Research on the application prospect and problems of digital cur
In the morning of March 9, 2014 Beijing time, Jared Cohen, creative director of Google, said at the Sxsw conference this week that digital cryptocurrency similar to bitcoin will exist for a long time. Cohen and Eric Schmidt, Google's chairman, promoted their co-author book the new digital age at the conference
in the past few months, bitcoin prices have fluctuated significantly. At the same time, this digital currency is strongly supported by the hacker community and is closely related to some black markets. Cohen believes that bitcoin has its value, but it will bring risks if it is not regulated
mt.gox lost $400 million worth of bitcoin, which shakes the confidence of the outside world in bitcoin. Some critics even point out that "bitcoin is dead". However, Cohen's statement is a strong support for cryptocurrency technologies such as bitcoin
bitcoin can exist only because both sides of the transaction recognize its transaction value, so anyone can independently design a virtual currency. Ars technica, for example, announced this week that it would create its own cryptocurrency, arscoin
Cohen believes that the main threat to digital cryptocurrency is how to keep it safely, and the loss of mt.gox bitcoin once again highlights this problem. Recently, the US Congress has also launched a debate on digital cryptocurrency. Some members believe that the supervision of the bitcoin should be strengthened to avoid risks. Another congressman, Jared polis, believes that the US dollar has similar defects to bitcoin, so if bitcoin is banned, then the US dollar note should also be banned
digital currency has a short history in the world, but it develops rapidly. Many countries are trying to sum up experiences and lessons through official or non-governmental efforts
take Europe as an example. In 2015, the transaction volume of digital currency in relevant European countries and regions exceeded 1 billion euro. Although the total amount is not large, it is fierce
it was reported on January 2, 2016 that the Bank of England is also considering whether to issue digital currency by the central bank, and the research work is still in the initial stage. Andy Haldane, chief economist of the Bank of England, said that switching to digital currency would be "a great technological leap forward"
DNB, Norway's largest bank, has already cancelled the cash counter service. The bank called on the government to stop using paper money completely. According to the data, only 6% of Norwegians still use cash every day, most of them the elderly. The social cost of cash payment is twice that of electronic money payment. In one day's life, the payment of bus, shopping, payment, refueling, and even parking is completed by swiping the card. Only when the children's school holds a charity sale can the banknotes be used
compared with paper money, digital currency has obvious advantages, which can not only save the cost of issuance and circulation, but also improve the efficiency of transaction or investment, and enhance the convenience and transparency of economic transaction activities. The issue of digital currency by the central bank also ensures the continuity of financial policy and the integrity of monetary policy, and also ensures the security of monetary transactions
although the issuing method of digital currency is still under study, paper currency has been regarded as "the currency of the previous generation" by some professionals, and it is the general trend to be replaced by new technologies and procts. Due to China's large population and volume, the timetable for issuing digital currency is still uncertain. It is predicted that digital currency and cash will be in parallel and graally replaced for quite a long time. When the era of digital currency really comes, people will carry less and less cash, travel more and more safe, poverty alleviation more and more accurate, corruption more and more difficult to escape, and thieves more and more difficult
the Central Bank of China held a seminar on digital currency at the beginning of this year, and the issue of digital currency by the central bank has been put on the agenda. Some international banking giants and technology companies are also developing digital currency, and the Bank of England also plans to issue digital currency. All this means that digital currency is getting closer to our real life. However, the digital currency issued by the government may be in circulation in the future, but bitcoin, Ruitai currency and vitality currency can only exist as an asset class.
