National technology virtual currency

virtual currency is the currency used for electronic circulation. Now the scope of virtual currency is very large, including q-coin, bitcoin and so on. With the development of digital currency, virtual currency is becoming more and more abundant, which may become the mainstream in the future. For example, BTC, EOS, bcbot and so on are not only virtual currencies, but also algorithms, landing projects and technologies

virtual currency is mainly issued by online game service providers to purchase game props, such as equipment, clothing, etc. But at present, the use of virtual currency has gone far beyond this category. Virtual currency can be used to buy game cards, physical objects and download services of some movies and software

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real risk

as the proct of e-commerce, virtual currency has begun to play an increasingly important role, and it is more and more connected with the real world. However, with the growth of virtual currency, the relevant laws and regulations are lagging behind, which has laid many hidden dangers

fraud

the private transaction of online virtual currency has realized the two-way circulation between virtual currency and RMB to a certain extent. The activity of these traders is to buy all kinds of virtual currencies and procts at a low price, and then sell them at a high price to earn profits. With the increase of such transactions, there are even virtual mints. In addition to the virtual currency provided by the main company, there are also some people who specialize in "virtual coin making" to obtain virtual currency by playing games and then resell it to other players

Taking Wenzhou as an example, there are about seven or eight such "virtual mints" with four or five hundred practitioners. This not only creates a bubble for the price of the virtual currency itself, but also causes trouble for the normal sale of the issuing company. It also provides a platform for selling and collecting money and money laundering for various cyber crimes. p>

impact system

in modern financial system, the issuers of money are generally central banks, which are responsible for the management and supervision of money operation. As the equivalent exchange goods used to replace the real currency circulation on the Internet, the virtual currency on the Internet is essentially the same as the real currency. The difference is that the issuers are no longer central banks, but Internet companies

if the development of virtual currency makes it form a unified market, each company can exchange with each other, or virtual currency is integrated and unified, and all of them are based on the same standard and price, then in a sense, virtual currency is currency, which is likely to form a threat impact on the traditional financial system or economic operation

reference: network virtual currency

1. Japan
   
   among Asian countries, Japan seems to be the first country to support cryptocurrency. On the contrary, in the past few years, China has been cracking down on ICO and closing down the trading business of digital currency exchanges in China. Compared with China's strict restrictions, Japan is undoubtedly far ahead in the field of cryptocurrency
   
   maybe it's because of the anonymous people (or teams?) who developed bitcoin Japan's pseudonym is Nakamoto, so Japan's friendliness to cryptocurrency ranks at the top
   
   after being attacked by hackers, the Japanese based Mt. GOx exchange finally closed down in February 2014, which is still the biggest scandal in the digital currency world. After that, Japan's licensed cryptocurrency exchanges came together to form a new self regulatory organization, which put forward guidelines to legalize ICO and formulated clear instry standards to protect investors, while allowing the instry to grow and continue to innovate
   
   members of this association, called ICO business research group, include members of Parliament, academics, bankers and the CEO of bitflyer. Bitflyer is the largest cryptocurrency exchange in Japan. According to the government study, the legislature may allow potentially profitable ICO and cryptocurrency exchanges to continue trading, but at the same time, it must provide the government with more insight into these activities and enhance transparency

   

   blockchain, and each token is said to be supported by one barrel of crude oil. However, analysts generally believe that Maro is obviously lying
   
   nevertheless, as of the end of April, it was reported that Venezuela could offer India a 30% discount if India used petro currency to pay for its crude oil. Bitcoin magazine reported that "Venezuela has assured the buyer that petro currency will have all the functions of legal tender, can pay taxes and can be converted into Venezuelan hard currency, namely Bolivar
   
   while many people are skeptical of petro itself and the Venezuelan government's move to integrate cryptocurrency into its declining economy, others believe that any effort to win the credibility of cryptocurrency is worthwhile. David Garcia, senior vice president and partner of ripio credit network, pointed out that Latin America is going through a transitional period
   
   Latin America is in a difficult situation e to political corruption and economic crisis, and is troubled by high inflation and rapid devaluation of local currency, especially in Venezuela. Garcia believes that innovative ideas and solutions such as blockchain and cryptocurrency are necessary for these countries to develop in a positive direction

