The logic of currency virtualization
Publish: 2021-04-29 08:18:37
1. Ma Yun does not specifically refer to which kind of virtual currency, but refers to mobile payment. The inevitable development trend of currency virtualization is the inevitable development of technology and currency. It can meet people's needs and make life more convenient. It's up to him to seize this opportunity. Of course, investment in this area must have a pair of wise eyes, otherwise it will hurt the purse and the contacts
2. Currency virtualization refers to the graal separation of money from precious metals in the development and transformation into credit money. Credit money develops from paper money to bank account and credit card, and money is transformed into a pure value symbol. That is to say, money graally breaks away from its value entity (as the result of abstract labor) and value carrier (such as precious metals, bank notes) and becomes a pure value symbol
remember to adopt it
remember to adopt it
3. Currency virtualization refers to the graal separation of money from precious metals in the development and transformation into credit money. Credit money develops from paper money to bank account and credit card, and money is transformed into a pure value symbol. That is to say, money graally breaks away from its value entity (as the result of abstract labor) and value carrier (such as precious metals, bank notes) and becomes a pure value symbol.
4. Of course, the central bank will also issue virtual currency. At present, it is suggested to do international work. For example: DGC.. Differentiable
5. So you are a layman. China should learn from the United States and make sure that the people's currency is printed for foreigners, so we should print more RMB,
6. What is the inevitable connection between economic control in several families and virtual payment?!
7. The quantitative easing monetary policy of the United States, to put it bluntly, means that the United States continues to carry out the measure of overflowing US dollars in order to dilute the creditor's rights of various countries to the United States. It can also be understood that the depreciation of the US dollar is expected to continue or accelerate in the future. From this point of view, it is the response to the recent interest rate hikes in China, India and other countries. The purpose is obvious: "RMB is undervalued, and its appreciation rate is still very large.". In the final analysis, it is actually to accelerate the dilution of the huge US dollar debt held by China and other countries, so as to eat up the US debt owned by China and other countries in the exchange rate contrast
then, looking back, the wave of A-share market since the national day can be understood as driven by the expected changes in monetary policy. Its performance is that a large number of hot money poured into a shares, which led to a sharp rise in resource stocks such as coal and nonferrous metals. Of course, this is also caused by the sharp rise in global inflation expectations and international commodity prices. The surge of resource stocks led to the rise of financial, real estate and other blue chips, and the index quickly rebounded to near the top of April this year. However, most of the other small and medium-sized stocks show a callback trend, and the market shows that the two ends of indivial stocks diverge. And to the recent market index consolidation, stocks began to achieve the overall trend of relative coordination
on November 4, after learning about the quantitative easing monetary policy of the United States, the stock markets of various countries rose as a whole. On the 5th, a shares jumped high, opened slightly and went low, and Quanneng was released. However, the gap on April 19 was broken without any suspense
in the short term, this US policy can only bring a small shock to a shares, and the current index of a shares also needs a platform to digest the previous hold up. However, in the medium and long term, we should see the policy's role in promoting the expectation of RMB appreciation. As long as the expectation of RMB appreciation remains, hot money from the world, mainly from Europe and the United States, will continue to pour into China's capital market. As a virtual investment market, the stock market is bound to have arbitrage and speculation, The medium and long-term upward space of a shares is still there
in addition, I believe that if the medium and long-term market is true, then when the index shows a sudden upward trend, coal, nonferrous metals and other resource stocks and blue chips can still actively participate in it, while when the index is consolidated and stable, consumption and emerging instries are still the mainstream, which is the result of China's 12th Five year development plan.
