Zhou Xiaochuan's view on virtual currency
Publish: 2021-03-31 04:13:13
1. In the notice on preventing bitcoin risk issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin is clearly defined as a special Internet commodity, and people can buy and sell freely at their own risk, denying its monetary attribute. All financial institutions are not allowed to provide bitcoin related services. Bitcoin related websites must be put on record and require users to carry out real name authentication. Zhou Xiaochuan, central bank governor, said in an interview that bitcoin is a tradable asset like a stamp
in a word, virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards virtual currency, which is neither positive nor negative. Most of the major countries in the world also adopt a cold attitude towards virtual currency
since 2015, the popular virtual currencies are bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin and so on.
in a word, virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards virtual currency, which is neither positive nor negative. Most of the major countries in the world also adopt a cold attitude towards virtual currency
since 2015, the popular virtual currencies are bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin and so on.
2. Zhou Xiaochuan believes that bitcoin's blockchain technology has great potential. Zhou Xiaochuan compares bitcoin to a tradable asset like a stamp. Bitcoin is not issued by the central bank, which has no right to ban it. The central bank also plans to launch digital currency, which defines bitcoin as a special Internet commodity that people can buy and sell freely at their own risk
other well-known digital currencies include Leyte, Ruitai, doggy and so on.
other well-known digital currencies include Leyte, Ruitai, doggy and so on.
3. At the Boao Forum for Asia held in April this year, Zhou Xiaochuan, governor of the central bank, said that since digital currency is not the currency initiated and approved by the central bank, it is impossible to ban it. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment
4. Zhou Xiaochuan, the governor of the central bank, said at the Boao Forum for Asia that virtual currency is not a currency approved by the central bank and can not be banned. Since digital currency is not the currency initiated and approved by the central bank, it can not be banned. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment.
5. In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading.
6. Many people have said that the following is the view of central bank governor Zhou Xiaochuan:
Caixin reporter: on January 20, the people's Bank of China held a seminar on digital currency and proposed to strive for the early launch of the digital currency issued by the central bank. What is the reason for this< In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading
how to replace it? There are several ideas: one is to imitate paper money. For example, transactions between paper money are anonymous, and digital currency also wants to be anonymous, which leads to its technology choice. But the reason why banknotes are anonymous is not designed intentionally at first, but no other technology can guarantee the convenience of a large number of small transactions. Of course, some people think that anonymity is better for future digital currency transactions, because assuming that the government may make mistakes, the privacy of private wealth and the use of wealth should be absolutely protected
from the perspective of the central bank, the future digital currency should try its best to protect private privacy, but social security and order are also important. In case of criminal problems, it is necessary to retain the necessary verification means, that is to say, it is necessary to find a balance between protecting privacy and cracking down on criminal activities. The mastery of the balance between these two motivations also makes the tendency of technology choice different<
Caixin: what are the central bank's ideas on the issue and management of digital currency? What's the difference between digital currency and digital currency spontaneously appearing in the current market< / > Zhou Xiaochuan: at present, what many countries in the world recognize is the framework of digital or electronic money dominated by the central bank, which may be different from that of the people
when the central bank issues digital currency, it mainly embodies the following principles: first, it provides convenience and security. Second, as mentioned above, we should balance the protection of privacy with the maintenance of social order and the fight against illegal and criminal acts, especially for money laundering, terrorism and other criminal acts. Third, it should be concive to the effective operation and transmission of monetary policy. The fourth is to retain the control of currency sovereignty. Digital currency is freely convertible and controllable. Therefore, we believe that digital currency as legal tender must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
Caixin: is there a timetable for the launch of digital currency? Is it going to replace paper money in the end
Zhou Xiaochuan: we can't say the timetable of digital currency yet. China has a large population and a large volume. For example, a new version of RMB can be changed in a few months for small countries, but it will take about 10 years for China. Therefore, digital currency and cash will be parallel and graally replaced for quite a long time. In the later stage, the transaction cost of cash will graally rise. For example, in the past, banks were asked to count a large number of coins, and there was no charge for them. Later, they may need to charge. With the incentive mechanism, people will naturally use more digital currency, but the two will still co deposit in the longer term< However, there are many other applications of virtual currency. For example, the European crowdfunding platform uses blockchain technology to combine digital currency with real assets.
