The international influence of central bank's digital currenc
Publish: 2021-04-15 02:10:23
1. What are the current views of central banks on digital currency? Money is money. It's inflated now
2. If you look closely at these two fields, you will find that they have begun to develop away from each other. Although digital currency is technically inseparable from blockchain, blockchain technology is not limited to digital currency. It is favored by various technical companies in terms of proct traceability, data transparency and distributed consensus. So what impact does the central bank's entry into digital currency have on the blockchain instry, It's not going to change much. At present, the ant gold clothing behind Alipay is the largest patent application company in the global block chain.
what benefits most from this is the domestic currency circle. In 2017, digital currency and related fund-raising activities were banned in China, which is quite negative in the eyes of ordinary people. In fact, the central bank's initiative to explore into cryptocurrency is the recognition of the core concept of digital currency. With this incentive, domestic enterprises will actively enter the instry and inject fresh blood into the instry, which is the most important
about this, you can see the reports of blockchain media, such as golden finance, coin easy to know column, chain news and so on.
what benefits most from this is the domestic currency circle. In 2017, digital currency and related fund-raising activities were banned in China, which is quite negative in the eyes of ordinary people. In fact, the central bank's initiative to explore into cryptocurrency is the recognition of the core concept of digital currency. With this incentive, domestic enterprises will actively enter the instry and inject fresh blood into the instry, which is the most important
about this, you can see the reports of blockchain media, such as golden finance, coin easy to know column, chain news and so on.
3.
To guard against the possible risks brought by bitcoin, we know that digital currency represented by bitcoin has high risks. This kind of risk is mainly reflected in two aspects: first, the limitation of digital currency makes it used as investment goods, and the price is extremely unstable. Those who do not understand the principle of digital currency and pay too much attention to speculation are easy to suffer losses for various reasons
Secondly, national digital currency is linked to its own legal currency to a certain extent, so it effectively avoids the price volatility of bitcoin. Because the CBDC issued by our country is guaranteed by the credit of the central bank, it must be a stable currency. In today's international situation, the research and development of digital currency in China is of great significance. The introction of digital currency is not an expedient measure, it has become the development direction of China's future currency4. The issue of digital currency has many benefits and is imperative. According to the central bank, digital money and paper money will coexist for a long time to come. When people go to the bank to withdraw money, they can not only withdraw cash directly, but also exchange it into digital currency. In Xiaobian's opinion, the establishment and issuance of digital currency system can not only make people's transactions more convenient and safe, but also graally weaken the proportion of paper money in the real circulation, which will also have a positive impact on the electronic disk of postal money card
when people are used to digital currency, paper money will graally withdraw from the circulation market and enter the collection field. In the new environment of payment and circulation, the traditional paper money will become a symbol of an era and a memory of people. The paper money that used to circulate in the market will also become a kind of cultural and artistic investment goods, active on the electronic disk of the post money card. And those earlier and even rarer coins will also stimulate their prices to rise in this situation. It can be seen that the central bank's graal promotion of digital currency will have a profound impact on people's living habits and investment and financial management, which is worth looking forward to Sohu)
however, digital currency does not have to be used for payment. Some domestic application-oriented digital currencies have begun to find another shortcut and come out with a different truth. For example, coin Ying China crowdfunding project token; Puyin group launched the tea based digital currency Puyin.
when people are used to digital currency, paper money will graally withdraw from the circulation market and enter the collection field. In the new environment of payment and circulation, the traditional paper money will become a symbol of an era and a memory of people. The paper money that used to circulate in the market will also become a kind of cultural and artistic investment goods, active on the electronic disk of the post money card. And those earlier and even rarer coins will also stimulate their prices to rise in this situation. It can be seen that the central bank's graal promotion of digital currency will have a profound impact on people's living habits and investment and financial management, which is worth looking forward to Sohu)
however, digital currency does not have to be used for payment. Some domestic application-oriented digital currencies have begun to find another shortcut and come out with a different truth. For example, coin Ying China crowdfunding project token; Puyin group launched the tea based digital currency Puyin.
5.
Hello, the replacement of paper-based RMB by digital RMB is basically certain. Just as the era goes from entity to e-commerce, RMB also goes from offline to online. Its function is exactly the same as paper money, that is, the digital version of paper money
at present, China's digital currency is a leading technology, which is bound to accelerate its digital currency construction in the short term, in order to find the gap with DCEP. However, DCEP can ultimately promote the nationalization of RMB, still depends on the steady growth of domestic economy and the international circulation ability of RMB itself, not only on the digital technology of RMB, but also has a long way to go
6. 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.
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.