1. High liquidity
every good and reliable digital currency is essential. Every digital currency should have strong liquidity, not only in the scope of third-party trading platform, but also in offline entities or countries like bitcoin
Second, lower volatility
generally, volatility comes from the influence of third-party trading platform, which is similar to stock trading. Strong operators need to control the market to prevent the digital currency market from soaring or plummeting. Therefore, the volatility of a digital currency can show whether the digital currency can develop stably
Third, tradability one of the most important properties of digital currency is tradability. If a digital currency does not have tradability, the digital currency is basically useless. Only when a digital currency has tradability can it have liquidity and volatility Fourth, the nature of decentralization digital currency has the characteristics of decentralization. Digital money is neither controlled nor manipulated by centralized entities. That is to say, no indivial or third party can obtain the user's digital currency Fifth, the value of digital currency is increasing based on the market demand. It is not subject to government regulation or operation, which is not like legal money. The rise and fall of digital currency price depends on the transactions between users on the third-party trading platformDigital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
in recent years, the excessive issuance of banknotes has led to the aggravation of inflation, the frequent security crisis of third-party payment, and the graal maturity of blockchain technology, so decentralized digital currencies such as bitcoin, Ethereum and reborn have emerged. Digital currency has the advantages of low transaction cost, fast transaction speed, high anonymity and fixed amount of money
At the same time, the use scenarios of digital currency become more and more abundant, which makes the user acceptance grow. At present, the use of digital currency has covered all kinds of scenes, such as shopping consumption, wage payment, transportation, travel, takeout settlement and tuition payment. The expanding landing scene has also brought a wider range of consumers. In general, although the number of users of digital currency still accounts for a small proportion of the total population, the number of users is growing. At present, the utilization rate of digital currency has exceeded 10% in 10 countries around the world In June 2019, Facebook launched Libra virtual cryptocurrency, which has caused worldwide influence. The emergence of Libra may form a global super sovereign currency, thus affecting the traditional transaction settlement currency. For China, the emergence of Libra, on the one hand, will have an impact on China's traditional currency and threaten the sovereign status of China's currency; On the other hand, because RMB is not included in Libra's basket of currencies, it will rece the reserve demand of RMB by central banks, thus hindering the internationalization of RMB. In response to this threat, CCTV timely launched the central bank digital currency. In September 2019, according to China Daily, the central bank's digital currency closed-loop test has begun, and the central bank's digital currency is about to come outcoincidentally, in addition to China, central banks around the world have also announced that they will launch a centralized digital currency based on national credit. In 2015, Ecuador took the lead in launching the national version of digital currency, which can not only rece the issuance cost and increase the convenience, but also enable people in remote areas who cannot have banking resources to obtain financial services through the digital platform. At present, Canada, Brazil, Norway, the United Kingdom and other countries are studying the central bank legal digital currency, while the Bahamas, Sweden, Russia and other countries are discussing the possibility of digital currency issuance. Generally speaking, the developing countries which have received a great impact on digital currency have supported legal digital currency for financial inclusion, breaking through sanctions and other reasons
for the above data and analysis, please refer to the in depth analysis report on business model innovation and investment opportunities of China's blockchain instry published by foresight Instry Research Institute . Meanwhile, foresight Instry Research Institute also provides instrial big data, instrial planning, instrial declaration, instrial park planning, instrial investment promotion and other solutions
digital currency emerges as the times require and is widely welcomed
digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
in recent years, the excessive issuance of banknotes has led to the aggravation of inflation, the frequent security crisis of third-party payment, and the graal maturity of blockchain technology, so decentralized digital currencies such as bitcoin, Ethereum and reborn have emerged. Digital currency has the advantages of low transaction cost, fast transaction speed, high anonymity and fixed amount of money
analysis of characteristics and advantages of digital currency
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data source: the above data and analysis are published in the in depth analysis report on business model innovation and investment opportunities of China's blockchain instry issued by the Institute of prospective instry
There is no consistent definition of direct banking in China. In general, direct banking is a way that banks break the traditional counter business and can directly handle business on the Internet in order to attract more users and facilitate the use of customers. Users can handle business through web pages, mobile terminals, etc, Save a lot of waiting time for both sides. The business philosophy of this mode is to develop towards faster and more convenient business processing, which greatly reces the time and energy spent by users in banking business processing. Compared with the traditional banks in the past, direct banks mainly have the advantages of strong network dependence, accurate business procts, low cost, convenient and fast, but the relative strong network dependence is also a major factor hindering the development of direct banks. These characteristics make the transaction process of direct bank very simple, operation time is short, the staff is reced a lot, the use of fixed equipment and original procts is reced a lot, and the cost is greatly reced, which is an innovation for the bank to survive in the increasingly fierce competition