Caixin reporter: on January 20, the people's Bank of China held a seminar on digital currency and proposed to strive for the early launch of the digital currency issued by the central bank. What is the reason for this< In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading
how to replace it? There are several ideas: one is to imitate paper money. For example, transactions between paper money are anonymous, and digital currency also wants to be anonymous, which leads to its technology choice. But the reason why banknotes are anonymous is not designed intentionally at first, but no other technology can guarantee the convenience of a large number of small transactions. Of course, some people think that anonymity is better for future digital currency transactions, because assuming that the government may make mistakes, the privacy of private wealth and the use of wealth should be absolutely protected
from the perspective of the central bank, the future digital currency should try its best to protect private privacy, but social security and order are also important. In case of criminal problems, it is necessary to retain the necessary verification means, that is to say, it is necessary to find a balance between protecting privacy and cracking down on criminal activities. The mastery of the balance between these two motivations also makes the tendency of technology choice different<
Caixin: what are the central bank's ideas on the issue and management of digital currency? What's the difference between digital currency and digital currency spontaneously appearing in the current market< / > Zhou Xiaochuan: at present, what many countries in the world recognize is the framework of digital or electronic money dominated by the central bank, which may be different from that of the people
when the central bank issues digital currency, it mainly embodies the following principles: first, it provides convenience and security. Second, as mentioned above, we should balance the protection of privacy with the maintenance of social order and the fight against illegal and criminal acts, especially for money laundering, terrorism and other criminal acts. Third, it should be concive to the effective operation and transmission of monetary policy. The fourth is to retain the control of currency sovereignty. Digital currency is freely convertible and controllable. Therefore, we believe that digital currency as legal tender must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
Caixin: is there a timetable for the launch of digital currency? Is it going to replace paper money in the end
Zhou Xiaochuan: we can't say the timetable of digital currency yet. China has a large population and a large volume. For example, a new version of RMB can be changed in a few months for small countries, but it will take about 10 years for China. Therefore, digital currency and cash will be parallel and graally replaced for quite a long time. In the later stage, the transaction cost of cash will graally rise. For example, in the past, banks were asked to count a large number of coins, and there was no charge for them. Later, they may need to charge. With the incentive mechanism, people will naturally use more digital currency, but the two will still co deposit in the longer term< However, there are many other applications of virtual currency. For example, the European crowdfunding platform uses blockchain technology to combine digital currency with real assets.
7. Bai Yansong has not evaluated any kind of virtual currency, and this information is estimated to be fabricated by some people with ulterior motives
Zhou Xiaochuan, the governor of the people's Bank of China, commented on bitcoin. At a Boao Forum, he compared bitcoin to a tradable asset like a stamp, which is not issued by the central bank. The central bank has no right to ban bitcoin
in China, virtual currency is defined as commodity, not currency, and cannot be used for payment. But let's have digital currencies like gold cards trying to pay overseas, and currencies like Ruitai trying to mortgage assets.
Zhou Xiaochuan, the governor of the people's Bank of China, commented on bitcoin. At a Boao Forum, he compared bitcoin to a tradable asset like a stamp, which is not issued by the central bank. The central bank has no right to ban bitcoin
in China, virtual currency is defined as commodity, not currency, and cannot be used for payment. But let's have digital currencies like gold cards trying to pay overseas, and currencies like Ruitai trying to mortgage assets.
8.
It is clear that it is not a real currency, and financial and Payment institutions are not allowed to carry out this business. At the same time, it is necessary to strengthen the website filing
9. Views on virtual currency
from q-coin and counting roll used to buy props to bitcoin which can be exchanged with us dollar and euro today. It shows that the utilization rate and universality of virtual currency are graally increasing. I think this kind of virtual currency has both advantages and disadvantages. Virtual currency makes up for the deficiency of currency, but it will not replace the real currency
1. Security of virtual currency. The day before yesterday, a bitcoin trading platform headquartered in Japan was favored by many people. However, e to the loss of 750000 bitcoins from customers and 100000 bitcoins of its own, the company had to file for bankruptcy protection. This fully shows that the security of virtual currency is difficult to guarantee
2. The use of money cannot be regulated. The problem is that there is no manager similar to the central bank. Due to the strong anonymity, it is easy to be used for illegal transactions such as speculation and drugs, as well as money laundering. Without the network of financial institutions, it is difficult to grasp their liquidity, which will bring difficulties to taxation
although it has many uncertainties, virtual currency is very effective and reliable to a certain extent
1. The possibility of inflation of virtual currency is small, and it is not affected by policy. Avoiding the influence of the central government on finance, virtual currency can prove the stability of its value because of its limited circulation. It will not raise prices and lower the value of money because of the increase of money supply
2. Strong circulation. People can use bitcoin to trade anywhere in the world where there are networks and computers, which is very convenient
it not only saves time, but also saves a lot of transaction costs
after comparison, I think that the virtual currency will be saturated and will not pose a threat to the real currency. On the one hand, in the backward regions and countries, they rely more on currency, resulting in a gap with the developed regions. On the other hand, with the development of network technology, the security of virtual currency will be more and more difficult to determine. It is also very difficult for people to use a lot of money in the form of virtual currency in huge investment. Especially in a country with traditional culture such as China, people are more confident that they will hand over their property to the financial instry such as banks, rather than in the online world like flowers in the mirror< There is no comparability between bitcoin and stock. Stock is people's profit expectation for a company. For example, a company constantly proces new procts to increase its wealth. People can obtain wealth growth with the company by holding shares of the company. And the stock is an investment proct, without monetary attribute, it is impossible to say how much ICBC stock an iPad is worth. On the contrary, like bitcoin, the stock can be converted into legal currency through the exchange to purchase the iPad. Similarly, in the so-called companies that accept bitcoin payment, all of them are marked with legal currency. They accept bitcoin through a third-party company, and finally receive legal currency from a third-party company
therefore, stock is people's expectation for the future development of a company, and it is an investment proct. There is no comparison with bitcoin, which clamors to become a currency
2. The existence of money lies in circulation and pricing. A thing that has been reced to a speculative tool since its existence, expecting appreciation and redistributing wealth can not become money
3. As cndx God said, bitcoin will have 2.0 in the future, which will be seamlessly connected with 1.0. That's funny. Why should the inventor of 2.0 connect with 1.0? Just as bitcoin does not connect with RMB, it is another opportunity for wealth redistribution
4. The existence of virtual currency can only meet the money laundering needs of a small number of people, so there is a market. For example, if someone wants to launder US $1 million recently, the ratio of bitcoin to legal currency will change, which is also in line with the market rules. Of course, money laundering is risky. If you buy one million dollars of bitcoin, you will hold it forever without losing any money
5. My legal currency is in the bank. If I lose it, I can still get it back with my ID card. Is my bitcoin password gone? Who should I go to
6. The currency expected by cndx will not be lost. At most, it will play in a certain circle just like Q currency
7. This thing is the proct of anarchism. If you want to embody value, you can only do it without government. The distribution of wealth depends on power and blood. For example, if you hold 10000 bitcoins, ZF says not to use them, and you say I'll use them. Bang, you're dead. Oh, bitcoin has appreciated again, because the total amount is less than 10000.