7. On January 20, 2016, the people's Bank of China announced on its website that it held a seminar on digital currency. At the meeting, the central bank asked its digital currency research team to "strive for the early launch of the digital currency issued by the central bank". Similarly, central banks such as the Bank of England and the Bank of Canada are planning or considering issuing their own digital currencies. After the advent of bitcoin triggered a wave of private issue and de nationalization of digital currency, the digital currency issued by the central bank seems to have become a global trend
digital currency is a new technology, which is different from the traditional electronic payment tools used by online banking and third-party payment companies. It is developed on the basis of a series of new technologies - they are not tools to transmit money; They are money in themselves. Among them, digital currency based on cryptography is also called cryptocurrency. Bitcoin is a model of this kind of digital currency. After its birth, it inspired many similar systems. Some commercial banks and central banks have also begun to develop their own digital currency. According to the different issuers, we can divide digital currency into three types:
1. Digital currency issued by non-financial institutions
in November 2008, a man named Nakamoto Tsung invented a new technology called blockchain and designed a point-to-point e-cash system, namely bitcoin, for the first time. On January 3, 2009, Nakamoto completed the code development of bitcoin. Due to its point-to-point and electronic nature, bitcoin can be passed directly between two people without the need for a centralized settlement institution. Therefore, it is a fast, low-cost, borderless payment system
2. Digital currency issued by commercial banks
some large international financial institutions have taken a fancy to the low-cost, fast and safe characteristics of digital currency, and began to try to use its underlying technology, namely blockchain technology, to develop their own digital currency. For example, four of the world's largest banks, UBS, Deutsche Bank, Santander bank and New York Mellon bank, are already involved. Their digital currencies are similar to those mentioned above, but their issuers are different. It is particularly noteworthy that financial institutions develop digital currency to meet the needs of their own rapid clearing transactions, rather than challenge the financial situation by replacing the legal currency issued by the central bank. The domestic Puyin group also launched Puyin
3. Digital currency issued by the central bank
some central banks, such as the people's Bank of China and the Bank of England, also plan to launch their own central bank digital currency after some research on digital currency. Technically, CBDC is the same as the above two, but e to its special identity, CBDC will have a greater economic impact, which is the reason why the central bank wants to introce CBDC.
digital currency is a new technology, which is different from the traditional electronic payment tools used by online banking and third-party payment companies. It is developed on the basis of a series of new technologies - they are not tools to transmit money; They are money in themselves. Among them, digital currency based on cryptography is also called cryptocurrency. Bitcoin is a model of this kind of digital currency. After its birth, it inspired many similar systems. Some commercial banks and central banks have also begun to develop their own digital currency. According to the different issuers, we can divide digital currency into three types:
1. Digital currency issued by non-financial institutions
in November 2008, a man named Nakamoto Tsung invented a new technology called blockchain and designed a point-to-point e-cash system, namely bitcoin, for the first time. On January 3, 2009, Nakamoto completed the code development of bitcoin. Due to its point-to-point and electronic nature, bitcoin can be passed directly between two people without the need for a centralized settlement institution. Therefore, it is a fast, low-cost, borderless payment system
2. Digital currency issued by commercial banks
some large international financial institutions have taken a fancy to the low-cost, fast and safe characteristics of digital currency, and began to try to use its underlying technology, namely blockchain technology, to develop their own digital currency. For example, four of the world's largest banks, UBS, Deutsche Bank, Santander bank and New York Mellon bank, are already involved. Their digital currencies are similar to those mentioned above, but their issuers are different. It is particularly noteworthy that financial institutions develop digital currency to meet the needs of their own rapid clearing transactions, rather than challenge the financial situation by replacing the legal currency issued by the central bank. The domestic Puyin group also launched Puyin
3. Digital currency issued by the central bank
some central banks, such as the people's Bank of China and the Bank of England, also plan to launch their own central bank digital currency after some research on digital currency. Technically, CBDC is the same as the above two, but e to its special identity, CBDC will have a greater economic impact, which is the reason why the central bank wants to introce CBDC.
8. Zero3 international settlement center adopts blockchain technology to complete cross-border payment through valuable digital assets euz. Compared with the traditional use of foreign exchange purchase and exchange between international banks, in 2018, ant financial services has actually tried to use blockchain technology in the field of international cross-border payment, so it is very good to use blockchain technology in Cross-border payment.
9. The traditional currency is "currency", that is, it can exchange any commodity, and its use is unrestricted. Because it does not carry information, it is difficult to trace. If the traditional currency expands with the growth of data, it will lose the function of value measurement, that is, it will become waste paper. However, digital currency is different. Although it is also "currency", it can carry information, so it has stability and can be used as the "anchor" of data assets rather than being "carried away" by data assets
in fact, the core attribute of bitcoin, which was the first to practice the concept of digital currency, is that the total amount of bitcoin can be controlled, so it can be used to measure the value of other commodities rather than being determined by other commodities. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
therefore, from a strategic perspective, under the background that informatization and digitization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend.
in fact, the core attribute of bitcoin, which was the first to practice the concept of digital currency, is that the total amount of bitcoin can be controlled, so it can be used to measure the value of other commodities rather than being determined by other commodities. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
therefore, from a strategic perspective, under the background that informatization and digitization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend.
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