CD digital currency
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
Donglin International Group is not a pyramid scheme, but a Ponzi scheme. Donglin International Group is one of 232 illegal fund scams announced on October 18. Donglin international claims to be regulated by the NFA, India's financial regulator. Donglin international distinguishes the so-called capital markets such as split, mutual aid, virtual currency, dividend, binary options and micro trading, claiming that all the income comes from the foreign exchange market, with monthly income as high as 15% to 20% (floating) and being open and transparent. This kind of publicity is estimated to be sufficient for the fixed conditions of illegal fund-raising
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< H2 > extended information:on October 18, 232 illegal fund offers were released. The parts are as follows:
1, 3658 away from 2, 3D orange orange man crash run 3, 6 degree chain unable to withdraw 4, AB mall away from 5, ADC miner away from 6, ADO unable to withdraw 7, AE coin run 8, AMB away from 9, AOK Aoke international deposit high risk 10, AIT Art Village platform restriction 11, BCL digital currency withdrawal difficulty 12 Cab away 13, CCM mall away 14, cdbc away 15, DVM dream coin away 16, EPCO away 17, ETH legend unable to withdraw cash 18, etj renamed restart 19, Etz etherdrill away 20, FA crash away 21, FFC future financial chain away 22, FIFA poly away 23, FN future network away 24, GCR away 25, GEC environmental protection coin away
26, GTO timely withdrawal 27, HDB Evergrande coin away 28, HPA high risk 29, etc HTR away from 30, hot Qiansheng gold mine away from 31, JMC win-win ecosystem away from 32, jvi away from 33, KBC Kangbao coin away from 34, ltcgs international away from 35, MCC Mechanical Coin away from 36, MFC collapse 37, MMG permanent miner away from 38, mmm glbal away from 39, moretoken away from 40, OAC oasis assets can not be withdrawn 41, OMS wonderful market away from 42, PMD away from 43, PRC away from 44, plustoken away from
45 RCM running 46rec digital coin running 47, RHC Futai chain running 48, RTC rongte coin running 49, RT China Internet of things running 50, SCMA alliance running 51, set running 52, SFC running 53, SMCC platform restriction 54, SVI Shengwei international zombie 55, TAC traceability chain running 56tbb running 57, TTB running 58, U + real estate running 59, UCM blockchain collapse running 60, ude running 61, u Bao USS immediate debt running 62, etc Vpay crash is imminent 63, visa run 64, VPF split far away
65, wh crash run 66, wlwglobal crash 67, DOF CITIC finance unable to withdraw 68, SEL Huzhu run 69, sky withdrawal difficulty 70, wanshibao far away, 71, omnipotent exchange far away 72, Wanbang International far away 73, Wanshun taxi far away 74, Sancai Tongzheng far away 75, Rose Manor crash 76, dongfangcheng far away 77 Donglin International Group is far away from
78, zhongsoule is far away from 79, Zhongmin welfare group is far away from 80, Zhongrun new energy is far away from 81, Zhongke Hongji is far away from 82, Zhongpin alliance is far away from 83, Weier mall is far away from 84, letaifang is far away from 86, Letong group is far away from 87, jiubayunche is far away from 88, jiuhaoguan is far away from 89, Jiuzhou Wharton is far away
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