The impact of virtual currency on monetary policy

1. If virtual currency and traditional currency can be exchanged freely, it will inevitably impact the traditional economy. Including but not limited to money laundering, monetary policy implementation and regulation.

2. With the rapid development of electronic finance and Internet, e-commerce as a new way of trade has graally become a major development trend of business applications. As the basis of e-commerce, e-money came into being. According to the definition of Basel Committee, e-money refers to the "stored value" and prepayment payment mechanism in the retail payment mechanism through the sales terminal, between different electronic devices and on the open network
the central bank has now made it clear that it will issue digital currency, and has completed two revisions. Of course, the digital currency to be issued by the central bank is different from the tokens launched by bitcoin, Leyte and European crowdfunding platforms. The digital currency issued by the central bank has the property of currency.

3.

The development of e-money helps the government to monitor e-money, adjust its monetary policy in time according to the development of e-money research and practice, and ensure the reliability of payment system

Relevant introction:

the formulation of technical standards for e-money and the promotion and application of e-money are semi government and semi private in most countries. Generally, enterprises are responsible for the formulation of technical safety standards. The government focuses on promotion and application

the object of monetary policy regulation is money supply, that is, the total purchasing power of the whole society, which is expressed in the form of cash in circulation and deposits in banks by indivials, enterprises and institutions

extended data

the widespread use of e-money makes the emergence of Internet banking inevitable. There are two types of Internet Banking: one is the Internet banking which is completely dependent on the development of the Internet, the other is the traditional bank using the public Internet, the Internet banking business as an extension of the bank's retail business counter, to achieve the purpose of 24-hour uninterrupted service, and save the bank's operating costs. In a complete sense, the Internet banking is the first type of Internet banking

e-money is a kind of money that can be issued through the electronic network and circulated all over the world, which breaks the monopoly power of a country's central bank on currency issuance. As a result, those institutions and indivials with advanced technology and a lot of capital (such as software companies, telecommunications companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet companies, Internet Like commercial banks, e-money issuance and operation are their main business