from q-coin and counting roll used to buy props to bitcoin which can be exchanged with us dollar and euro today. It shows that the utilization rate and universality of virtual currency are graally increasing. I think this kind of virtual currency has both advantages and disadvantages. Virtual currency makes up for the deficiency of currency, but it will not replace the real currency
1. Security of virtual currency. The day before yesterday, a bitcoin trading platform headquartered in Japan was favored by many people. However, e to the loss of 750000 bitcoins from customers and 100000 bitcoins of its own, the company had to file for bankruptcy protection. This fully shows that the security of virtual currency is difficult to guarantee
2. The use of money cannot be regulated. The problem is that there is no manager similar to the central bank. Due to the strong anonymity, it is easy to be used for illegal transactions such as speculation and drugs, as well as money laundering. Without the network of financial institutions, it is difficult to grasp their liquidity, which will bring difficulties to taxation
although it has many uncertainties, virtual currency is very effective and reliable to a certain extent
1. The possibility of inflation of virtual currency is small, and it is not affected by policy. Avoiding the influence of the central government on finance, virtual currency can prove the stability of its value because of its limited circulation. It will not raise prices and lower the value of money because of the increase of money supply
2. Strong circulation. People can use bitcoin to trade anywhere in the world where there are networks and computers, which is very convenient
it not only saves time, but also saves a lot of transaction costs
after comparison, I think that the virtual currency will be saturated and will not pose a threat to the real currency. On the one hand, in the backward regions and countries, they rely more on currency, resulting in a gap with the developed regions. On the other hand, with the development of network technology, the security of virtual currency will be more and more difficult to determine. It is also very difficult for people to use a lot of money in the form of virtual currency in huge investment. Especially in a country with traditional culture such as China, people are more confident that they will hand over their property to the financial instry such as banks, rather than in the online world like flowers in the mirror< There is no comparability between bitcoin and stock. Stock is people's profit expectation for a company. For example, a company constantly proces new procts to increase its wealth. People can obtain wealth growth with the company by holding shares of the company. And the stock is an investment proct, without monetary attribute, it is impossible to say how much ICBC stock an iPad is worth. On the contrary, like bitcoin, the stock can be converted into legal currency through the exchange to purchase the iPad. Similarly, in the so-called companies that accept bitcoin payment, all of them are marked with legal currency. They accept bitcoin through a third-party company, and finally receive legal currency from a third-party company
therefore, stock is people's expectation for the future development of a company, and it is an investment proct. There is no comparison with bitcoin, which clamors to become a currency
2. The existence of money lies in circulation and pricing. A thing that has been reced to a speculative tool since its existence, expecting appreciation and redistributing wealth can not become money
3. As cndx God said, bitcoin will have 2.0 in the future, which will be seamlessly connected with 1.0. That's funny. Why should the inventor of 2.0 connect with 1.0? Just as bitcoin does not connect with RMB, it is another opportunity for wealth redistribution
4. The existence of virtual currency can only meet the money laundering needs of a small number of people, so there is a market. For example, if someone wants to launder US $1 million recently, the ratio of bitcoin to legal currency will change, which is also in line with the market rules. Of course, money laundering is risky. If you buy one million dollars of bitcoin, you will hold it forever without losing any money
5. My legal currency is in the bank. If I lose it, I can still get it back with my ID card. Is my bitcoin password gone? Who should I go to
6. The currency expected by cndx will not be lost. At most, it will play in a certain circle just like Q currency
7. This thing is the proct of anarchism. If you want to embody value, you can only do it without government. The distribution of wealth depends on power and blood. For example, if you hold 10000 bitcoins, ZF says not to use them, and you say I'll use them. Bang, you're dead. Oh, bitcoin has appreciated again, because the total amount is less than 10000.
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