Generalized virtual currency includes
according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law
the content of this article comes from: financial code of the people's Republic of China: application edition, China Law Press
The form and expression of "virtual" is not the first important, the first important is the internal value. In other words, what is the relationship and difference between the value of virtual currency and that of general currency. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. The problem of currency is the problem of modernity, and the problem of virtual currency is the problem of post modernity. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them
the formation mechanism of value is different
the value basis of general currency and virtual currency is different, the former represents utility, the latter represents value. From the point of view of behavioral economics, money, as a general equivalent, is called value in language, but it actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself. Virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency. Their commonness lies in that they are symbols of uncertain value and relative value. When we say that, the traditional meaning of currency has been broken through. Money in its original meaning can only be a special case of the new currency in a broader sense. Money can be used as the symbol of general equivalent or relative value set
the monetary decision mechanism is different
the general currency is decided by the central bank, and the virtual currency is decided by indivials. The sovereignty of general currency is in the center of the Republic; The sovereignty of virtual currency lies in distributed indivial nodes. From the perspective of information economics, general currency is a special case of virtual currency. The special points of this special case are: first, the reference point does not change. Therefore, value is specialized from a set to a recible value. When the reference point remains unchanged, value is equivalent to utility; Second, the gain and loss of utility relative to the reference point remain unchanged. This means that the value of reference point is a stable rational value and equilibrium value. In a rational economy, the reference point may remain unchanged, but it is still a scattered set. The difference is that every point (the actual transaction price) of this decentralization is unstable, and only the equilibrium value is stable; But in the value concentration of virtual currency, every point may be stable, on the contrary, the rational equilibrium value may be unstable. Reflecting on the monetary decision mechanism, the central bank is the personified representative of a fixed reference point of rational value, while the virtual money market (such as stock market and game money market) is determined by forces other than the central bank. In this sense, some people in economics call the stock market as the virtual money market, and the economy formed by the stock market and derivative financial market as the virtual economy. The essence of virtual economy is information economy with indivial as the center
the value exchange mechanism is different
the value conversion of general currency is completed in the money market; The value conversion of virtual money is completed in the virtual money market. The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets. Fisher Equation (QP = MV) describes the value conversion relationship between commodity market and money market; The extended Fisher Equation (MV = BH) describes the value conversion relationship between money market and virtual money market. Some people worry that the game virtual currency may cause inflation. This is because he does not understand the market exchange mechanism of virtual currency and confused the money market with the virtual currency market. Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must lead to inflation by issuing more money in the overall market; The imbalance of supply and demand in the virtual money market can not directly lead to inflation in the money market. The key to the problem is whether a unified virtual money market has been formed. The stock market is a unified market, but the game market is not. For example, the ratio of a game virtual currency to RMB may initially be 800000 to 1, and then it may change to 8 million to 1. Maybe we can buy a castle's virtual currency today, and maybe we can only buy a Tomahawk tomorrow. This phenomenon is indeed possible; If virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with money at the level of financial market. What's more, whether it's base money or value-added money, the amount of money (m) and the level of money price (V, i.e. velocity of circulation) have not changed, so we can't think that there will be monetary inflation or deflation. For the current game currency depreciation phenomenon, it is better to explain that the service conditions of a game as a value-added service have changed. Due to the general improvement of the level of players or the increase of the number of players, the demand for virtual currency increases, and the price of services and virtual currency decreases. As a result of this change in the supply and demand conditions of services, service prices have declined. This is a phenomenon that can be explained by a real commodity market
however, e to historical reasons, the statistical caliber and expression methods are different in different countries. For example, in the economic statistics of the United States, m3 is often used to express broad money; In the UK, M4 is used
is just a concept