then, looking back, the wave of A-share market since the national day can be understood as driven by the expected changes in monetary policy. Its performance is that a large number of hot money poured into a shares, which led to a sharp rise in resource stocks such as coal and nonferrous metals. Of course, this is also caused by the sharp rise in global inflation expectations and international commodity prices. The surge of resource stocks led to the rise of financial, real estate and other blue chips, and the index quickly rebounded to near the top of April this year. However, most of the other small and medium-sized stocks show a callback trend, and the market shows that the two ends of indivial stocks diverge. And to the recent market index consolidation, stocks began to achieve the overall trend of relative coordination
on November 4, after learning about the quantitative easing monetary policy of the United States, the stock markets of various countries rose as a whole. On the 5th, a shares jumped high, opened slightly and went low, and Quanneng was released. However, the gap on April 19 was broken without any suspense
in the short term, this US policy can only bring a small shock to a shares, and the current index of a shares also needs a platform to digest the previous hold up. However, in the medium and long term, we should see the policy's role in promoting the expectation of RMB appreciation. As long as the expectation of RMB appreciation remains, hot money from the world, mainly from Europe and the United States, will continue to pour into China's capital market. As a virtual investment market, the stock market is bound to have arbitrage and speculation, The medium and long-term upward space of a shares is still there
in addition, I believe that if the medium and long-term market is true, then when the index shows a sudden upward trend, coal, nonferrous metals and other resource stocks and blue chips can still actively participate in it, while when the index is consolidated and stable, consumption and emerging instries are still the mainstream, which is the result of China's 12th Five year development plan.
8. The emergence and development of e-money has brought new problems to financial institutions in various countries, especially the direct or indirect impact of e-money on the current financial regulatory system. In order to maintain the stability and security of the financial system, prevent acts against the interests of consumers, and avoid vicious competition and disorderly behavior, e-money has become a hot topic, "Whether it is necessary for the government to supervise moderately" has become a concern in many countries. If we manage e-money as a kind of scientific and technological proct and follow the principle of unified specification and standardization, it is bound to contradict the proct diversification and the rapid evolution of technology and protocol in the process of the rise of e-money, and form a vacuum of rules and management in some business fields. Therefore, we need to improve the supervision of electronic currency through detailed legal provisions.
9. Relevant model article:
the dynamic mechanism and performance of financial virtualization's violation of credit system
[Abstract] the penetration and development of virtual economy in the global economy runs through the self expansion and expansion of financial virtualization. Currency virtualization and credit creation provide positive internal power for the trend of financial virtualization, while financial innovation characterized by financial derivatives provides reverse evasion power for financial virtualization to break through the credit framework. At present, the expansion of financial virtualization is constantly violating the credit system in the process of international credit system architecture, credit currency issuance and credit object regulation
[Key words] financial virtualization credit system dynamic mechanism performance
Introction
with the development of monetary virtualization, virtual economy has penetrated into all dimensions of human social life. Financial virtualization based on monetary virtualization and its positive and negative functions emerge in endlessly. Although people hold different views on this issue, it is inevitable that the expansion of the proportion of virtual economy in the whole economy is closely related to the continuous expansion of financial virtualization, which is a new paradigm divorced from the traditional "real economy". As a prominent feature of contemporary finance, the development trend of "negation of negation" in the course of its evolution, under the catalysis of economic virtualization and globalization, seems to be a trend and law of "from weak to strong" and "geometric expansion"
from the perspective of the history of human economic development, any economic logic has the human brand. People not only participate in economic activities, but also intervene and even control the endogenous process of economy, which also matches the derivative process of human economic system. North believes that "institutional change determines the way of social evolution, so it is the key to understand historical change." North, 2000, P. 110) economy is a complex institutional arrangement, and any institutional defects will make the economy deviate from the normal track. The development trend of currency virtualization and the continuous creation of credit provide the internal driving force for the expansion of financial virtualization, while the financial innovation caused by financial evasion in the current international economic system provides the external institutional conditions for the expansion of financial virtualization. Next, from the perspective of the relationship between the expansion of financial virtualization and the generalized credit system, we will discuss how the current financial virtualization breaks through the credit system framework from different levels< Second, positive power: money virtualization and credit creation
