism and better deal with the business cycle. Second, the construction of payment and clearing infrastructure based on blockchain related technologies can rece costs and increase efficiency. Digital currency can greatly rece the cost of currency issuance, circulation, use and other links, and realize banknote free transactions, which is also in line with the current trend of rapid development of electronic payment. Third, it has given the central bank stronger control over the monetary system, such as KFC, anti money laundering, anti-terrorism financing, and some targeted policies. Before the launch of Libra, the central bank attached importance to CBDC mainly for the above three purposes. But now, the significance of CBDC in promoting the internationalization of RMB has become more important than ever. This is the fourth purpose of the central bank. Judging from the current progress of RMB internationalization, there are indeed many difficulties. One is the US led encirclement and interception, and the other is the turbulence in the stock and exchange markets. In order to break the encirclement led by the United States, realize the normal development of the stock exchange market and the foreign exchange market, and realize the internationalization of RMB, it is really a good way for the central bank to issue digital currency. On the 10th anniversary of RMB internationalization, RMB internationalization has made remarkable achievements. 13 international financial institutions around the world began to pay attention to China's bond market. In the tide of interest rate rection in developed countries, negative interest rate has become a conventional means, and China's bonds are very competitive in the world. As of the second quarter of 2019, 38 countries have signed currency swap agreements with China, with a total amount of 3.67 trillion yuan. The one belt, one road, which one belt, one road to push forward, is continuously creating demand for RMB internationalization, and the export of RMB has become an important means of "one belt and one road" internationalization of RMB. In addition, RMB is one of the most active currencies in the global foreign exchange market, and London has surpassed Hong Kong as the world's largest offshore RMB foreign exchange trading center. With the steady development of China's economy, RMB assets will continue to be favored by all countries in the world< One belt, one road or other friendly country, was also shared by the Central Bank of China when it issued the CBDC. It shared some of the mint rights with br />
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<

4 digital currency will become the biggest magic weapon of RMB internationalization

China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.

3.

1、 What is digital currency RMB

with the development of Internet technology, especially blockchain technology, many so-called & lt; virtual currency;, Such as bitcoin and Wright currency, which are controversial in recent years

as a substitute for M0 (cash in circulation, i.e. cash in circulation outside the banking system), the difference between the central bank's digital currency and the virtual currency such as bitcoin is that bitcoin is decentralized, while the digital currency to be launched by the central bank is centralized

the central bank's digital currency is a legal digital currency issued by the central bank based on national credit, which is exactly the same as RMB cash and is equivalent to cash{ RRRRR}

it can be predicted that the era of digital RMB is coming. For commercial banks and other financial institutions, digital currency will lead to more innovations such as digital credit, digital assets and digital liabilities. In addition, the central bank can improve the efficiency of monetary operation monitoring and enrich monetary policy means after the issuance of digital currency

In addition, the issue of central bank's legal digital currency will make it possible to collect real-time data such as money creation, bookkeeping and flow. After data desensitization, it will conct in-depth analysis through big data and other technical means, so as to provide a useful reference for money supply, formulation and implementation of monetary policy, and provide a useful means for economic regulation

In the short term, the introction of digital currency has little impact on the exchange rate; Digital RMB & quot; At present, it seems that the aim is to partially digitize the currency in circulation (so there will be zero interest rate compensation, 100% reserve requirement and limited weakening of financial intermediaries, also known as & lt; Disintermediation, Considering China's current capital account restrictions (especially the restrictions on capital outflow), the introction of digital currency is unlikely to have a great impact on the trend of RMB exchange rate in the short term

the development of Sino US relations, portfolio capital flow, yield advantage and valuation are still the driving factors for RMB. Due to the outbreak of the second wave of the epidemic, there was an outflow of funds from the United States. This should also boost market confidence in the RMB in the short term

2、“ Digital RMB & quot; It is a milestone of RMB internationalization; Digital RMB & quot; The design of settlement technology is very complex and becomes ubiquitous (by making full use of the increasing popularity of mobile phones and Internet applications in China and the inclusion of RMB in the IMF's special drawing rights basket), which may promote the internationalization of RMB and the diversification of the current US dollar centered International Monetary System in the long run

conclusion: when the central bank issues digital currency, it focuses more on domestic factors. On the one hand, it is the trend of the times; on the other hand, it has many advantages. And the internationalization of RMB, more often, is a matter of course. The introction of digital currency by the people's Bank of China is a major change in the monetary system, both domestically and internationally

