Digital currency Research Report

1. CBDC, the full name of central bank digital currency, translated as the central bank digital currency. The Bank of England, in its Research Report on CBDC, gives this definition: central bank digital currency is the electronic form of central bank currency, which can be used by households and businesses to make payments and store value. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation. What we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment tools". The center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
response time: August 6, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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2. Block chain technology is considered to be the fifth core technology most likely to lead to disruptive revolution. After the stage of chaos and bubble period, with the intervention of national policies and the implementation of relevant supervision, +B39 will graally take the lead and develop in a healthy direction.
in 2017, blockchain became the focus all over the world. If at the beginning, the emergence of blockchain made people in the instry excited, and the ordinary people took an indifferent attitude and just ate melon Road, now it can be said that blockchain has quickly and deeply entered the public field of vision
the concept of blockchain was proposed by Nakamoto in 2008. It has the characteristics of decentralization, non tampering, traceability and so on, attracting many investors to participate in it. Blockchain has graally entered into various instries, which has brought considerable changes as well as some adverse effects
through the collection and collation of relevant data of China's blockchain instry, analysts analyzed and discussed the development trend of China's blockchain instry. The rising trend of blockchain popularity is obvious. From the network index trend chart of blockchain and digital currency in the past six months, it can be seen that the popularity of blockchain only increases, and even rises explosively by the end of 2017. According to the trend chart, it can be predicted that the growth of blockchain network index will show a gentle trend in the near future
the network index of digital currency closely related to blockchain is not much different from that of blockchain before 2018. That's because the popularity of blockchain ignites the value of bitcoin, and many people take the opportunity to follow suit, which makes the market once chaotic. Since the beginning of 2018, the network index of blockchain has far exceeded that of digital currency. This change shows that more people are focusing on blockchain, which will be more concive to the healthy development of blockchain technology
as the value of digital currency represented by bitcoin doubled, ICO came into being. ICO financing mode is similar to and different from the traditional IPO Financing Mode. It can open the global market and get more development opportunities. However, e to many people's ulterior motives and the fact that ICO does not go through any strict review process at present, the ICO market is in chaos. The positive and negative effects of ICO also make various countries hold different attitudes in the face of this mixed market
according to the attitude information table of some countries towards ICO, China and Japan have the most clear attitude. China has banned ICO projects and defined them as illegal financing; Japan allows ICO projects and takes the lead in establishing blockchain alliance; The Philippines, Russia, Canada and other countries adopt the mode of supervision and development, do not prohibit ICO projects, and actively build regulatory systems. The United States is a federal country, and the attitude of each state is different
it is worth mentioning that the attitude of Hong Kong and Macao of China towards ICO coincides with that of the mainland, while that of Taiwan is quite different. The person in charge of "Taiwan financial regulatory authority" promised to adopt a more friendly attitude and support enterprises to develop and adopt cryptocurrency and blockchain technology in Taiwan
the top 10 national blockchain platforms are mainly concentrated in Beijing, Shanghai and Guangzhou
according to the national blockchain platform TOP10, bitmainland, Babbitt / blockyuan and fire coin net have taken the top three positions. The blockchain platforms of TOP10 are mainly concentrated in Beijing, most of which were launched earlier than 2016. Generally speaking, the development of blockchain has driven the development of related instries, and also set off a wave of entrepreneurship
the enterprises related to blockchain are mainly concentrated in Beijing, Shanghai and Guangdong, which are affected by the high barriers of blockchain technology. Beijing is rich in human resources and has a good entrepreneurial environment. Shanghai has a unique financial position and has the greatest possibility of incubating the most successful enterprises in the application of blockchain. Guangdong has a strong entrepreneurial atmosphere, which can attract relevant entrepreneurs and promote the landing of relevant enterprises. In addition, Hangzhou also benefited from its excellent Internet finance instry, and the blockchain instry performed well. With the development of blockchain, there will be more related enterprises in more cities< The heat of br/> block chain has also been reced, and a large number of official account have been generated. From the TOP10 official account of WeChat, we can see that the number one fan of "digital money trend maniac" has been estimated to be about 800000 in the past seven days, and second "Wang Chai block chain journal" predicted that the active fans are also close to 500 thousand people. The estimated number of fans who are close to 400 thousand is "third". The official account also shows that more and more people are paying attention to the block chain instry.
blockchain is becoming more and more popular. The average salary of related posts was 23800 yuan before November 2017, and it has reached 25800 yuan by 2018. According to the chart of skills requirements for blockchain positions, the most important is the commonly used development languages (go, C + +, Java). In addition, we also need to have sufficient understanding of cryptography, formula algorithm, and smart contract. In addition, there are also positions with relatively low operation threshold. In general, the talent gap in the blockchain instry is relatively large< Br/> block chain technology is considered to be the fifth core technology most likely to trigger disruptive revolution. After the stage of chaos and bubble period, with the intervention of national policies and the implementation of relevant regulation, it will graally take the right track and develop towards health. The development of br/> block chains will inevitably proce bubbles, but these bubbles will graally become controllable with the healthy development of block chains. The development prospects of block chains and the innovations they can bring are unpredictable. In the future, let's leave this stage to it and watch its performance< br/>

3.

From 2015 to 2017, the price of bitcoin increased from more than $100 to $17000, a 100 fold increase. Today, the market value of various numerical currencies is more than 700 billion US dollars. The myth of their benefits is not nonsense

but there are many things behind the chaotic digital currency. You may ask why air currency can be listed on the stock exchange? It's very simple. The exchange also has to charge a part of the fee. Raise the price and then sell it to make money. So the question is, how to identify air currency

first of all, you need to look at the projects behind the digital currency and see what their team background is. Generally speaking, teams without experience in the instry tend to earn money, but how much experience do they have? It is better to be able to participate in the construction of Ethereum and bitstock communities. Such a team is often more reliable. This requires investors to have a certain screening ability to identify good or bad

secondly, there is no way to implement many projects. How can we identify them? In addition to the ability of the team, we also need to see the feasibility, which requires us to systematically learn the knowledge of bitcoin and blockchain. For example, Zhu Jiawei, the COO of fire coin network, learned the blockchain from 0 to 1, and clearly described the development process of bitcoin and blockchain in the form of audio and text. Besides, don Tapscott and Alex Tapscott's "blockchain revolution" are worthy of careful taste

moreover, the bubble of digital money is very large nowadays. In the bubble, it is not difficult to make money, but the key is not to be greedy. Long term holding is not good, but it can be operated in a short term. You can make money if you want. However, the key is that people are all profit-making and greed is their nature. Therefore, many people do not accept what they see. They originally made money, but later they lost everything. The gain is not worth the loss. Therefore, it is necessary to control greed

4. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time

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.

5. CBDC, the full name of central bank digital currencies, translated as the central bank digital currency
in its Research Report on CBDC, the Bank of England defines central bank digital currency as an electronic form of central bank currency, which can be used by households and businesses to make payments and store value
the Chinese version of CBDC is described as a controllable anonymous payment tool, which is issued by the people's Bank of China, operated by designated operating institutions and exchanged to the public, based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation
what we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment instruments"
response time: October 27, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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6.

Generally, the excellent digital currencies are mostly imported procts, such as bitcoin, Leyte coin, ether coin and so on. However, the domestic Yuanbao coin, Ruitai coin, bitcoin and the tokens of different crowdfunding projects of European crowdfunding are excellent digital currencies

< H2 > development materials

digital currency (English: digital currency) is an alternative currency in the form of electronic currency. At present, no central bank of any government has indicated that it will issue digital currency, and digital currency does not have to have a benchmark currency and a central bank

it is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography

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