financial activities rely on money movement and credit innovation to optimize the allocation of real wealth and virtual wealth. Money is not only the original form and bud of finance, but also the internal origin of finance. Credit creates the external institutional guarantee of rights and obligations for their transition. The accompanying and interaction of currency virtualization and credit creation together construct the positive motivation of financial virtualization
the expansion process of financial virtuality begins with the externalization of the internal characteristics of monetary virtuality. The trend of monetary virtuality is realized in the process of externalizing the internal contradiction of goods into the contradiction between goods and money, and making money deviate from the material object in the performance of commodity value“ It is an endless process to replace one symbolic currency with another Marx, 1976, P. 95) money originated from the connection between commodities, which makes the natural process of direct barter exchange turn to the social process of indirect exchange with money as the medium, and this process itself breeds credit. Credit has the original impulse to replace the form of money circulation and payment from the beginning
the emergence of precious metal currency is the inevitable result of the development of value form. Before it appeared, commodity transaction was a simple exchange of things, and the existence of contingency made commodity owners face many "bottlenecks" in transaction. The monetary virtuality is restricted by the original state of monetary form in both internal and external characteristics. At this time, the continuity of exchange between people depends more on a kind of social contract“ Although these Provisions may never have been officially announced, they are the same in the whole world, and they are tacit or recognized by people in the whole world. " Rousseau, 2002, P. 39) although the emergence of precious metal currency alleviates the internal contradiction of commodity and makes the latter externally manifest as the contradiction between commodity and currency, it only provides the possibility for currency virtualization spillover. The reason why it is possible is that in addition to the existence of the value of physical currency itself limits the performance of value virtualization, the immature credit relationship also restricts the occurrence of currency virtualization from the external environment. This institutional framework, which can be combined with and internalized, does not make the spillover of currency virtualization possible until the condition of credit currency
the substitution of credit currency (banknotes, legal currency, etc.) for precious metal currency gets rid of the limitation of currency virtualization by currency materials to a certain extent. Although the gold standard, silver standard or double standard system is the basis for the circulation of credit currency, there are still doubts about the public's recognition and credibility of credit currency, which have been successfully solved under the al role of national authority and bank credit. At this time, the public's recognition of credit currency has gone beyond the scope of physical goods or services, and instead promoted the former to the credit level of the state and banks. George Kaufman has the following description: "as time goes on,..., the right to issue banknotes (later called currency) is transferred to the government,... Or it can be said that currency has only nominal value, and its supply is entirely determined by the government." Kaufman, 1998, P. 15) bank credit can create money, so that the amount of money can multiply. The establishment of deposit reserve system and non cash settlement system provides the premise for the bank's money creation mechanism. Under this premise, the money growth is not the growth of national currency circulation, but through the expansion of bank credit, This makes the paper money that can be seen and touched evolve into a pure value symbol, and the currency realizes the overflow of virtualization
economic credit makes the economic process graally get rid of the dependence of economic entities on their own accumulation, and turn to rely on external sources of financing. Therefore, the function of capital payment means is innovated by some money owners as a means of value-added. Interest bearing capital, and then virtual capital began to appear on the economic stage. Objectively speaking, the emergence of virtual capital is the result of currency virtualization and credit creation, and it also becomes the beginning of financial virtualization. According to Marx, virtual capital refers to the capital that exists in the form of securities and can bring expected income. It consists of bonds (bills of exchange), state securities (which represent past capital) and stocks (certificates of withdrawal for future income)“ The monetary value of the capital they represent is also completely fictitious, which is not transferred by the value of the real capital they represent at least partially; Since they only represent the right to obtain income, not capital, the right to obtain the same income will be reflected in the constantly changing virtual currency capital. " Marx, 2004, P. 451) the contradiction between the unlimited pursuit of capital appreciation and the limitation of self owned capital limits the smooth progress of expanded reproction, thus inhibiting the development of virtual economy. At this time, the credit system came into being to protect the development of virtual capital. "There is another force to promote concentration, which is the credit system." Ziwig, 1997, P. 280) through the medium of credit, a part of idle monetary capital can be loaned to enterprises by monetary capitalists, so that the accumulation of virtual capital greatly exceeds that of real capital, thus promoting the vigorous development of financial virtualization
