Digital cryptocurrency in China

1.

China does not issue digital currency, and all the existing digital currencies are illegal

the central bank pointed out that no legal digital currency has been issued, and no institutions and enterprises have been authorized to issue legal digital currency. At present, the so-called "digital currency" in the market is not legal digital currency

virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. This kind of virtual currency is mainly limited to circulation in a specific virtual environment. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency

"the legal currency of our country is RMB." In the risk warning, the monetary Bureau of the people's Bank of China once again stressed that RMB is uniformly printed and issued by the people's Bank of China

extended information:

with the soaring price of virtual currency represented by bitcoin, digital currency and the blockchain technology behind it have attracted great attention of the global financial community. In fact, legal digital currency has not yet been issued in China. Recently, the official website of the monetary Bureau of the people's Bank of China (PBOC) released the risk warning on issuing or promoting digital currency in the name of the people's Bank of China

in 2013, the central bank, together with five ministries and commissions, issued the notice on prevention of bitcoin risks, which clearly defined non legal digital currencies such as bitcoin as virtual commodities, which do not exist in the form of currency and legal currency

At the same time, digital money is different from electronic payment. In the actual use experience, digital money and electronic payment may feel similar, but they are still quite different in essence. Before digital currency, the financial instry has been highly informationized

such as Internet banking, WeChat, Alipay and other payment electronic popularization graally, physical cash accounts for only a very small part of all circulating currencies. In spite of this, because the money used in the transaction comes from the bank account, it actually corresponds to the banknotes

currently, digital currency in the market involves multi-level marketing

digital currency is a new technology that can improve the efficiency of transaction, but it is targeted by lawless elements to carry out pyramid selling and fraud in its name

the official website of the monetary Bureau of the people's Bank of China issued the risk warning on issuing or promoting digital currency in the name of the people's Bank of China. The central bank pointed out that recently, indivial enterprises falsely used the name of our bank to label relevant digital procts as "authorized issuance by the people's Bank of China", or falsely claimed that the digital currency promotion team of the central bank issued, in an attempt to deceive the public and take the opportunity to make huge profits

in the risk warning, the central bank stressed that the bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency

at the same time, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud. The general public should raise their risk awareness, invest rationally and prudently, and prevent the interests from being damaged

2.

Cryptocurrency is not a tangible currency that can be carried with you, but a digital asset that can be exchanged“ The "encryption" part comes from using encryption technology for security and authentication ring a transaction

when using cryptocurrency for exchange instead of legal tender, crypto owners do not have to rely on banks to facilitate transactions, and can successfully avoid the costs of using financial institutions

generally, cryptocurrency transactions are processed and completed through the blockchain network. The blockchain is designed to be decentralized, so each computer connected to the network must successfully confirm the transaction before it can process it. Ideally, this would create a more secure transaction for all involved. It can also cause you to wait for a while; One of the big complaints about bitcoin is how long it takes to complete the transaction

domestic cryptocurrencies include bitcoin, Ethernet, Leyte and e-dinarcoin

extended data:

bitcoin: the concept of bitcoin was first proposed by Nakamoto in 2009. It is a P2P form of digital currency. Bitcoin is generated through a large number of calculations according to specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, And the use of cryptography design to ensure the security of all aspects of money circulation

ether coin: ether coin (a digital token of Ethereum, regarded as "bitcoin version 2.0"), can be bought and sold on the trading platform

lightcoin: lightcoin is a kind of network currency based on "point-to-point" technology, which can help users pay to anyone in the world immediately. At present, it is the second virtual currency after bitcoin's global circulation market value

reference materials:

network cryptocurrency

3.

Digital cryptocurrency is a kind of currency that is not issued by legal tender institutions and controlled by the central bank. It is based on the open source code of a group of equations calculated by computers all over the world, and is generated by a large number of calculation processing of computer graphics card and CPU. It uses the design of cryptography to ensure the security of all aspects of currency circulation

development materials:

1. definition of digital currency:

   digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy< br />

   

4. Cryptocurrency is not issued by legal tender institutions and is not controlled by the central bank.

5.

bitcoin (BTC)

issue date: 2009

market value: US $163 billion

advantage: as the first cryptocurrency issued, bitcoin is the world's largest and most popular blockchain network and the most experienced cryptocurrency that can resist hacker attacks

disadvantage: the increasing demand brings great pressure to bitcoin network, which makes the transaction cost high. The system can only process about seven transactions per second, but its power consumption is amazing. This is mainly e to its workload proof mechanism and consensus principle, which makes mining become a labor-intensive activity

eth

release date: 2015

market value: US $70 billion

advantage: its built-in programming language allows developers to write their own smart contract computer programs running on the blockchain. So far, most of the first token sales are based on Ethereum's smart contracts

Disadvantages: Ethereum also uses the consistency protocol of workload proof, so it is relatively slow and consumes a lot of power. Many early smart contracts are vulnerable to hacker attacks, and the development of smart contract security is still immature

XRP

issue time: 2012

market value: US $32 billion

advantage: XRP claims that its XRP cryptocurrency can become the "bridge currency" of major financial institutions, and can settle cross-border payments more quickly and at lower cost. Ruibo uses a new consistency protocol, which can achieve faster transactions, faster than t-coin and Ethereum

disadvantages: as a private company, Ruibo has important control over the system, some people think that XRP is not decentralized enough, which is in contrast to bitcoin, which anyone can mine

bitcoin cash (BCH)

issue time: 2017

market value: US $19 billion

advantage: this kind of currency is a "hard fork" of bitcoin, and its founder has adjusted compared with bitcoin, so that it can handle a larger transaction volume

disadvantage: critics say bitcoin cash is too centralized - a few miners create most of the money

lightcoin (LTC)

time of issue: 2011

market value: US $10 billion

advantage: lightcoin is a kind of "alternative currency" - almost a clone of bitcoin, but there are still several differences. Lightcoin processes transactions four times faster than bitcoin, and the mining process remains open to amateurs - very different from bitcoin, because bitcoin's professional miners use expensive hardware

disadvantages: although it is faster than bitcoin, lightcoin is still too slow and consumes a lot of power. These factors make it unable to become an ideal payment method, and there is another disadvantage: it is not very famous

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6. There are many mainstream currencies in the Chinese market, some of which are fake. In terms of mainstream rankings, bitcoin, ethereal coin, Leyte coin and e-dinarcoin are generally used, while the rest are self copied in China, which is unstable and unreliable.

7. China's five ministries and commissions have never authorized any digital currency. In the bitcoin risk notice at the end of 2013, the central bank and other five ministries and commissions clearly defined bitcoin as a special Internet commodity. People can buy and sell it freely on the premise of bullet risk, but denied its monetary attribute
other digital currencies that claim to be authorized by the central bank and other five ministries are basically unreliable. In China, reliable digital currencies include bitcoin, Ruitai coin, Laite coin, thousand gold card, dog coin and so on.