The impact of digital currency on traditional financial market
Publish: 2021-04-23 22:16:11
1.
At present, there are mainly two regulations about virtual currency in China. In 2013, many ministries and commissions issued the notice on prevention of bitcoin risk, giving important tips on bitcoin risk. On September 4, 2017, the central bank and other seven ministries and commissions jointly announced again that the first token issue was an unauthorized illegal financing
According to Zhao, there are various ways to launder money by using digital currency. For example, technical means may be used to transfer funds into the cryptocurrency system, and then deploy various transfer addresses, making it difficult to query its transaction path. In other words, money laundering promoted by technological progress is more and more difficult to be detected and prevented. In addition, it has cross regional characteristics, and the lack of global response mechanism exacerbates this situation2.
The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision
in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020
as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value
Policy evolution of the development of digital RMBas early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar
after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years
Figure 1: Policy Evolution of digital RMB
with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB
3. Compared with the traditional bank transfer, remittance and other methods, dcpro digital currency transaction does not need to pay fees to the third party, and its transaction cost is lower, especially compared with the cross-border payment which provides high fees to payment service providers.
4. Digital currency exchange brings a lot of influence to the financial circle, because it is very convenient if there is no cash currency in the future.
5. Hello, there's no problem with this graphics card with this kind of hardware.
even if it's live broadcasting, it's no problem. Live broadcasting is mainly about processor and memory. You can satisfy it, but you need to ensure the network speed
even if it's live broadcasting, it's no problem. Live broadcasting is mainly about processor and memory. You can satisfy it, but you need to ensure the network speed
6. From the perspective of form, it is a project that makes IPO or ICO and circulates in the secondary market
traditional securities is a formal trading platform certified by ZF. It has a center, and the trading time is regulated
as an emerging financial transaction currency, digital currency is believed that blockchain is the future, and its weak center, tamper proof and irreversibility make more people reach the consensus of "future".
traditional securities is a formal trading platform certified by ZF. It has a center, and the trading time is regulated
as an emerging financial transaction currency, digital currency is believed that blockchain is the future, and its weak center, tamper proof and irreversibility make more people reach the consensus of "future".
7. What is the difference between e-money and traditional money
with the improvement of social proctivity, the demand and quantity of social commodity exchange are growing, and the form of money has developed from shells, precious metals, ordinary metals to paper money and bills to today's e-money. The development of information technology with computer technology as the core has caused great changes in people's proction and lifestyle, and also promoted the development of money form. The booming e-commerce has developed a variety of means and tools of electronic payment. People call it electronic money, while others call it electronic currency, digital cash, digital currency, electronic cash, etc. The so-called "electronic currency" covers a wide range, such as credit card, savings card, debit card, IC card, consumption card, telephone card, gas card, electronic check, electronic wallet, network currency, smart card, etc., and almost all the electronic payment tools and methods related to capital
e-money is developed on the basis of traditional money, and has a lot in common with traditional money in nature, function and function. For example, the essence of e-money and traditional money is a special commodity which acts as a general equivalent. This special commodity is reflected in a certain social proction relationship. At the same time, they have five functions: value scale, circulation means, payment means, storage means and world currency. They reflect the value of commodities, mediate the exchange of commodities and regulate the circulation of commodities
compared with traditional money, e-money has different backgrounds, such as social background, economic conditions and technological level; Its manifestations are as follows: electronic money is transmitted and displayed by electronic pulse instead of paper, which is processed and stored by microcomputer without the size, weight and imprint of traditional money; Electronic money can only circulate in the field of transfer, and the circulation speed is much faster than that of traditional money; Traditional currency can be used in any area, while electronic currency can only be used in credit card market; The traditional currency is issued by the state and circulates compulsorily, while the electronic currency is issued by the bank. Its use can only be guided by propaganda, not forced orders. In addition, in use, legal currency should be used to reflect and realize the value of commodities, and settle the creditor's rights and debts between commodity procers; The influence of e-money on society is wider and deeper< Second, the application of e-money; It is widely used in the fields of proction, exchange, distribution and consumption; It integrates savings, credit and non cash settlement; At present, the use of e-money is usually based on bank card, so it is also called non denomination money. Because of the above characteristics, e-money is easy to use, safe, fast and reliable, and has many functions: saving function, using e-money to deposit and withdraw money; using e-money to withdraw money; Transfer settlement function, direct consumption settlement, instead of cash transfer; Cash function, when using currency in other places, exchange currency; The function of consumer loan is to borrow money from banks and use money in advance under certain conditions
