China and South Korea join hands to crack down on virtual curren
It is reported that zeniex will launch the virtual currency wallet download and other deposit services today, and the virtual currency trading and other trading services will start on the 13th. Due to the delay in opening a real name virtual account in South Korea, it will take the lead in launching the "virtual currency transaction service" with bitcoin (BTC) in a short time
e to the frequent occurrence of account security related accidents in the virtual currency trading market of South Korea recently, investors are very worried. Therefore, zeniex has developed a series of strict management plans from the beginning of membership certification
membership authentication needs four steps: email authentication, mobile phone authentication, OTP authentication and ID card authentication. At the same time, in order to be on guard, zeniex stipulates that investors must carry out dynamic password authentication when making money. If you want to increase the upper limit of payment, you need to carry out ID card authentication
Cui Jingzhun, head of zeniex, said, "after the exchange goes online, we will try our best to make the trading system operate safely and stably."it is reported that Chinese enterprises have participated in the technical work related to the cooperation between China and South Korea in building zeniex exchange to improve blockchain security
isn't virtual currency legal
Japanese yen
and
Korean won
are more convenient, and the economic exchanges among the three countries are closer.
the meaning of local currency swap agreement
local currency swap is to swap a certain amount of currencies of both parties at a certain exchange rate, so as to increase the foreign exchange reserves of the other party to cope with unexpected needs. Since the outbreak of the international financial crisis, the people's Bank of China has successively cooperated with the Central Bank of Korea, the Hong Kong Monetary Authority, the Central Bank of Malaysia, the Central Bank of Belarus, the people's Bank of China, the people's Bank of China, the people's Bank of Korea, the Central Bank of Belarus, the people's Bank of China, the people's Bank of China, the people's Bank of China, the people's Bank of Korea, the people's Bank of Malaysia, the people's Bank of Belarus, the people ' The Central Bank of Indonesia, the Central Bank of Argentina, the Central Bank of Iceland, the Central Bank of Singapore, the Central Bank of New Zealand, the Central Bank of Uzbekistan, Mongolia, Kazakhstan and other national and regional monetary authorities have signed 12 bilateral local currency swap agreements, with a total amount of 841.2 billion yuan (2011-06-14).
on the 12th, the people's Bank of China and the Bank of Korea announced the signing of a bilateral currency swap agreement with a scale of 180 billion yuan / 38 trillion won. Both parties can exchange the same amount of the other party's currency with their own currency as collateral within the above scale. Signing the swap agreement means that both sides promise a certain amount of swap, which can be started at any time in the specific situation of deepening crisis. The agreement is valid for 3 years and can be extended by mutual agreement. Both sides agreed to explore the possibility and proportion of converting swap currency into reserve currency
the purpose is to provide short-term liquidity support to the financial systems of the two economies with good fundamentals and operation, and promote the development of bilateral trade
it can effectively deal with the drastic fluctuation of the exchange rate of the two currencies, and the central banks of the two countries can intervene in time to rece the negative impact on trade. Recently, the South Korean won has depreciated significantly against the RMB. At this time, the Central Bank of Korea can intervene in the selling of the RMB to achieve the purpose of lowering the RMB, so that the exchange rates of the two countries do not fluctuate sharply.
since the use of RMB in China South Korea trade is only an initial trial run, it will not have much impact on the RMB exchange rate, because the original package of currency system will select the Korean won, so there is no difference. It's just omitting the dollar step
in this way, both China and South Korea will benefit, because China and South Korea will not need the tedious steps of settlement in US dollars, and will directly link the currencies of the two countries. It not only saves the cost of settlement, but also avoids the danger of the fluctuation of the US dollar to the trade between the two countries. It's the United States that doesn't benefit
for you, the impact is more comprehensive and safe. Instead of calculating the exchange rates of the two sides, just calculate the exchange rates of China and South Korea. If your business is a small one, it has little effect on you. Because small businesses don't need to settle in US dollars before, because small businesses don't do trade settlement at all. If you are a big business, it will save a lot of costs, which is good for you. Of course, at present, the RMB is still in a state of appreciation, and the Korean won is becoming less and less valuable. Your purchase cost will increase in the future, and your business will not be so good. Of course, this has nothing to do with changing to RMB settlement. Even if you always settle in US dollars, your business is not clear, because the RMB appreciation is too fast
there are really few disadvantages. Especially for your purchase business. The main losers are financial institutions that do venture capital and speculation
of course, there is an indirect disadvantage, that is, the promotion of RMB settlement in the world will weaken the status of the US dollar. If the RMB is generally favored, it will promote the rapid appreciation of RMB. Then your purchase cost will double, and your goods will not be competitive. But it's a long way off, and it's not expected to have much impact on your business in five years.