broad money: broad money is an economic concept, corresponding to narrow money. In economics, it is represented by m2, which is calculated by the total amount of money in circulation plus demand deposits, time deposits and savings deposits
currency in circulation (currency for short) is a tool or a group of tools used for material exchange, sometimes just called "currency". It is a special kind of commodity. It is the specific manifestation and measurement unit of money. Currency area refers to the circulation and use of a single currency countries or regions. Different currency areas need to introce the concept of exchange rate when they exchange currency with each other
Introction
generally, each country only uses a single currency, which is issued and controlled by the central bank. However, there are exceptions, that is, multiple countries can use the same currency. For example, the euro commonly used in EU countries, the franc in the West African Economic Community, and the Latin American Monetary Union in the 19th century are equivalent currencies with different names but can circulate freely within the union. A country can choose the currency of other countries as its legal currency. For example, Panama chooses the US dollar as its legal currency. The currencies of different countries may also use the same name. For example, before France and Belgium used the euro, their currencies and Swiss currencies were called francs. Sometimes, for special reasons, different autonomous bodies in the same country may issue different versions of currency. For example, in the United Kingdom, including England, Scotland or even Jersey and Guernsey, which are remote islands, they have different versions of pound sterling issued by themselves, and they can trade with each other in other parts of the United Kingdom, However, only the English pound is the internationally recognized trading currency, and other versions of the pound may be rejected after they are taken out of the UK
each basic currency unit can also be divided into smaller secondary currencies. The most commonly used proportion is 1 / 100 of the main currency, for example, 100 points = 1 yuan. Before the French Revolution popularized metric system, 1 / 20 / 240 system was used for a long time in European history. For example, in Britain, 1 pound was equal to 20 shillings and 240 pence; In France, 12 deniers are sol and 20 sous are Livre. 1: 7, 1:14, 1:25, 1:10, 1:1000 and other carry systems were also used
in some countries, there is no secondary currency, or although there is a secondary currency, it is only a theoretical conversion unit because the value of the currency is too small, and no actual currency, such as Japanese yen and Korean won, is issued<
History
barter
the history of human use of money originated in the earliest era of material exchange. In the primitive society, people used barter to exchange what they needed, such as a sheep for a stone axe. But sometimes, e to the limitation of the types of goods used for exchange, we have to find a kind of goods that can be accepted by both sides of the exchange. This kind of goods is the most primitive currency. Livestock, salt, rare shells, rare bird feathers, gemstones, sand gold, stones and other items that are not easy to obtain in large quantities have been used as currency
metal currency
after years of natural elimination, in most societies, the goods used as currency are graally replaced by metal. The advantage of using metal currency is that it needs to be manufactured manually, cannot be obtained from a large amount of nature, and is easy to store. Gold, silver and copper, which are rare in quantity and difficult to smelt, have graally become the main currency metals. Some countries and regions have used iron currency
in the early days, metal coins were massive, so it was necessary to test their fineness with a touchstone and weigh them at the same time. With the development of human civilization, a more complex and advanced monetary system has been graally established. People in ancient Greece, Rome and Persia made coins of uniform weight and quality. In this way, in the use of money, there is no need to weigh, there is no need to test the quality, no doubt much more convenient. These coins bear the head of the king or emperor, complicated heraldry and seal to avoid forgery<
gold and silver
in western countries, the main currency is gold and silver, and the subsidiary currency is made of copper and copper alloy. With the development of European Society and economy, the volume of commodity trade increased graally. In the 15th century, the developed Flanders and the northern Italian states appeared the panic of deflation. From the 16th century, a large amount of gold and silver from America flowed into Europe through Spain, which saved the European monetary system and created conditions for the capitalist economic development in Europe
paper money
with the further development of economy, metal money also shows the inconvenience of use. A lot of metal coins need to be used in large transactions, and their weight and volume are troublesome. According to incomplete statistics, since the use of gold as currency, more than 20000 tons of gold have been worn out in the mint, or in people's hands, money bags and clothing pockets. As a result, as a symbol of metal currency, paper money appeared. Jiaozi, the earliest paper currency in the world, appeared in Sichuan area of China ring the Song Dynasty<
gold standard
the original paper money was based on gold, which could be freely exchanged with gold, and the two could circulate at the same time, and the circulation of paper money was relatively small. By the end of the 19th century, the capitalist economy had an unprecedented expansion and development, so paper money graally became the main currency in circulation, but they still had gold as the guarantee of issuance. This monetary system is called the "gold standard"