credit card payment is the most commonly used tool in electronic payment. With the development of technology, the card base of credit card has developed from magnetic stripe card to more secure and reliable smart card, which can read and write a large amount of data. People call it electronic credit card, electronic wallet and e-card. Electronic wallet can also be said to be an electronic payment tool based on WWW browser or combined with WWW browser. It can display how much money users still have on their smart cards, and transfer funds among multiple electronic wallet in the case of mutual recognition. Some electronic wallet can also carry out wireless data communication, making electronic payment more vital
e-check is another common electronic payment tool in Internet banking. To change the traditional check into an electronic message with digital signature, or to use other digital messages instead of all the information of the traditional check, is the electronic check. Electronic check draws on the advantages of paper check transfer payment and transfers money from one account to another by digital transfer. Electronic check is the most efficient means of payment because of its low transaction cost and its ability to provide standardized fund information for merchants participating in e-commerce
in addition to the above e-credit cards and e-checks, there are also e-cash, e-change, secure change, online currency, digital currency, etc. The common characteristics of these payment tools are paperless, electronic and digital cash or currency, which is concive to the transmission, payment and settlement in the network, the use of Internet banking, and the realization of electronic payment and online payment
since the 1970s, check and cash payment methods have graally transferred their dominant position to bank card. In this process, the "cash flow" in the payment process has changed into "bill flow". With the deepening of the application of computer network technology in the bank, the bank has been able to use the computer application system to further transform the above "cash flow" and "bill flow" into "data flow" in the computer. In the bank computer network system, funds are transferred and transferred in a way invisible to human eyes, which is a modern payment method launched by the banking instry. This kind of fund, which is stored in computer in the form of electronic data and can be used through computer network, is more and more widely used in e-commerce
in e-commerce, the bank is the link between proction enterprises, commercial enterprises and consumers, and plays a crucial role. Whether the bank can effectively realize e-payment has become the key to the success of e-commerce. Taking a simple online transaction process as an example, firstly, the buyer sends a shopping request to the seller; The seller sends the buyer's payment instruction to the seller's acquiring bank through the payment gateway; The acquiring bank obtains the authorization from the issuing bank through the bank card network, and sends the authorization information back to the seller through the payment gateway; After obtaining the authorization, the Seller shall send the buyer the shopping completion information. If payment acquisition and payment authorization cannot be completed at the same time, the seller should send payment acquisition request to the acquiring bank through the payment gateway, and transfer the transaction funds from the buyer to the seller's account. The final inter-bank settlement is completed by the payment system between banks. From the above transaction process, it is not difficult to find that online transaction can be divided into two parts: transaction link and payment and settlement link. The payment and settlement link is completed by the financial professional network including payment gateway, issuing bank and card issuing bank. Therefore, without the bank, it is impossible to complete the payment of online transactions, so there is no real e-commerce
Citibank in the United States is currently developing an e-money system, which can provide consumers and enterprises with online payment services around the world. Visa Group issued 300000 smart cards ring the 1996 Atlanta Olympic Games. The smart card can record the amount transferred in and dect the consumption amount each time when swiping the card. It is a kind of stored value card type electronic currency. In May 1997, the Finnish bank took the lead in the experiment of online shopping payment, setting a European precedent. Due to the popularity of the Internet, the financial instry has invested in the network financial services business, which also accelerates the advent of the era of e-money. In the global plan to promote business automation, businesses and manufacturers are connected by an electronic ordering network, and each store is equipped with a point of sale system (POS). Consumers can pay all kinds of money with electronic currency through the terminal equipment of businesses
e-money is usually transmitted on a private network and processed through POS and ATM machines. In recent years, with the development of Internet, online financial services have been carried out all over the world. Internet financial services can meet people's various needs, including online consumption, online banking, personal finance, online investment and trading, online stock speculation, etc. These financial services are characterized by timely electronic payment and settlement through electronic currency. At this time, the types and forms of e-money have been further developed. The electronic currency system on Internet includes credit card system, electronic check system and digital cash system< Third, the main characteristics of e-money system
all kinds of e-money systems are in the process of development, with different characteristics, and many aspects have not been finalized. First of all, e-money procts are different in technology implementation. In order to store the prepaid value, the card based system needs special portable computer hardware facilities, the representative is the plastic card embedded in the microprocessor chip, while the software based system uses the special software installed on the standard PC< Secondly, institutional arrangements may change. The obvious point is that the operation of an e-money system will include four kinds of service providers: issuers of e-money value, network operators, suppliers of specialized software and hardware, and liquidators of e-money business. From a policy point of view, the most important provider is the issuer, because e-money is the liability of the balance sheet of these institutions. In contrast, network operators and hardware and software suppliers only provide technical services, while clearing houses are typical banks or professional companies owned by banks (it provides services for e-money and other non cash payment services). Obviously, when there are many publishers, but in some cases there is only one publisher, other institutions "buy" value from the publisher and then "sell" it to consumers
