Will DCEP replace bitcoin
Publish: 2021-05-16 19:02:40
1. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
2. Generally speaking, DCEP is the "digital currency with value characteristics" issued by the state. It can completely replace the market banknotes and has the same functions and attributes as banknotes. The release of DCEP redefines what digital currency represents. In the past, bitcoin, Ethereum and other currencies also had multiple nicknames such as digital currency or cryptocurrency. Now digital currency needs to be removed from these nicknames
in terms of positioning, the central bank's digital currency DCEP is not simply the digitization of banknotes, but to replace M0 (banknotes and coins) and change the form of the base currency. M0 refers to the cash in circulation, that is, the sum of the cash on hand of various units outside the banking system and the cash held by residents. The digitalization of banknotes generally refers to online replacement of lines, such as Alipay and WeChat, which all belong to online payment. However, both of them need to bind bank cards to pay. DCEP does not have this restriction, that is to say, when using DCEP for payment, there is no need to bind any bank account
the name of digital currency is easy to associate with cryptocurrencies such as bitcoin, but there is a fundamental difference between DCEP and them: DCEP is centralized while bitcoin is decentralized
to be exact, DCEP is a kind of sovereign credit currency, while the latter two are the procts of the idea of "currency non nationalization". The paper money itself has no value. The reason why it can perform the function of currency is that it is supported by the national credit and has the nature of legal compensation and compulsion. However, cryptocurrency such as bitcoin is a kind of private currency in essence and has no solid credit foundation. Therefore, any cryptocurrency with its own mining algorithm, following P2P protocol, limited amount, reaching a certain degree of consensus and decentralization can be a substitute for bitcoin
comparatively speaking, if there is a substitute for DCEP, it can only be other forms of RMB, such as banknotes and coins. That is to say, the digital currency DCEP issued by the central bank is still the debt of the central bank to the public, and this relationship between creditor's rights and debt will not change with the change of currency form.
in terms of positioning, the central bank's digital currency DCEP is not simply the digitization of banknotes, but to replace M0 (banknotes and coins) and change the form of the base currency. M0 refers to the cash in circulation, that is, the sum of the cash on hand of various units outside the banking system and the cash held by residents. The digitalization of banknotes generally refers to online replacement of lines, such as Alipay and WeChat, which all belong to online payment. However, both of them need to bind bank cards to pay. DCEP does not have this restriction, that is to say, when using DCEP for payment, there is no need to bind any bank account
the name of digital currency is easy to associate with cryptocurrencies such as bitcoin, but there is a fundamental difference between DCEP and them: DCEP is centralized while bitcoin is decentralized
to be exact, DCEP is a kind of sovereign credit currency, while the latter two are the procts of the idea of "currency non nationalization". The paper money itself has no value. The reason why it can perform the function of currency is that it is supported by the national credit and has the nature of legal compensation and compulsion. However, cryptocurrency such as bitcoin is a kind of private currency in essence and has no solid credit foundation. Therefore, any cryptocurrency with its own mining algorithm, following P2P protocol, limited amount, reaching a certain degree of consensus and decentralization can be a substitute for bitcoin
comparatively speaking, if there is a substitute for DCEP, it can only be other forms of RMB, such as banknotes and coins. That is to say, the digital currency DCEP issued by the central bank is still the debt of the central bank to the public, and this relationship between creditor's rights and debt will not change with the change of currency form.
3.