both precious metal currency and credit currency are involved in financial activities with precious metal as reserve in a country. In the process of international trade, gold, the internationally recognized world currency, is still used as the currency exchange basis for transactions between countries. It can be said that the currency virtualization at this time is still retained in a country's matrix, and it has not been able to occupy the global financial trade activities. The post-war Bretton Woods system maintained the international monetary status of gold in the world, which became an obstacle for virtual capital to allocate capital across national boundaries. With the worldwide inflation in the late 1960s and the loss of gold reserves in the United States, the Bretton Woods system has been seriously impacted. With the collapse of Bretton Woods system in 1973, the ability of international virtualization was finally equipped with money, and financial virtualization went beyond national boundaries to play its powerful virtualization function on a global scale< Third, reverse power: the power of financial virtualization to avoid credit system
the process of financial virtualization develops with the requirements of maturity and perfection of credit system. Before the emergence of virtual capital, financial virtualization was relatively independent of the credit system, and its operation was more a natural development process based on the endogenous virtuality of money, breaking through all kinds of constraints; After the emergence of virtual capital, on the one hand, financial virtualization has been a strong credit guarantee to achieve virtual spillover; on the other hand, its own independence has always become the internal impulse to break through the framework of institutional setting and implement virtual expansion in a wider range
the existence of system itself is a kind of constraint. North believes that "institutions provide a framework for human interaction, and they determine the relationship of cooperation and competition that constitutes a society or, more precisely, an economic order." Although financial virtualization requires credit system to play a role of institutional guarantee in its development, the existence of such institutional guarantee also means that financial innovation is restrained within the known institutional framework, which objectively sets an invisible "chain" for the expansion of financial virtualization. After all, financial virtualization originates from the role and externalization of the internal contradictions of commodity economy (or market economy) represented by monetary virtualization, which is an objective process beyond the control of subjective will. The derivation of system is the external manifestation of human seeking to ensure the realization of their own value, which is established on the basis of human subjective will following the objective laws. Dialectically speaking, the emergence and development of credit system always lags behind the virtual expansion of finance, which determines that the generation of credit promoted by the early financial virtualization becomes the shackles restricting its internal development after the virtual expansion. It can be seen that the inherent virtuality of finance only represents the tendency and ability of finance to be virtualized, and whether the degree of virtualization is significant or not is affected and restricted by the system (especially the credit system) environment in different historical stages, which also provides a power source for financial institutions to avoid credit constraints and realize virtual innovation< In 1984, American economist e.j.kane put forward the theory of evasive financial innovation. Evasive innovation refers to the target mode of avoiding the regulation of various financial rules and regulations in order to maximize the theory. Regulatory financial innovation means internal market spontaneous force and external market mechanism
the dynamic mechanism and performance of financial virtualization's violation of credit system
[Abstract] the penetration and development of virtual economy in the global economy runs through the self expansion and expansion of financial virtualization. Currency virtualization and credit creation provide positive internal power for the trend of financial virtualization, while financial innovation characterized by financial derivatives provides reverse evasion power for financial virtualization to break through the credit framework. At present, the expansion of financial virtualization is constantly violating the credit system in the process of international credit system architecture, credit currency issuance and credit object regulation
[Key words] financial virtualization credit system dynamic mechanism performance
Introction
with the development of monetary virtualization, virtual economy has penetrated into all dimensions of human social life. Financial virtualization based on monetary virtualization and its positive and negative functions emerge in endlessly. Although people hold different views on this issue, it is inevitable that the expansion of the proportion of virtual economy in the whole economy is closely related to the continuous expansion of financial virtualization, which is a new paradigm divorced from the traditional "real economy". As a prominent feature of contemporary finance, the development trend of "negation of negation" in the course of its evolution, under the catalysis of economic virtualization and globalization, seems to be a trend and law of "from weak to strong" and "geometric expansion"