thirdly, electronic money procts have different ways of value transfer. Some electronic money systems allow direct electronic money transfers between consumers without involving any third party, such as the issuer of electronic value. More generally, payment is only allowed from the consumer to the merchant, and the merchant must exchange the recorded value in turn
Fourth, what is related to transferability is the degree of transaction records. Although some systems assume to keep only limited personal transaction records or no records at all, most systems register some transaction details between consumers and businesses in a central database, and these records can be monitored. If direct transactions between consumers are allowed, they can only be recorded in their own storage facilities, and only when consumers are connected with the operators of the e-money system can they be centrally monitored
technically, all businesses can issue e-cash, and without control, e-commerce will not develop normally, It even brings serious economic and financial problems. The safe use of e-cash is also an important issue, including limited use by legal persons and avoidance of repeated use. For borderless e-commerce applications, e-cash also has a lot of potential problems in tax, law, foreign exchange rate, money supply and financial crisis. It is necessary to formulate a strict economic and financial management system to ensure the normal operation of digital currency
e-money is the core of e-commerce, which will play an important role in international finance
with the improvement of social proctivity, the demand and quantity of social commodity exchange are growing, and the form of money has developed from shells, precious metals, ordinary metals to paper money and bills to today's e-money. The development of information technology with computer technology as the core has caused great changes in people's proction and lifestyle, and also promoted the development of money form. The booming e-commerce has developed a variety of means and tools of electronic payment. People call it electronic money, while others call it electronic currency, digital cash, digital currency, electronic cash, etc. The so-called "electronic currency" covers a wide range, such as credit card, savings card, debit card, IC card, consumption card, telephone card, gas card, electronic check, electronic wallet, network currency, smart card, etc., and almost all the electronic payment tools and methods related to capital
e-money is developed on the basis of traditional money, and has a lot in common with traditional money in nature, function and function. For example, the essence of e-money and traditional money is a special commodity which acts as a general equivalent. This special commodity is reflected in a certain social proction relationship. At the same time, they have five functions: value scale, circulation means, payment means, storage means and world currency. They reflect the value of commodities, mediate the exchange of commodities and regulate the circulation of commodities
compared with traditional money, e-money has different backgrounds, such as social background, economic conditions and technological level; Its manifestations are as follows: electronic money is transmitted and displayed by electronic pulse instead of paper, which is processed and stored by microcomputer without the size, weight and imprint of traditional money; Electronic money can only circulate in the field of transfer, and the circulation speed is much faster than that of traditional money; Traditional currency can be used in any area, while electronic currency can only be used in credit card market; The traditional currency is issued by the state and circulates compulsorily, while the electronic currency is issued by the bank. Its use can only be guided by propaganda, not forced orders. In addition, in use, legal currency should be used to reflect and realize the value of commodities, and settle the creditor's rights and debts between commodity procers; The influence of e-money on society is wider and deeper< Second, the application of e-money; It is widely used in the fields of proction, exchange, distribution and consumption; It integrates savings, credit and non cash settlement; At present, the use of e-money is usually based on bank card, so it is also called non denomination money. Because of the above characteristics, e-money is easy to use, safe, fast and reliable, and has many functions: saving function, using e-money to deposit and withdraw money; using e-money to withdraw money; Transfer settlement function, direct consumption settlement, instead of cash transfer; Cash function, when using currency in other places, exchange currency; The function of consumer loan is to borrow money from banks and use money in advance under certain conditions
credit card payment is the most commonly used tool in electronic payment. With the development of technology, the card base of credit card has developed from magnetic stripe card to more secure and reliable smart card, which can read and write a large amount of data. People call it electronic credit card, electronic wallet and e-card. Electronic wallet can also be said to be an electronic payment tool based on WWW browser or combined with WWW browser. It can display how much money users still have on their smart cards, and transfer funds among multiple electronic wallet in the case of mutual recognition. Some electronic wallet can also carry out wireless data communication, making electronic payment more vital
e-check is another common electronic payment tool in Internet banking. To change the traditional check into an electronic message with digital signature, or to use other digital messages instead of all the information of the traditional check, is the electronic check. Electronic check draws on the advantages of paper check transfer payment and transfers money from one account to another by digital transfer. Electronic check is the most efficient means of payment because of its low transaction cost and its ability to provide standardized fund information for merchants participating in e-commerce