4. The construction of the e-money system has made slow progress. E-money is a kind of more secure electronic credit developed on the Internet. E-money is bound to have broader development prospects, circulation, use and other technical problems. In 2000, about 10% of people used e-money for business transactions< Third, it was not until the middle and late 1990s, with the deepening of the reform of the financial system, banks were pushed to the market, and the sense of survival and competition of the commodity economy forced the Chinese banking sector to think about the development strategy of e-money
in China, the focus of development is still on the credit card business. The first bank credit card in China was issued by Zhuhai branch of Bank of China in June 1985. Compared with foreign countries, the development history of bank credit card is very short. In recent years, China's bank card business has developed rapidly. Mondex is the electronic currency closest to cash at present. Consumers and businesses (i.e. buyers and sellers) input their various supply and demand wishes into the e-commerce network according to a certain format, with commercial electronic machines and various transaction cards as the media; Second, the issuers will be transformed from the central bank to other entities, and the construction of e-money system is slow, which also covers the scope of capital flow. In the payment process, there are also instry analysis, e-commerce will flourish. After the user opens an account in the bank which carries out e-cash business and stores money in the account, he can shop in the store which accepts e-cash< Second, the development of e-money
1, the indispensable role, such as e-cash, only a correct understanding of the advantages of e-money, more and more e-payment tools related to e-commerce. These payment instruments can be roughly divided into three categories: smart card payment card (such as Mondex) and digital currency file (such as e-cash and cyber coin). A brief description of e-commerce process. E-commerce is a kind of business mode adopting the most advanced information technology. The whole process of e-commerce is not a of business activities in the stage of instrial economy, a long-distance value transfer from person to business and person to bank. China's e-commerce is in its infancy, online financial services are less developed, with low preservation cost. Especially suitable for small amount of online purchase. E-money technology solves the problem of invisible money storage. 55 financial institutions across the country have opened bank card business, with a total amount of 3 cards issued, which reces the cost of currency issuance. There is a close relationship between e-money and e-commerce. In e-commerce, it has a complete set of business, such as information transmission, payment and collection. At the same time: one is electronic currency. At the same time, the online financial services driven by online e-money are developing rapidly in the world. According to statistics, online financial business accounted for 10% ～ 20% of the traditional financial business in 2000. In order to ensure the security of the transaction process, the certification authority certifies the buyers and sellers of online transactions to confirm their true identities. E-commerce essentially forms a virtual market exchange place
2. E-money and e-commerce. Mark Twain Bank of the United States is the first bank in the United States to provide e-money business. As early as April 1996, it obtained 10000 e-money customers
2. The main form of e-money is safe and efficient, and it can obtain the convenience of consultation and financing
e-cash is a digital currency developed by digicash for online transactions. The currency will include an "electronic digital pulse", among which the online financial business in the United States is the fastest growing. In our country, the development trend of electronic currency. At present, the development of electronic currency is very rapid. According to experts' prediction, 12% ～ 15% of transactions in the United States will be carried out by electronic means in the past ten years. It is inevitable that money payment or capital flow will be carried out through the network. By using electronic money, money can be stored on its own hard disk in anonymous form and used in the payment process safely and flexibly. It connects consumers and businesses (buyers and sellers) with banks. Consumers can open an account in the relevant banks. When they need to use e-money, they can install corresponding software or deposit cash in advance. However, after negotiation with businesses, consumers can use the corresponding e-money to pay for the goods they buy by signing an order contract. The certification authority ensures the security of the transaction process
3. Problems and solutions in application. The application and development of e-money make it possible to trade in cash and cash on the Internet, and promote the innovation of enterprise marketing structure, marketing mode and settlement mode; The convenient, fast and easy way of shopping will also greatly stimulate consumption and expand demand, bringing unlimited business opportunities to retailers; At the same time, e to the implementation of open network operation, the market competition is greatly intensified, prompting enterprises to provide high-quality and low-cost goods and high-quality and efficient services for the market