from the perspective of the history of human economic development, any economic logic has the human brand. People not only participate in economic activities, but also intervene and even control the endogenous process of economy, which also matches the derivative process of human economic system. North believes that "institutional change determines the way of social evolution, so it is the key to understand historical change." North, 2000, P. 110) economy is a complex institutional arrangement, and any institutional defects will make the economy deviate from the normal track. The development trend of currency virtualization and the continuous creation of credit provide the internal driving force for the expansion of financial virtualization, while the financial innovation caused by financial evasion in the current international economic system provides the external institutional conditions for the expansion of financial virtualization. Next, from the perspective of the relationship between the expansion of financial virtualization and the generalized credit system, we will discuss how the current financial virtualization breaks through the credit system framework from different levels< Second, positive power: money virtualization and credit creation
financial activities rely on money movement and credit innovation to optimize the allocation of real wealth and virtual wealth. Money is not only the original form and bud of finance, but also the internal origin of finance. Credit creates the external institutional guarantee of rights and obligations for their transition. The accompanying and interaction of currency virtualization and credit creation together construct the positive motivation of financial virtualization
the expansion process of financial virtuality begins with the externalization of the internal characteristics of monetary virtuality. The trend of monetary virtuality is realized in the process of externalizing the internal contradiction of goods into the contradiction between goods and money, and making money deviate from the material object in the performance of commodity value“ It is an endless process to replace one symbolic currency with another Marx, 1976, P. 95) money originated from the connection between commodities, which makes the natural process of direct barter exchange turn to the social process of indirect exchange with money as the medium, and this process itself breeds credit. Credit has the original impulse to replace the form of money circulation and payment from the beginning
the emergence of precious metal currency is the inevitable result of the development of value form. Before it appeared, commodity transaction was a simple exchange of things, and the existence of contingency made commodity owners face many "bottlenecks" in transaction. The monetary virtuality is restricted by the original state of monetary form in both internal and external characteristics. At this time, the continuity of exchange between people depends more on a kind of social contract“ Although these Provisions may never have been officially announced, they are the same in the whole world, and they are tacit or recognized by people in the whole world. " Rousseau, 2002, P. 39) although the emergence of precious metal currency alleviates the internal contradiction of commodity and makes the latter externally manifest as the contradiction between commodity and currency, it only provides the possibility for currency virtualization spillover. The reason why it is possible is that in addition to the existence of the value of physical currency itself limits the performance of value virtualization, the immature credit relationship also restricts the occurrence of currency virtualization from the external environment. This institutional framework, which can be combined with and internalized, does not make the spillover of currency virtualization possible until the condition of credit currency
the substitution of credit currency (banknotes, legal currency, etc.) for precious metal currency gets rid of the limitation of currency virtualization by currency materials to a certain extent. Although the gold standard, silver standard or double standard system is the basis for the circulation of credit currency, there are still doubts about the public's recognition and credibility of credit currency, which have been successfully solved under the al role of national authority and bank credit. At this time, the public's recognition of credit currency has gone beyond the scope of physical goods or services, and instead promoted the former to the credit level of the state and banks. George Kaufman has the following description: "as time goes on,..., the right to issue banknotes (later called currency) is transferred to the government,... Or it can be said that currency has only nominal value, and its supply is entirely determined by the government." Kaufman, 1998, P. 15) bank credit can create money, so that the amount of money can multiply. The establishment of deposit reserve system and non cash settlement system provides the premise for the bank's money creation mechanism. Under this premise, the money growth is not the growth of national currency circulation, but through the expansion of bank credit, This makes the paper money that can be seen and touched evolve into a pure value symbol, and the currency realizes the overflow of virtualization