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5. In theory, the sovereignty of the international currency should belong to the international community, at least the international community should have the right of supervision. Only in this way can the so-called international currency come true and become the real international currency, Only in this way can we serve the international finance wholeheartedly. Because the current so-called international currency is the sovereign currency of a country (or region), performing the ty of international currency is the "second occupation" of the currency. When the "first occupation" and "and the second occupation" of the currency are in conflict, they unconditionally obey the "first occupation" and "the second occupation"; It is natural for us to meet our needs. When the international community discusses the sovereignty and supervision of the currency with the sovereign countries, it is no doubt that it is seeking the skin of a tiger, and no sovereign country will agree. The so-called defect of sovereign currency is the defect that the international currency market is borne by the sovereign currency of a certain country. If the currency in the current international monetary system does not change the sovereign property, the defects of sovereign currency cannot be overcome, and the global finance will never be settled
two symbol monetary defects. If the Federal Reserve marks numbers and writes "incantations" on the paper, the paper will become a magic "charm" and a "treasure", and you can go to a foreign country thousands of miles away to get real gold and silver, car buildings and daily necessities—— This is not a medieval legend, but a 21st century reality. When writing the world monetary history of our time, will our posterity write like this: &; In the second half of the 20th century and the beginning of the 21st century, the sparks of their wisdom have already splashed to Mars hundreds of millions of kilometers away in the field of natural science; But in the field of world currency, it is stupid to worship at the foot of the curse of the middle ages. This shows that the wisdom of the ancestors is seriously absent in the world monetary field&# 39; The symbolic currency with zero value as the international currency will lead to the extremely unstable exchange rate and affect the development of the world economy. At the same time, it will make the currency holders worried all day, because they don't know when their currency will depreciate. As a local currency, symbolic currency relies on the credit and force of the regime. As an international currency, symbolic currency does not have sovereign credit and regime coercion. It can only rely on the magic of "charm". When the charm of the charm will decrease or fail is an unknown number. In fact, the future of global finance is uncertain. The era of symbolic currency as an international currency should and must be over. It is the right way for the commodity standard currency with constant currency value to act as the world currency. Third, the defects of al functional currency. The current so-called international currency has al functions: one is the function of local currency, the other is the function of world currency. The same kind of symbolic currency, which is both local currency and world currency, is unreasonable in theory and harmful in practice. For example, the US dollar, in order to balance domestic goals, the Federal Reserve adopts quantitative easing monetary policy and measures to raise the sovereign debt ceiling. This is the "family business" of the Americans, and others can not blame it. But these so-called family affairs have led to rising global commodity prices, inflation in emerging economies, more flooding of global free capital and more global financial turmoil. This situation is caused by the "al functions" of the US dollar
tetratriffin paradox defect. Half a century ago, American economist Triffin pointed out that the international monetary system with the US dollar as the core has defects: in order to maintain global financial stability, the United States must have a trade surplus; In order to guarantee the global money supply, the United States must have another trade deficit. Both surplus and deficit are irreconcilable contradictions in the international monetary system with us dollar as the core. This is the famous Triffin paradox. This paradox shows the serious defects of the current international monetary system with us dollar as the core, which cannot be corrected
the defects of the current international monetary system have triggered a worldwide currency war, led to global financial turmoil, and international currency issuers have made a fortune. The current international monetary system is neither fair nor just, and its outcome is bound to be global financial collapse. It is an important task for most countries to seek a new world currency and world monetary system to replace the current international currency and international monetary system

6. The current monetary system is the proct of continuous evolution after the collapse of the Bretton Woods system in the 1970s, which is also known as the Jamaica system in academic circles< The disadvantages of the fixed exchange rate system and the floating exchange rate system under the current monetary system are as follows:
the fixed exchange rate system:

(1) the exchange rate basically can not play the role of economic leverage in adjusting the balance of payments
(2) to maintain the fixed exchange rate system will destroy the internal economic balance. For example, when a country's balance of payments deficit, the exchange rate of its own currency will fall and become a soft currency. In order not to devalue its own currency, it is necessary to adopt tightening monetary policy or fiscal policy, but this will restrain domestic economic growth and increase unemployment
(3) causing turbulence and confusion in the international exchange rate system. Southeast Asian monetary and financial crisis is an example< Floating exchange rate system:
(1) the ability of floating exchange rate to adjust the balance of payments is limited
(2) it is not concive to the development of trade and investment. Because the uncertainty of exchange rate fluctuations has great risks. It encourages foreign exchange speculation and aggravates the turbulence and chaos in the international financial market.

7. I'm a little puzzled. Do you mean you can only communicate with money