in e-commerce, the use of e-money for payment has many advantages compared with traditional currency payment. First of all, in the same space, the face value that electronic money can store is unlimited; The face value of traditional currency is limited. Secondly, e-money is limited by time and space, and can be transmitted in a short time through the communication system. Third, electronic money can be managed by computer, which makes up for the high cost of traditional money management. Fourth, the anonymity of e-money is stronger than that of traditional money, avoiding face-to-face transactions. In addition, the author also thinks that compared with the traditional currency, the electronic currency has the advantage of large information carrying capacity. Through the use of e-money in the transaction process, businesses, manufacturers and consumers can get more information than traditional transaction methods. For example, businesses can quickly and timely count the sales volume of hot-selling procts on the Internet, accurately find out the user information of browsing or purchasing through user registration information, and even conct follow-up market research in the form of telephone and e-mail, so as to provide more convenient services. At the same time, consumers can also get quick feedback and perfect after-sales service< However, as a payment tool, there are still some defects in the application of e-money in e-commerce. There are many views on this issue. For example, security problems, imperfect network infrastructure construction, immature development of e-commerce, system reliability, security and digital authentication technology, etc. these problems will have a great impact on the development of e-money. In order to make e-money develop rapidly and healthily, we must solve these problems as soon as possible. We should not only strengthen the construction of network infrastructure, but also improve the popularity of Internet; At the same time, we should actively develop e-commerce to promote the development of e-money; In addition, we should introce and improve the corresponding laws and regulations as soon as possible, provide the corresponding legal protection for the network security, standardize the online transaction proceres, and correctly use the digital certificate< In addition, through the study of e-money, the author thinks that the emergence and application of e-money poses new challenges to traditional value economics and monetary banking. In the future, e to the application of e-money, the central bank can no longer adjust the market economy by adjusting the amount of money issued. New value economics and monetary banking will come into being. Inflation and deflation will also have new interpretations to adapt to the future development of network economy. E-money will form a new discipline, which will impact the traditional theories and ideas of economic and financial circles< Conclusion: expanding the business of e-money is an inevitable requirement of economic development. With the accelerating process of economic globalization and the rapid development of information technology, the realization of electronic monetary and financial system will be an inevitable trend. At present, with the development of information technology related e-commerce, e-commerce, various online shopping systems based on secure data exchange protocol, supply chain management and network marketing, the original computer application system, management system and trade system structure can not keep up with the development and demand of the times. I believe that in the near future, driven by the continuous development of e-commerce, e-money will also get more comprehensive development in social and economic life< References:
1. Yu xutao, Sha Jizhang. Technical problems of e-money. Journal of Changzhou branch of Hehai University, 2000 (1)
2. Zhai Fengrong. E-money and e-payment. Value engineering, 2000 (5)
3. Bai Jing. On e-money and its development in China. Gansu academic journal, 2001 (5)
4, 2001
5. Xu Xiaoyong. The development of e-money and its risk prevention. Zhejiang finance, 2001 (2)
6. Pan Yu. Network economy -- the future direction of economic development. Journal of Nanjing University of Chemical Technology (zheshe Edition), 2000
7. Hu Guangwei, Pan Yu. Network enterprises and their influence on the development strategy of Chinese enterprises. Journal of Nanjing University of Chemical Technology (zheshe Edition), Zhou Jie and Pan Yu. A new way of business operation -- e-commerce. Journal of Nanjing University of Chemical Technology (Philosophy Society Edition), 2000. With the rapid development of electronic finance and Internet, network, as a new trade field, is graally becoming a major development trend of business. E-money system is the basis of e-commerce, e-wallet and so on. The former is mainly used for offline payment, while the latter is used for online payment, basic concepts and main forms of e-money
1. It is a kind of currency circulating in the form of data, and e-commerce is the combination of "communication service" and "data management service". Mondex card in addition to the characteristics of cash, the transmitter is installed in the mobile phone, cash withdrawal, deposit. On the whole; All financial institutions have installed 49000 automatic teller machines and 33 sales terminals. At the same time, it has a better feature than cash, that is, it can safely act as person to person through electronic channels (such as telephone, Internet, etc.), the payment method will tend to be simplified and unified, and the e-commerce network will meet the requirements of consumers, Search for relevant information and provide consumers with a variety of trading options. Once confirmed by consumers, e-commerce will assist in signing and classifying contracts< br />3
1; The other is electronic credit card, including smart card, debit card, telephone card, etc. The cash value is converted into a series of encrypted serial numbers, which are used to represent the currency value of various amounts in reality
Mondex is e-mondex (e-cash). Its main purpose is to replace banknotes and coins for daily small consumption, and to establish and improve the e-money system; There is another kind of electronic check, such as electronic check, electronic remittance (EFT), electronic transfer, etc. This paper will analyze and study the applicability of e-money, one of the tools of e-payment, in e-commerce?? In the face of the coming digital era, transfer, convenient and fast, the development of e-money in China is relatively late compared with the developed countries, and is still in the initial stage. The development of online financial services is less, so that we can really carry out e-commerce activities. 1. European countries are also developing vigorously; In Asia. Among them, the depth and breadth of the application of e-money as a payment tool directly affects the development of e-commerce. Through the process of e-commerce, we can see that e-commerce includes not only commodity flow, information flow and logistics, but also the basic concept of e-money. As the latest form of money, e-money,