From the stable currency issued by banks, to the stable currency issued by Internet companies, to the present stable currency, all these mean that the future digital legal currency will come to people's vision and officially enter the stage of history, which will be initiated by central banks. Similar to the current public chains with different architectures, the digital currency of central banks will also use different technologies suitable for their national conditions. The digital currency of the central bank will explode in a certain period of time, which will make global trade more convenient, asset transfer will be extremely fast, and even drive the further development and innovation of traditional instries< but will bitcoin, the originator of digital currency, be replaced by central bank digital currency? Here mainly from the following aspects of analysis
3. Payment function and there will be certain restrictions on the payment function of the central bank's digital currency. If the comprehensive liberalization policy is implemented, it means that the exchange of legal currencies between countries is less regulated, so it may also cause large-scale capital loss, Therefore, the payment function of the central bank's digital currency may only be limited to specific regions and countries and cannot be spread out at will, which will also have an impact on its function
because bitcoin is a free digital currency, there are no restrictions on its use. Anyone can use bitcoin for value storage , which also facilitates more people who need money exchange. However, e to the high degree of freedom of bitcoin, the exchange rate between bitcoin and legal currency has certain volatility, As a result, the behavior of currency speculation also occurs. In different periods, legal currency and digital currency have different exchange rates. Therefore, bitcoin can only be used as a payment type digital currency in the short term, and can only be used as an investment proct in the long term. The two attributes of investment and payment are opposite to each other, This will continue for a long time to come
4.
First of all, neither of these two currencies is really RMB. What is the fundamental difference between them and RMB? RMB can not be used everywhere, but bitcoin and DCEP can only be consumed in fixed places. Obviously, the difference between these two currencies and RMB is too big. If there are two kinds of currencies, you may not be able to, because in some places these two kinds of currencies are not passable, and you have to use cash to get by. Bitcoin is also a special currency with commemorative value. Recently, you often hear that bitcoin devalues, causing some people to lose money, bitcoin appreciation, and then some people make money
Finally, I would like to warn you that you'd better not touch bitcoin. In fact, bitcoin's internal quantity is fixed, and then with its price fluctuation, every time you buy it, you may make money or lose money. But can you guarantee that you will lose money if you make money all the time, We should choose a way of self-protection rather than trading with bitcoin. In a word, as I said, bitcoin has collection value, not its real monetary value. People should pay more attention to what people actually have in their livesbitcoin's sudden wealth is deceptive. No one can easily get rich overnight. Bitcoin is actually another form of stock, which has a great impact on people's lives. You'd better not get rich by him. It's impossible
5.
Brother, you are also good at digging notebooks. I'm afraid you've lost your pants
mining is like this< br />
6. CPU Intel Core I3 4150 1 & # 165; 740
motherboard H81 Pro btc1 & 165; 449
memory Kingston 4GB ddr31600 1 & # 165; 240
solid state hard disk Weigang sp900 (128GB) 1 and 165; 399
video card Yingtong radium dragon r6770-1024gd5 classic version 1 and 165; 499
first horse dreamer 11; 99 ¥ 99
assassins 5301 and 165; 179 ¥ 179
display eupai va2249s1 & #165; 760 ¥ 760
keyboard and mouse set Logitech MK200 keyboard and mouse set 1 and 165; 95
total amount: 3460 yuan
motherboard H81 Pro btc1 & 165; 449
memory Kingston 4GB ddr31600 1 & # 165; 240
solid state hard disk Weigang sp900 (128GB) 1 and 165; 399
video card Yingtong radium dragon r6770-1024gd5 classic version 1 and 165; 499
first horse dreamer 11; 99 ¥ 99
assassins 5301 and 165; 179 ¥ 179
display eupai va2249s1 & #165; 760 ¥ 760
keyboard and mouse set Logitech MK200 keyboard and mouse set 1 and 165; 95
total amount: 3460 yuan
7.
Central Bank launched TCEP digital currency, just to replace banknotes and coins in circulation, and will not pose a threat to WeChat and Alipay. In short, WeChat and Alipay are "software tools", a convenient "settlement" and "channel" for transshipment and transmission, while digital money and previous traditional currencies are a form and carrier of capital and wealth. There is no conflict between the two
as to whether digital currency Libra will replace traditional currencies such as paper money and coins, it is a historical process. Just like the history of 's Yuan Datou and copper coin replaced by paper money and coins, it is a truth. However, no matter how evolution, digital currency Libra will not replace Alipay and WeChat payment. Just as the UnionPay can't complete the mobile payment function of WeChat and Alipay! p>
8. At present, there is no regulation on digital currency transaction in China
however, it is strongly recommended not to play with foreign platforms, which are easy to be hacked and frozen
for domestic platforms, please identify three major platforms: okex, fire coin and coin security
more questions about digital currency can be left!
however, it is strongly recommended not to play with foreign platforms, which are easy to be hacked and frozen
for domestic platforms, please identify three major platforms: okex, fire coin and coin security
more questions about digital currency can be left!