economic credit makes the economic process graally get rid of the dependence of economic entities on their own accumulation, and turn to rely on external sources of financing. Therefore, the function of capital payment means is innovated by some money owners as a means of value-added. Interest bearing capital, and then virtual capital began to appear on the economic stage. Objectively speaking, the emergence of virtual capital is the result of currency virtualization and credit creation, and it also becomes the beginning of financial virtualization. According to Marx, virtual capital refers to the capital that exists in the form of securities and can bring expected income. It consists of bonds (bills of exchange), state securities (which represent past capital) and stocks (certificates of withdrawal for future income)“ The monetary value of the capital they represent is also completely fictitious, which is not transferred by the value of the real capital they represent at least partially; Since they only represent the right to obtain income, not capital, the right to obtain the same income will be reflected in the constantly changing virtual currency capital. " Marx, 2004, P. 451) the contradiction between the unlimited pursuit of capital appreciation and the limitation of self owned capital limits the smooth progress of expanded reproction, thus inhibiting the development of virtual economy. At this time, the credit system came into being to protect the development of virtual capital. "There is another force to promote concentration, which is the credit system." Ziwig, 1997, P. 280) through the medium of credit, a part of idle monetary capital can be loaned to enterprises by monetary capitalists, so that the accumulation of virtual capital greatly exceeds that of real capital, thus promoting the vigorous development of financial virtualization
both precious metal currency and credit currency are involved in financial activities with precious metal as reserve in a country. In the process of international trade, gold, the internationally recognized world currency, is still used as the currency exchange basis for transactions between countries. It can be said that the currency virtualization at this time is still retained in a country's matrix, and it has not been able to occupy the global financial trade activities. The post-war Bretton Woods system maintained the international monetary status of gold in the world, which became an obstacle for virtual capital to allocate capital across national boundaries. With the worldwide inflation in the late 1960s and the loss of gold reserves in the United States, the Bretton Woods system has been seriously impacted. With the collapse of Bretton Woods system in 1973, the ability of international virtualization was finally equipped with money, and financial virtualization went beyond national boundaries to play its powerful virtualization function on a global scale< Third, reverse power: the power of financial virtualization to avoid credit system
the process of financial virtualization develops with the requirements of maturity and perfection of credit system. Before the emergence of virtual capital, financial virtualization was relatively independent of the credit system, and its operation was more a natural development process based on the endogenous virtuality of money, breaking through all kinds of constraints; After the emergence of virtual capital, on the one hand, financial virtualization has been a strong credit guarantee to achieve virtual spillover; on the other hand, its own independence has always become the internal impulse to break through the framework of institutional setting and implement virtual expansion in a wider range
the existence of system itself is a kind of constraint. North believes that "institutions provide a framework for human interaction, and they determine the relationship of cooperation and competition that constitutes a society or, more precisely, an economic order." Although financial virtualization requires credit system to play a role of institutional guarantee in its development, the existence of such institutional guarantee also means that financial innovation is restrained within the known institutional framework, which objectively sets an invisible "chain" for the expansion of financial virtualization. After all, financial virtualization originates from the role and externalization of the internal contradictions of commodity economy (or market economy) represented by monetary virtualization, which is an objective process beyond the control of subjective will. The derivation of system is the external manifestation of human seeking to ensure the realization of their own value, which is established on the basis of human subjective will following the objective laws. Dialectically speaking, the emergence and development of credit system always lags behind the virtual expansion of finance, which determines that the generation of credit promoted by the early financial virtualization becomes the shackles restricting its internal development after the virtual expansion. It can be seen that the inherent virtuality of finance only represents the tendency and ability of finance to be virtualized, and whether the degree of virtualization is significant or not is affected and restricted by the system (especially the credit system) environment in different historical stages, which also provides a power source for financial institutions to avoid credit constraints and realize virtual innovation< In 1984, American economist e.j.kane put forward the theory of evasive financial innovation. Evasive innovation refers to the target mode of avoiding the regulation of various financial rules and regulations in order to maximize the theory. Regulatory financial innovation means internal market spontaneous force and external market mechanism
Hot content