in addition to the above e-credit cards and e-checks, there are also e-cash, e-change, secure change, online currency, digital currency, etc. The common characteristics of these payment tools are paperless, electronic and digital cash or currency, which is concive to the transmission, payment and settlement in the network, the use of Internet banking, and the realization of electronic payment and online payment
since the 1970s, check and cash payment methods have graally transferred their dominant position to bank card. In this process, the "cash flow" in the payment process has changed into "bill flow". With the deepening of the application of computer network technology in the bank, the bank has been able to use the computer application system to further transform the above "cash flow" and "bill flow" into "data flow" in the computer. In the bank computer network system, funds are transferred and transferred in a way invisible to human eyes, which is a modern payment method launched by the banking instry. This kind of fund, which is stored in computer in the form of electronic data and can be used through computer network, is more and more widely used in e-commerce
in e-commerce, the bank is the link between proction enterprises, commercial enterprises and consumers, and plays a crucial role. Whether the bank can effectively realize e-payment has become the key to the success of e-commerce. Taking a simple online transaction process as an example, firstly, the buyer sends a shopping request to the seller; The seller sends the buyer's payment instruction to the seller's acquiring bank through the payment gateway; The acquiring bank obtains the authorization from the issuing bank through the bank card network, and sends the authorization information back to the seller through the payment gateway; After obtaining the authorization, the Seller shall send the buyer the shopping completion information. If payment acquisition and payment authorization cannot be completed at the same time, the seller should send payment acquisition request to the acquiring bank through the payment gateway, and transfer the transaction funds from the buyer to the seller's account. The final inter-bank settlement is completed by the payment system between banks. From the above transaction process, it is not difficult to find that online transaction can be divided into two parts: transaction link and payment and settlement link. The payment and settlement link is completed by the financial professional network including payment gateway, issuing bank and card issuing bank. Therefore, without the bank, it is impossible to complete the payment of online transactions, so there is no real e-commerce
Citibank in the United States is currently developing an e-money system, which can provide consumers and enterprises with online payment services around the world. Visa Group issued 300000 smart cards ring the 1996 Atlanta Olympic Games. The smart card can record the amount transferred in and dect the consumption amount each time when swiping the card. It is a kind of stored value card type electronic currency. In May 1997, the Finnish bank took the lead in the experiment of online shopping payment, setting a European precedent. Due to the popularity of the Internet, the financial instry has invested in the network financial services business, which also accelerates the advent of the era of e-money. In the global plan to promote business automation, businesses and manufacturers are connected by an electronic ordering network, and each store is equipped with a point of sale system (POS). Consumers can pay all kinds of money with electronic currency through the terminal equipment of businesses
e-money is usually transmitted on a private network and processed through POS and ATM machines. In recent years, with the development of Internet, online financial services have been carried out all over the world. Internet financial services can meet people's various needs, including online consumption, online banking, personal finance, online investment and trading, online stock speculation, etc. These financial services are characterized by timely electronic payment and settlement through electronic currency. At this time, the types and forms of e-money have been further developed. The electronic currency system on Internet includes credit card system, electronic check system and digital cash system< Third, the main characteristics of e-money system
all kinds of e-money systems are in the process of development, with different characteristics, and many aspects have not been finalized. First of all, e-money procts are different in technology implementation. In order to store the prepaid value, the card based system needs special portable computer hardware facilities, the representative is the plastic card embedded in the microprocessor chip, while the software based system uses the special software installed on the standard PC< Secondly, institutional arrangements may change. The obvious point is that the operation of an e-money system will include four kinds of service providers: issuers of e-money value, network operators, suppliers of specialized software and hardware, and liquidators of e-money business. From a policy point of view, the most important provider is the issuer, because e-money is the liability of the balance sheet of these institutions. In contrast, network operators and hardware and software suppliers only provide technical services, while clearing houses are typical banks or professional companies owned by banks (it provides services for e-money and other non cash payment services). Obviously, when there are many publishers, but in some cases there is only one publisher, other institutions "buy" value from the publisher and then "sell" it to consumers
thirdly, electronic money procts have different ways of value transfer. Some electronic money systems allow direct electronic money transfers between consumers without involving any third party, such as the issuer of electronic value. More generally, payment is only allowed from the consumer to the merchant, and the merchant must exchange the recorded value in turn