9. Since the blockchain was named by the leaders, the currency circle has been filled with lively voices. Under the sound of the media, people are full of expectations for the digital RMB (DCEP) to be issued by the central bank, but at the same time, some lawless elements also take advantage of it to make trouble
an exchange named rosex was set up in the name of the people's Bank of China
according to the report of the securities times, recently, some institutions pretended to be the people's Bank of China, and branded their digital currency as "DC / EP" or "DCEP" for trading on the platform. Several erc20 tokens called DCEP suddenly appeared on Ethereum, and even a weird DCEP payment interface website, which seems quite suspicious
in view of this, the central bank immediately dismissed the rumors yesterday, stating that legal digital currency has not yet been issued
the central bank clarified that there was no issue of DCEP, which was intercepted from the microblog of chinanews.com
even though the central bank claims that DCEP has been studied for a long time and is likely to be the first national organization in the world to launch digital currency, so far, people still can't see the detailed launch time and process. Only a few central bank officials have explained several key points at various conferences, and even there is no white paper
it's no wonder that some outlaws will take advantage of the DCEP fire to set up scams to deceive the ignorant people The daily economic news also warned that because the blockchain technology is still in the exploratory stage, many applications are being developed, and this kind of new technology with "cutting-edge concept" is easy to be used as a gimmick by interested people
in the currency circle, you can often hear the news of money disk and MLM money running away, and this kind of behavior is usually difficult to safeguard rights. Many weird blockchain projects memorize the distributed storage, encryption algorithm and consensus mechanism thoroughly. However, when you actually read the white paper, you find that he may be ing the works of bitcoin, Ethereum and other predecessors, There are not many projects that can really solve the problem. You can hardly even see their money on the mainstream exchanges
since the release of Libra white paper by Facebook, many countries and instrial giants have suddenly paid attention to digital currency, and many regulatory policies have been introced one after another, even the domestic policy of accelerating the development of legal digital currency. As one of the "most practical" applications of blockchain in the past decade, what changes will digital currency bring to the world's monetary system
digital currency may enter the era of the Three Kingdoms
according to coindesk, Jeremy Allaire, CEO of circle, a blockchain start-up company, said that e to the rapid development of blockchain and smart contracts, a new economic system has emerged. For example, Ethereum, with network protocols such as TCP / IP and HTTP, allows legal tender or token to be issued above. In terms of the existing form of issuing currency, the future digital currency will enter the "Three Kingdoms era":
1. Open finance is the original ecosystem of encryption. For example, companies such as circle and coinbase have issued usdcoin (usdc) based on US dollar reserves on the public chain. By using open finance, enterprises and developers can build an advanced financial structure, In order to better lead the payment and bond markets, but also subject to strict government regulation. At the same time, the open financial instry is faced with the big question of blockchain. How can it have strong anonymity and privacy while maintaining openness and transparency
2. National digital currency: this kind of digital currency is quite popular in the near future, especially after China plans to launch DCEP, many countries are also thinking about whether to follow up. However, when more and more countries are involved in the field of digital currency, does this mean that financial innovation will be strictly controlled? Can China give fair conditions for foreign enterprises or institutions to use DCEP for transactions
3. Private digital currency: a typical example is Facebook's Libra or JP Morgan's jpcoin. However, the concept of Libra is more cutting-edge because it tries to put all the world's legal currencies into a basket and create a global digital currency. However, this is a great challenge for developers. It is very difficult to be open and restricted for countries to visit. From the current situation, national regulators also try their best to block the issuance of Libra, and believe that it may threaten national currency sovereignty
an exchange named rosex was set up in the name of the people's Bank of China
according to the report of the securities times, recently, some institutions pretended to be the people's Bank of China, and branded their digital currency as "DC / EP" or "DCEP" for trading on the platform. Several erc20 tokens called DCEP suddenly appeared on Ethereum, and even a weird DCEP payment interface website, which seems quite suspicious
in view of this, the central bank immediately dismissed the rumors yesterday, stating that legal digital currency has not yet been issued