currency anti-counterfeiting
the problem of counterfeiting currency appears together with the monetary system. In the era of metal currency, the method of forgery was to mix copper, lead and other cheap metals into gold coins. At that time, the only way to deal with this kind of crime was to use severe punishment to intimidate forgers once found
banknotes are more likely to be forged. After the French Revolution, bond was issued as a substitute note, which was mortgaged by the confiscated church property. In order to destroy the French economy, the British government once forged this kind of currency (at the same time, private forgery of French paper money will be sentenced to death). This is also one of the earliest economic wars. During the Second World War, Germany used to forge a large number of British and American banknotes in concentration camps. The records of counterfeit banknotes by private or criminal organizations also emerge in an endless stream. In order to avoid forgery, many anti-counterfeiting measures have been adopted: special paper, offset embossing, watermark, magnetic ink, metal safety wire, UV fluorescent mark, color changing ink, front and back pattern printing (this technology is most eye-catching in French francs), etc. Australia, New Zealand and other countries have also issued plastic currency<
modern currency
under the gold standard system, the currency exchange rate between countries implementing the gold standard is determined according to their respective ratio of gold content - Gold parity. The system is based on the free flow of gold. After the outbreak of the first World War, the United Kingdom, France, Russia, Germany, Japan and other participating countries banned the export of gold, and the gold standard system has actually collapsed
after the first World War, the currencies of Germany, Austria and other countries depreciated significantly. Since then, there has not been a fixed exchange rate base between currencies. According to the Bretton Woods Agreement of 1944, the currencies of the member countries of the International Monetary Fund should be linked to gold or US dollars and exchanged at a fixed exchange rate. This agreement established the international monetary status of the US dollar, and the monetary system of various countries established by this agreement is called the Bretton Woods system. In August 1971, the US dollar stopped exchanging with gold freely, and the Bretton Woods system collapsed. From then on, it entered the era of symbolic currency. Since then, floating exchange rates have been adopted among countries. Some relatively stable currencies or currencies with appreciation potential, such as the Swiss franc, the West German mark and so on
the international standards organization (ISO) has designated a three letter symbol system to represent the currencies of various countries. The code name of this standard is ISO 4217
in the currency exchange rate table, we can see the exchange rate changes among currencies in the world in recent years
the function of money
because money is a commodity, it has the same use value and exchange value as all commodities. When in different forms of value movement, money plays different roles: value scale, means of circulation, means of payment, means of storage and world money. Among them, value scale and circulation means are the basic functions of money. The other three functions are derived from them
value scale
value scale is the direct embodiment of money as social labor. As a kind of commodity, money itself can be compared with other commodities according to its own standard. At this time, the form of value of commodities is transformed into the form of price, and the form of value of commodities expressed through money is price. When money performs the function of value measure, money only needs to exist in imaginary or conceptual form, but its unit must depend on the currency circulating in reality. It is precisely because of the value scale function of money that people can first convert different forms of goods into the price form of money, and then exchange with other goods. Money itself, as a commodity, also has the difference in quantity between different currencies. Therefore, people also set a quantity standard for money, that is, the price standard (sometimes also called the price scale). It is made of a unit of currency and its equal parts containing a certain weight of metal
means of circulation
after the currency implements the means of circulation, it makes the exchange of goods possible. The circulation means is the development of the function of monetary value measure. The emergence of money makes the exchange between commodities have direct barter exchange, which turns into the exchange with money as the medium. That is, from commodity commodity to commodity currency commodity. There are not only formal differences but also qualitative differences between them<
Chinese currency
the monetary system of ancient China was based on copper coin. Earlier forms of money have not yet been found. The original copper coins were various in shape, including knife coins, cloth coins, ant nose coins and many other forms. After the first emperor of Qin unified China, he ordered the copper coins of the whole country to be based on the copper coins of Qin. Because the sand mold is used to cast the copper coin, the cast copper coin has a rough edge, so there is a square hole in the center, which can be polished and filed with wooden sticks in series. This special shape gives it many symbolic mystical explanations. Some people think that the circle of the copper coin represents "heaven" and the square hole in the center represents "Earth". Copper coins usually bear the year of the emperor