   3. Sweden
   
   in 2015, Sweden became the first country in Europe to approve the trading of two kinds of bitcoin exchange traded notes (ETN), which are managed by XBT providers. The Swedish Krona denominated bitcoin tracker one XBT (ST: se0007126024) fund and bitcoin tracker EUR XBT provider (ST: se0007525332) can be traded on Nordic Nasdaq, the main Swedish exchange
   
   since its launch, XBT has been launched in Denmark, Finland, Estonia and Latvia. As of early December 2017, cointegraph announced that Sweden's ETN "is more than 80% of the US ETF". In mid January, CNBC said that Sweden's bitcoin investment project attracted $1.3 billion
   
   in addition, the Swedish central bank has been considering the development of an electronic currency called e-krona to cope with the situation that Sweden is rapidly becoming the first cashless society in the world. However, Sweden's banking sector has hit back. Hans Lindberg, chief executive of the Swedish Bankers Association, said in an interview on April 17: "in terms of e-money, there is already a lot. There are bank cards, credit cards... And other electronic solutions. The most likely scenario in the future is that the Swedish central bank will stick to wholesale business. "< However, James Pomeroy, a global economist at HSBC, believes that Sweden is still likely to become the first country in the world to issue digital currency, which may be launched in the next few years. Venezuela may be ahead in government supported cryptocurrency issuance, but Sweden, a Scandinavian country with stronger economy and more trusted regulators, may still disrupt the existing order of cryptocurrency and even lead the European cryptocurrency instry< Switzerland
   
   4. The Swiss financial market supervision authority is at the forefront in clarifying the regulation of cryptocurrency and supporting ICO. Marc bernegger, a Swiss financial technologist, cryptocurrency entrepreneur and consultant to Swiss real coin, said Switzerland has traditionally been a haven of wealth. To some extent, this benefits from Switzerland's more open financial regulation and a long culture of protecting the privacy of Swiss banking institutions' customers. Bernegger pointed out that Switzerland has been "looking forward" to cryptocurrency assets as part of overall wealth management and is "preparing for changing economic forms."
   
   the surrounding area of Zug in North Central Switzerland is called crypto Valley, which has been called crypto valley since Ethereum ICO was launched in 2014. For cryptocurrency entrepreneurs, developers and investors, cryptovalley is one of the most active ecosystems,

   5. Israel
   
   in Israel, discussions on the regulation of cryptocurrency continue, and legislators are looking for ways to protect investors. Although Israel's banking system has failed to help promote bitcoin related business, Union Bank of Israel, the sixth largest bank in Israel, is being sued by a local cryptocurrency miner for stopping transferring funds from bitcoin exchange to the miner; In addition, Israel's second-largest bank, bank Leumi, was intervened by the district court and the country's Supreme Court when it tried to block the account activity of a local cryptocurrency exchange. This is undoubtedly a major victory for the local cryptocurrency instry
   
   in addition, it has recently been reported that the Central Bank of Israel has been considering the possibility of issuing state supported cryptocurrency for several months. According to the Jerusalem Post, an anonymous source said, "digital shekel can record every transaction through mobile phones, making tax evasion more difficult." If a digital Shekel is introced, its value will be equal to that of an entity
   
   in terms of technological innovation, Israel's start-up corporate culture is at the forefront. Roy meirom, co-founder and vice president of business development of wemark, pointed out that many of the 300 multinational R & D centers operating in Israel are committed to the application of blockchain<
   
   Roy meirom also said that this small middle east country, commonly known as the "start-up country", is rapidly becoming the development center of blockchain< Bermuda
   
   Bermuda, a member of the Commonwealth in the North Atlantic and Caribbean, has been actively seeking the adoption of cryptocurrency related regulations to begin to establish an appropriate framework to promote cryptocurrency business activities, including cryptocurrency exchanges, wallet services and payment providers. Recently, the Bermuda Monetary Authority's virtual currency business act was passed in the house of Commons
   
   Bermuda has carried out relevant legislative activities on ICO in the form of amending the Companies Act 1981 and the limited liability companies act 2016. At the end of last year, Bermuda's prime minister and Finance Minister David Burt set up a blockchain working group, which is divided into two groups: the legal and regulatory Working Group on blockchain and the commercial working group on blockchain
   
   7. Berlin, the capital of Germany, is perhaps one of the EU's most cryptocurrency friendly cities. In 2013, Berlin was called the "bitcoin capital of Europe" by the guardian, and it has always maintained this status. At present, people can use bitcoin to buy apartments in Berlin, make holiday reservations, and pay for meals in various fashionable local restaurants
   
   Thomas Schouten, marketing director of lisk, a Swiss based blockchain application platform, said the application chain has a major contractor office in Berlin. Schouten said Berlin provides a vibrant start-up and technology space with a huge talent pool and vibrant culture, making it easy for companies to attract employees. In addition, he said that Germany and the German government are open to blockchain technology
   
   in 2014, Germany became the first country to accept bitcoin as a currency, highlighting its open attitude. Similarly, board members of the Bundesbank have called for effective and appropriate regulation of cryptocurrencies and tokens. In fact, Joachim wuermeling, director of the Bundesbank, has pointed out the need for international cooperation on this issue:
   to this end, a number of decision makers of the Bundesbank have participated in discussions involving the whole EU region, including stimulating the cryptocurrency instry in the whole EU region through the European block chain partnership "Scientists and engineers in the instry, many of them retired members of Israel's elite military intelligence forces, have transferred to fill the huge talent demand of the instry, and are supported by more and more blockchain start-ups and supporting ecosystems."

2. "because the regulatory capacity of a single country is obviously limited, only by maximizing the potential of international cooperation can virtual currency be effectively regulated."