the central bank clarified that there was no issue of DCEP, which was intercepted from the microblog of chinanews.com
even though the central bank claims that DCEP has been studied for a long time and is likely to be the first national organization in the world to launch digital currency, so far, people still can't see the detailed launch time and process. Only a few central bank officials have explained several key points at various conferences, and even there is no white paper
it's no wonder that some outlaws will take advantage of the DCEP fire to set up scams to deceive the ignorant people The daily economic news also warned that because the blockchain technology is still in the exploratory stage, many applications are being developed, and this kind of new technology with "cutting-edge concept" is easy to be used as a gimmick by interested people
in the currency circle, you can often hear the news of money disk and MLM money running away, and this kind of behavior is usually difficult to safeguard rights. Many weird blockchain projects memorize the distributed storage, encryption algorithm and consensus mechanism thoroughly. However, when you actually read the white paper, you find that he may be ing the works of bitcoin, Ethereum and other predecessors, There are not many projects that can really solve the problem. You can hardly even see their money on the mainstream exchanges
since the release of Libra white paper by Facebook, many countries and instrial giants have suddenly paid attention to digital currency, and many regulatory policies have been introced one after another, even the domestic policy of accelerating the development of legal digital currency. As one of the "most practical" applications of blockchain in the past decade, what changes will digital currency bring to the world's monetary system
digital currency may enter the era of the Three Kingdoms
according to coindesk, Jeremy Allaire, CEO of circle, a blockchain start-up company, said that e to the rapid development of blockchain and smart contracts, a new economic system has emerged. For example, Ethereum, with network protocols such as TCP / IP and HTTP, allows legal tender or token to be issued above. In terms of the existing form of issuing currency, the future digital currency will enter the "Three Kingdoms era":
1. Open finance is the original ecosystem of encryption. For example, companies such as circle and coinbase have issued usdcoin (usdc) based on US dollar reserves on the public chain. By using open finance, enterprises and developers can build an advanced financial structure, In order to better lead the payment and bond markets, but also subject to strict government regulation. At the same time, the open financial instry is faced with the big question of blockchain. How can it have strong anonymity and privacy while maintaining openness and transparency
2. National digital currency: this kind of digital currency is quite popular in the near future, especially after China plans to launch DCEP, many countries are also thinking about whether to follow up. However, when more and more countries are involved in the field of digital currency, does this mean that financial innovation will be strictly controlled? Can China give fair conditions for foreign enterprises or institutions to use DCEP for transactions
3. Private digital currency: a typical example is Facebook's Libra or JP Morgan's jpcoin. However, the concept of Libra is more cutting-edge because it tries to put all the world's legal currencies into a basket and create a global digital currency. However, this is a great challenge for developers. It is very difficult to be open and restricted for countries to visit. From the current situation, national regulators also try their best to block the issuance of Libra, and believe that it may threaten national currency sovereignty
10. The traditional currency is "currency", that is, it can exchange any commodity, and its use is unrestricted. Because it does not carry information, it is difficult to trace. If the traditional currency expands with the growth of data, it will lose the function of value measurement, that is, it will become waste paper. However, digital currency is different. Although it is also "currency", it can carry information, so it has stability and can be used as the "anchor" of data assets rather than being "carried away" by data assets
in fact, the core attribute of bitcoin, which was the first to practice the concept of digital currency, is that the total amount of bitcoin can be controlled, so it can be used to measure the value of other commodities rather than being determined by other commodities. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
therefore, from a strategic perspective, under the background that informatization and digitization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend.
in fact, the core attribute of bitcoin, which was the first to practice the concept of digital currency, is that the total amount of bitcoin can be controlled, so it can be used to measure the value of other commodities rather than being determined by other commodities. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
therefore, from a strategic perspective, under the background that informatization and digitization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend.
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