gold coins were rare in ancient China. During the spring and Autumn period and the Warring States period, the state of Chu in the Yangtze River Valley in southern China used gold cakes and pieces. but
1. Broad money:
is an economic concept. It is a form or caliber of money supply, expressed by m2. Its calculation method is transaction money (M1, that is, the total amount of social currency plus current deposit), time deposit and savings deposit
Narrow sense money:it is generally expressed by the letter M1: M1 = M0 (currency in circulation) + enterprise current deposit + organ group army deposit + rural deposit. The supply of narrow sense money is the main observation basis for the central bank to formulate and implement monetary policy
The relationship between broad money and narrow money is that they are relative concepts Background:
the so-called broad money includes not only the cash and current deposits with liquidity, but also the deposit currencies with income and less liquidity. Narrow money reflects the real purchasing power of economy; Broad money not only reflects the real purchasing power, but also reflects the potential purchasing power. If the narrow sense of money grows faster, the consumption and terminal market will be active
if broad money grows faster, investment and intermediate market will be active. The central bank and the commercial banks can judge the monetary policy on this basis. Broad money is too high and narrow money is too low, which indicates that investment is overheated, demand is not strong and there is a risk of crisis; In the narrow sense, the currency is too high and M2 is too low, which indicates that the demand is strong, the investment is insufficient and there is a risk of price rise
source of reference: network broad money
source of reference: network narrow money source of reference
Broad money is the symmetry of "narrow money". The sum of M1 and fixed deposits of commercial banks. Because all kinds of time deposits can be withdrawn in advance and converted into real purchasing power, they can be counted as money, which can more comprehensively reflect the currency circulation and facilitate the analysis and control of market financial activities. By analogy, savings deposits, negotiable certificates of deposit, and short-term bonds that are easy to change hands can also be included according to their liquidity status. M2M3 is usually used as a code for classification and statistics, and the liquidity of quasi currencies that increase in turn decreases in turn. The central banks of different countries have different regulations on these classification indicators, and the number of broad money classification indicators varies in different periods of a country's economic and financial development< br />
at present,
broad money is an economic concept, corresponding to narrow money. It is a form or caliber of money supply, which is expressed by m2, That is, the total amount of money in circulation (including current deposits) and time deposits and savings deposits
the difference between broad money and narrow money
the so-called broad money includes both cash and current deposits with low liquidity, However, the international classification of deposit currency with income is as follows:
currency (M0) = paper money or seigniorage money outside the banking system
narrow money (M1) = cash in circulation + checking deposit (and transfer credit card deposit)
broad money (M2) = M1 + savings deposit (including current and time savings deposit)
specific network can be seen
Hope to help you
M2 refers to broad money, which includes not only cash and current deposits with liquidity, but also deposit currencies with income but less liquidity
M1 reflects the real purchasing power in economy; M2 reflects both real and potential purchasing power. If M1 grows fast, consumption and terminal market will be active; If M2 grows fast, investment and intermediate market will be active. The central bank and the commercial banks can judge the monetary policy on this basis. M2 is too high and M1 is too low, which indicates that investment is overheated, demand is not strong and there is a risk of crisis; M1 is too high and M2 is too low, indicating strong demand, insufficient investment and the risk of price rise
broad money is an economic concept, corresponding to narrow money. It is a form or caliber of money supply, which is expressed by m2. Its calculation method is transaction currency, time deposit and savings deposit< At present, money supply in China is also divided into three levels, which are respectively:
M0: cash in circulation, that is, cash in circulation outside the banking system
M1: money supply in a narrow sense, that is, M0 + current deposits of enterprises and institutions
M2: broad money supply, namely M1 + fixed deposits of enterprises and institutions + savings deposits of residents
among the three levels, M0 is closely related to consumption change and is the most active currency
M1 is the leading indicator of business cycle fluctuation, and liquidity is second only to M0
M2 liquidity is weak, but it reflects the change of social aggregate demand and the pressure of future inflation. Generally speaking, money supply mainly refers to m2.
broad money: broad money is an economic concept, corresponding to narrow money. In economics, it is represented by m2, which is calculated by the total amount of money in circulation plus demand deposits, time deposits and savings deposits< The announcement of economic indicators depends on the Ministry of finance, the people's Bank of China and the national development and Reform Commission.