Fourth, what is related to transferability is the degree of transaction records. Although some systems assume to keep only limited personal transaction records or no records at all, most systems register some transaction details between consumers and businesses in a central database, and these records can be monitored. If direct transactions between consumers are allowed, they can only be recorded in their own storage facilities, and only when consumers are connected with the operators of the e-money system can they be centrally monitored
technically, all businesses can issue e-cash, and without control, e-commerce will not develop normally, It even brings serious economic and financial problems. The safe use of e-cash is also an important issue, including limited use by legal persons and avoidance of repeated use. For borderless e-commerce applications, e-cash also has a lot of potential problems in tax, law, foreign exchange rate, money supply and financial crisis. It is necessary to formulate a strict economic and financial management system to ensure the normal operation of digital currency
e-money is the core of e-commerce, which will play an important role in international finance
8. The digital currency issued by the central bank is only a substitute for banknotes and coins. In fact, it is a kind of electronic cash, which has little impact on monetary policy and commercial banks. In the traditional currency issuance, the cash in circulation is actually the direct debt of the central bank to the public, only because of technical constraints and cost considerations, the central bank issues cash through commercial banks. With the progress of technology, it is possible for the central bank to issue money directly to indivial and enterprise accounts in the form of digital currency. E-cash flow is still through the central bank and financial institutions, and then to enterprises and indivials. In terms of money manufacturing channels, circulation links and functions, e-cash flow is exactly the same as paper money
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
9. The real value of cryptocurrency lies not only in how many people are willing to buy and hold it on the exchange, but also in how many people are willing to use it when paying
as many governments have recognized the legal status of bitcoin and other cryptocurrencies as payment methods, and cryptocurrency is becoming more and more popular in the public, cryptocurrency payment has become a new level market in the blockchain instry
the real rise of cryptocurrency in China is only in 2017, which is less than a year in total. Although blockchain technology has been recognized in China, cryptocurrency, the first mature application based on blockchain technology, has been strictly supervised by the government and denounced by all walks of life
in the cold winter of the encryption world, everyone thinks that the coin ring is cold. However, the market is daily in a small range up and down, there is still a lot of demand and trading in progress
it is enough to show that cryptocurrency is still developing and never stops
nowadays, although the encryption market will not burst, more people are concerned about how it should develop in the future? Where is the direction? Under such strict supervision, where should it go
in fact, with the development of cryptocurrency up to now, its future development direction has shown us clearly. Its more suitable position in the future is as a first-hand investment and wealth management proct, and the concept at the time of its birth is actually to help people manage their assets, but its future development has deviated from the track
nowadays, cryptocurrency has been properly regulated, the market is graally mature, and more investors are focusing on it
the popularity of blockchain
so far, most of the instries and media interested in cryptocurrency investment focus on bitcoin, and also attract the attention of people or organizations pursuing innovation and development
as the basic technology of bitcoin, blockchain is developing vigorously. With the continuous improvement of its technology, we also realize that large enterprises including Microsoft in the world have begun to invest in cryptocurrency. They continue to study how cryptocurrency will affect future business activities. At the same time, blockchain has become an indispensable element for global enterprises to promote their business.
as many governments have recognized the legal status of bitcoin and other cryptocurrencies as payment methods, and cryptocurrency is becoming more and more popular in the public, cryptocurrency payment has become a new level market in the blockchain instry
the real rise of cryptocurrency in China is only in 2017, which is less than a year in total. Although blockchain technology has been recognized in China, cryptocurrency, the first mature application based on blockchain technology, has been strictly supervised by the government and denounced by all walks of life
in the cold winter of the encryption world, everyone thinks that the coin ring is cold. However, the market is daily in a small range up and down, there is still a lot of demand and trading in progress
it is enough to show that cryptocurrency is still developing and never stops
nowadays, although the encryption market will not burst, more people are concerned about how it should develop in the future? Where is the direction? Under such strict supervision, where should it go
in fact, with the development of cryptocurrency up to now, its future development direction has shown us clearly. Its more suitable position in the future is as a first-hand investment and wealth management proct, and the concept at the time of its birth is actually to help people manage their assets, but its future development has deviated from the track
nowadays, cryptocurrency has been properly regulated, the market is graally mature, and more investors are focusing on it
the popularity of blockchain
so far, most of the instries and media interested in cryptocurrency investment focus on bitcoin, and also attract the attention of people or organizations pursuing innovation and development
as the basic technology of bitcoin, blockchain is developing vigorously. With the continuous improvement of its technology, we also realize that large enterprises including Microsoft in the world have begun to invest in cryptocurrency. They continue to study how cryptocurrency will affect future business activities. At the same time, blockchain has become an indispensable element for global enterprises to promote their business.
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