8. Fiscal policy refers to the guiding principle of fiscal work stipulated by the state according to the tasks of political, economic and social development in a certain period of time, which regulates the total demand through fiscal expenditure and tax policy. Increasing government expenditure can stimulate aggregate demand and increase national income. Otherwise, it can suppress aggregate demand and rece national income. Tax is a contractive force to national income. Therefore, increasing government tax can restrain aggregate demand and rece national income. On the contrary, it can stimulate aggregate demand and increase national income. Fiscal policy is an integral part of the whole national economic policy. There are two forms of government expenditure: one is government purchase, which refers to the government's expenditure on goods and services - the purchase of tanks, the construction of roads, the payment of judges' salaries, and so on. The second is government transfer payment to increase the income of certain groups (such as the elderly or the unemployed). Tax is another form of fiscal policy, which affects the whole economy through two ways. First, taxes affect people's income. In addition, tax can also affect goods and proction factors, so it can also affect incentive mechanism and behavior. Its contents include: total social procts, national income distribution policy, budgetary revenue and expenditure policy, tax policy, fiscal investment policy, fiscal subsidy policy, national debt policy, and extra budgetary fund revenue and expenditure policy, which complement each other. Fiscal policy is developing with the change of social proction mode. In slave society and feudal society, it was impossible for the state to organize social and economic life on a large scale because of the self-sufficiency of natural economy. The financial policies of the slave owners and the landlord class mainly serve the political function of consolidating their dominant position. In the period of capital accumulation and the formation of capitalism, the rulers generally carry out predatory financial policies to accelerate the process of capital accumulation. In order to promote the development of free capitalism, the early capitalist countries generally adopted the fiscal policy of simplifying administration, light taxation and balanced budget. In the period of state monopoly capitalism, the contradiction between the socialization of proction and the private ownership of capitalism is becoming more and more intense, and the economic function of the government is graally strengthened. Fiscal policy not only serves the realization of the national political function, but also becomes an important tool for the government to intervene and regulate the social and economic life. Especially in the 1930s, Keynesianism came into being, and fiscal policy became an important means to adjust the economy and save the economic crisis; In the period of economic upsurge, we should implement the tightening fiscal policy to rece the total social demand and delay the coming of economic crisis. Because the socialist countries have established the economic system with the public ownership of the means of proction as the main body, the state concentrates the will of all the people, represents the fundamental interests of the people, and can consciously formulate fiscal policies in accordance with the requirements of objective economic laws. On the one hand, it promotes the consolidation of the people's democratic regime; on the other hand, it organizes and coordinates social and economic life to serve the consolidation of the socialist mode of proction and meet the increasing material and cultural needs of the people. Monetary policy in a narrow sense: it refers to the central bank's policies and measures to adjust money supply and interest rate by various tools in order to achieve the established economic goals (stabilizing prices, promoting economic growth, achieving full employment and balancing the balance of international payments), and then affect the macro-economy. Broad monetary policy: refers to all monetary regulations and measures taken by the government, the central bank and other relevant departments to affect financial variables The main difference between the two lies in that the policy makers of the latter include the government and other relevant departments, who often influence the exogenous variables in the financial system and change the rules of the game, such as the rigid restriction of credit scale, the direction of credit, the opening and development of the financial market. The former is that the central bank uses discount rate, reserve ratio and open market business to achieve the goal of changing interest rate and money supply in a stable system. At present, China implements a moderately loose monetary policy and a positive fiscal policy. Monetary policy is implemented through the government's management of the country's monetary, credit and banking systems. The nature of monetary policy is one of the most attractive, important and controversial fields in macroeconomics. A government has a variety of policy tools to achieve its macroeconomic goals. It mainly includes: (1) fiscal policy composed of government expenditure and tax. The main purpose of fiscal policy is to influence long-term economic growth by influencing national savings and stimulating work and savings 2) Monetary policy is carried out by the central bank, which affects the money supply. Through the central bank to regulate the money supply, affect the interest rate and the degree of credit supply in the economy to indirectly affect the aggregate demand, in order to achieve an ideal balance between aggregate demand and aggregate supply. Monetary policy is divided into expansionary and contractionary. Expansionary monetary policy is to stimulate aggregate demand by increasing the growth rate of money supply. Under this policy, it is easier to obtain credit and the interest rate will be lower. Therefore, when the aggregate demand is very low compared with the proction capacity of the economy, it is most appropriate to use expansionary monetary policy. Tight monetary policy is to rece the level of aggregate demand by recing the growth rate of money supply. Under this policy, it is difficult to obtain credit, and the interest rate also increases. Therefore, when the inflation is serious, it is more appropriate to adopt the tightening monetary policy. The object of monetary policy regulation is money supply, that is, the total purchasing power of the whole society, which is embodied in the form of cash in circulation and bank deposits of indivials, enterprises and institutions. Cash in circulation is closely related to the change of consumer price level. It is the most active currency and has always been an important target of the central bank. Monetary policy instrument refers to the policy means adopted by the central bank to regulate the intermediate target of monetary policy. Monetary policy is a macro policy related to the overall economic situation. It has a close relationship with fiscal policy, investment policy, distribution policy and foreign investment policy. It is necessary to implement comprehensive supporting measures to maintain the stability of currency value. According to the definition of the central bank, the monetary policy tool library mainly includes open market business, deposit reserve, refinancing or discounting, interest rate policy and exchange rate policy. From the academic point of view, it can be divided into quantity tool and price tool. Price instruments are mainly reflected in the adjustment of interest rates or exchange rates. Quantitative instruments are more abundant, such as central bank bills for open market business and reserve ratio adjustment, which focus on the adjustment of money supply. The main measures of using monetary policy include seven aspects: first, controlling currency issuance. Second, control and regulate the loans to the government. Third, open market business. Fourth, change the deposit reserve ratio.. Fifth, adjust the rediscount rate. Sixth, selective credit control. Seventh, direct credit control.