There are four trends in the development of direct banking Technology enables the development of direct banking. The application of cloud computing, big data, artificial intelligence, blockchain and other new generation information technology will fundamentally change the operation mode of direct banking, improve service efficiency and level, and rece service cost. The specific ways are mainly reflected in the following aspects. One is to further improve user experience and service efficiency by introcing new technologies such as machine learning, virtual reality and biometrics; Second, through cloud computing, distributed architecture and other solutions, reconstruct the infrastructure deployment mode, rece operating costs, and build the ability to serve a large number of customers; The third is to use big data to improve the level of risk control, anti fraud, proct pricing, precision marketing, intelligent investment consulting, etc. In addition, blockchain and other technologies can provide strong support for the new financial transaction mode In the process of using financial technology, on the one hand, direct banks should grasp the development trend of financial technology, and lay out the field of financial technology by strengthening talent reserve and technology accumulation, and communicating and cooperating with third parties. In the process of continuously enhancing the ability of self-control of core technologies and optimizing and improving the efficiency of the overall science and technology system, we should carry out learning and Research on emerging frontier technologies, apply innovation, cultivate data thinking, establish cooperation mechanisms between internal and external parties, and strengthen mutually beneficial cooperation with frontier high-tech enterprises in big data, cloud computing, artificial intelligence, blockchain, etc, Innovative laboratories such as intelligent risk control and precision marketing can be set up in the form of joint construction, and innovative projects can be researched and implemented to build an intelligent financial technology system with strong cloud computing and big data processing capabilities. On the other hand, it is necessary to build a standardized open business platform, formulate standardized cooperation docking process, build a standardized merchant cooperation platform system integrating docking, joint debugging, testing, online and operation management, quickly and efficiently promote technology docking and financial services standardized output, and use scientific and technological means to improve business capacity2. The development strategy of platform will become the priority of direct banks in the future. In recent years, platform economy is rising rapidly. Among the top 10 companies with global market value in 2017, platform enterprises occupy as many as six seats, namely apple, Google, Facebook, Amazon, Alibaba and Tencent. Platform economy has become a worldwide trend business model and a new economic development paradigm, which has promoted the major changes in proction and lifestyle, and has increasingly become an important part of social economy
for commercial banks, the rapid development of platform economy has brought both opportunities and challenges. Platform enterprises gather a large number of merchants and customers. Merchants and customers have financial service needs. The platform has financial cross-border cooperation, data commercialization, business compliance and other needs, which puts forward new requirements for the traditional customer acquisition and service mode of commercial banks. The platform has rich resources such as business flow, logistics and capital flow, and is an important customer group of commercial banks
direct banking service platform will become the future trend. Through the construction of financial service intermediary platform, the direct bank realizes the integration of basic procts and services of the bank, interbank, non interbank and other institutions in the proct end, and creates the financial cloud of wealth management, network financing, payment and settlement, big data services. In terms of customer service, it will realize the integration of platform enterprises, small and medium-sized enterprises on the platform, small and medium-sized enterprises on the platform Comprehensive and comprehensive services for consumers on the platform
in the face of different platforms in the fields of consumption, instry and government affairs, the strategies of financial intermediary service platform constructed by banks are also different, which can be built according to three modes
(1) for those related fields that have not yet formed a platform for aggregation and specialization, direct banks can integrate internal and external resources, open up key nodes through self construction, M & A, investment and other forms, and build an in-house financial intermediary service platform to cover the whole scene of subdivided instries. Taking the acquisition of auto home by Ping An Trust in 2016 as an example, auto home, as a domestic auto vertical professional media, will not only obtain strong support from Ping An Group in terms of capital, but also become an important part of building an all-round auto service ecosystem for Ping An group. To build a platform model, it is generally necessary to rely on the resources of the group or parent bank to form a synergy of public and retail business; In addition, banks need to define their own service boundary, avoid large and comprehensive platform, resulting in excessive resource investment, and it is difficult to meet the personalized needs
(2) if a specialized platform has been formed in relevant fields, or the platform has not extended to the financial field e to regulatory requirements, direct banks can export financial procts and services through docking with such platforms
(3) the relevant fields have formed monopolistic resource integrators, and the services have been extended to the financial field, so it is difficult for banks to build their own platform to let the participants settle in. The relatively feasible solution for direct banks is to provide funds and financial services to the platform
3. Service scenario. In the future, direct banking procts will be a standardized proct that can be easily embedded into various financial scenarios. According to the view of a bank's senior financial practitioners, it is financial media. In the future, Internet banking and direct banking will become media tools for a bank to carry out mobile financial transformation. In the Internet dimension space, Internet banking and direct banking will become media tools, As a medium like air, it permeates into various scenes of financial services
4. Independent organizational structure. Most foreign direct banks adopt the independent legal person business model, and China's direct banks will graally develop in the direction of independence. With the official opening of Baixin bank, the first independent legal person direct bank in China, several independent legal person direct banks may be approved. The independent organizational structure of direct bank will have a positive impact on proct innovation, risk isolation from parent bank, mobilization of team enthusiasm, cost accounting, customer management, science and technology development mechanism, etc
In the process of independent corporatization of direct banking, the introction of external strategic investors will become one of the options. Through the introction of strategic investors, the capital strength can be improved. At the same time, through the docking with shareholders' resources, technology, scene, etc., the construction and development ability of direct banking ecology can be rapidly improved, and the coordination and win-win between direct banking and shareholders can be realizedwithout this calculation, the whole system is not secure, so these seemingly meaningless calculations are to ensure everyone's security