Compared with the real economy, virtual economy is the inevitable proct of economic virtualization. The essence of economy is a set of value system, including material price system and asset price system. Different from the material price system which is supported by cost and technology, the asset price system is a set of specific price system based on capitalization pricing, which is also called virtual economy

compared with the real economy, the virtual economy has a strong instability, which is determined by the virtual economy itself. The virtual nature of the virtual economy itself makes the price decision of all kinds of virtual capital in the process of market trading not follow the law of value as the price decision process of the real economy

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the harm of virtual economy

virtual economy is a "double-edged sword", which is proced to meet the needs of the real economy and can promote the development of the real economy; It may also bring great negative impact, even destructive damage to the real economy, which is mainly manifested as follows:

virtual economy is independent of physical capital, has great liquidity, and is a paradise for speculators. With the development of derivative financial instruments, the virtual capital can be separated from the physical capital further, and the liquidity is stronger. It can be used for the holders to operate in a large amount and in a long distance, which will have an impact on a country, a region and even the global economy

from "crazy tulip", "Mississippi hoax" to "bubble on the South China Sea", from "black Monday" and "October Massacre" to "really different this time", every financial crisis has caused serious dislocation of some countries' inverted Pyramid structure, and has interrupted the effective growth of important regional economies, resulting in a severe recession of the world economy. p>

the excessive issuance of virtual currency and the sharp increase of bad bank loans will shake the order and credit basis of the normal operation of the real economy. Since the emergence of paper money, especially the later book money and electronic money, human beings have entered the era of virtual money. Although the emergence of virtual money makes the money supply flexible enough to adapt to the development of real economy, it also makes it possible for excessive issuance and inflation of money

especially when the modern commercial banks with credit creation function are divorced from the actual needs of the real economy and provide credit by creating deposits, the whole real economy will inevitably suffer from inflation

bank is difficult to recover and form a large number of bad debts, it will not only cause the financial assets of banks to generate financial bubbles e to the fact that the real value is much lower than the book value, but also destroy the normal credit relations and shake the credit basis of the stable operation of the real economy. p>

virtual economy distorts the way of resource allocation, reces the efficiency of resource allocation, and hinders the development of physical economy such as agriculture and instry. In the rising stage of the bubble economy, investing in stock market, currencies and real estate can get a high rate of return which is far from the real economy. p> High rate of return makes a large amount of capital flow into stock market, foreign exchange market or real estate from the real economy sector, and the imbalance of capital will lead to a sharp rise in interest rate, which will cause the development of the real economy sector to shrink or even stagnate e to the high financing cost

, at the same time, the high returns of stock market, currencies and real estate make large numbers of talents flow into the bubble economy, and make labor costs rise rapidly e to the shortage of human capital. The excessive expansion of proction costs will rece the international competitiveness of the physical sector. p>

virtual economy destroys the operation of the financial system, reces the anti risk ability of banks, and causes financial crisis. In the bubble economy, speculative activities prevailed and demand for funds increased sharply, which led banks to raise interest rates for a higher profit. p>

high interest rates encourage banks to expand credit, relax the review of credit quality and feasibility study, so that a large number of funds from banks and other financial institutions flow into the stock market, foreign exchange market, real estate and other excessive speculative markets. The physical economy can not bear the high bank interest rates, which greatly inhibits its normal funds. As a vested interest group, banks and other financial institutions have great influence on the stock market, foreign exchange market and real estate market Foreign exchange market and real estate speculation played a negative role

bubble economy distorts consumer behavior, which is an important source of over consumption, and excessive consumption can easily lead to a large increase in imports. At the same time, e to high borrowing costs and labor costs, enterprises will rece export competitiveness

Virtual economy is relative to the real economy, and is the inevitable proct of economic Virtualization (called "financial deepening" in the West). The essence of economy is a set of value system, including material price system and asset price system. In addition to the current financial instry and real estate instry, including the sports economy, gambling instry and collection instry, the virtual economy will bring about a bubble economy. p>

virtual economy is the proct of highly developed market economy, and its ultimate goal is to serve the real economy. With the rapid development of virtual economy, its scale has exceeded that of real economy and become a relatively independent economic category. Compared with the real economy, the virtual economy has obviously different characteristics. To sum up, it is mainly manifested in four aspects: high liquidity, instability, high risk and high speculation

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economy is divided into two categories:

real economy and virtual economy. Real economy refers to material and spiritual procts and economic activities such as proction, circulation and service. It includes material proction and service sectors such as agriculture, instry, transportation and communication, commercial service and construction, as well as proction and service sectors of spiritual procts such as ecation, culture, knowledge, information, art and sports. You can see and touch

virtual economy refers to the economic activities related to the circular movement of virtual capital, which is mainly based on the financial system. At present, the cycle of virtual economy is in the financial market, such as stocks, funds, futures, insurance, financial management, collection, gambling, banking and so on