9. We know that the market is like a & quot; Invisible hand;, However, when rivers are polluted and mountains are cut down, when the ecated need schools and travelers need roads, when people in remote and poor mountainous areas have difficulties in living, and when the unemployed and laid-off people may not be able to open the pot, the market will not be able to cope; Invisible hand & quot; It can not solve the problem of economic crisis; The visible hand;, The goal of the government's economic regulation is to balance the total supply and demand of the country. The government uses three major policies to regulate the economy: fiscal policy, monetary policy and foreign economic policy, When the economy is too cold, the government will; Step on the gas;, Stimulate consumption, increase investment, increase exports, let the economy rebound; When the economy overheats, the government will; BRAKE & quot; Limiting consumption, recing investment and pushing down the overheated economy.

the impact of national macro financial and monetary policy on the stock market is mainly controlled by monetary policy, interest rate policy and exchange rate change policy
the impact of deposit and loan interest rates. Generally speaking, once the interest rate rises to a certain level, the investor may withdraw the funds that have been put in the stock market and deposit them in the bank or purchase Treasury bills and commercial bills; If interest rates fall to a certain level, investors will invest in the stock market. They may also take the risk of using bank loans to buy stocks; The impact of monetary policy. The important adjustment means of economic development cycle is monetary policy, which artificially shortens the time of economic overheating or recession. In the process of adjustment, it directly affects the rise and fall of the stock market. The measures mainly include the following three aspects: adjusting the discount rate of banks, changing the reserve rate of banks and changing the margin ratio of stock market; The impact of exchange rate policy on the stock market. The influence of exchange rate change on stock price is mainly aimed at those joint-stock companies engaged in import and export trade, which is reflected in the change of stock price through its influence on the company's profitability
among them, monetary policy has a great influence on the stock market and stock price. Loose monetary policy will expand the total amount of money supply in society, which has a positive impact on economic development and securities market transactions. But too much money supply will cause inflation, which will affect the development of enterprises and rece the real rate of return on investment. On the contrary, tight monetary policy will rece the total amount of money supply in society, which is not concive to economic development and the activity and development of the securities market. In addition, monetary policy has a great impact on people's psychology, which will greatly promote the rise and fall of the stock market
monetary policy is one of the basic means for the government to control macro-economy. Because the balance of total social supply and demand and the balance of total money supply and demand complement each other. Therefore, the focus of macroeconomic regulation and control must be based on the amount of money supply. Monetary policy is mainly aimed at the regulation and control of money supply, so as to achieve such macroeconomic goals as stabilizing money, increasing employment, balancing international payments, and developing economy.