Is there a total amount of digital currency
definition of digital currency:
the alternative currency in the form of electronic currency belongs to digiccy
digital currency is a kind of unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as the digital expression of value, which is not issued by the central bank or authorities, nor linked with legal currency, but because it is accepted by the public, it can be used as a means of payment, and can also be transferred, stored or traded electronically
digital currency can be considered as a virtual currency based on node network and digital encryption algorithm
the core characteristics of digital currency are mainly reflected in three aspects: first, e to some open algorithms, digital currency has no issuing subject, so no one or institution can control its issuing; ② Because the number of algorithm solutions is fixed, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the overuse of virtual currency; ③ Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough
the emergence of bitcoin poses a great challenge to the existing monetary system. Although it belongs to the generalized virtual currency, it is essentially different from the virtual currency issued by network enterprises, so it is called digital currency. This paper compares digital currency with electronic currency and virtual currency from the aspects of issuing subject, scope of application, issuing quantity, storage form, circulation mode, credit guarantee, transaction cost and transaction security.
digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
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Digital currency is a kind of legal tender, which must be issued by the central bank. Both digital gold coin and cryptocurrency belong to digital currency, which is not a network virtual currency, because it is not limited to virtual space, but is often used for real goods and services transactions, such as bitcoin, Wright coin, bitstock, etc. at present, there are thousands of digital currencies issued around the world
extended data:
1. Impact on financial infrastructure
the decentralized mechanism of value exchange based on distributed ledger technology has changed the basic settings of gross and net settlement on which financial market infrastructure depends. The use of distributed ledgers also poses challenges to trading, clearing and settlement, as it promotes the disintermediation of traditional service providers in different markets and infrastructures. These changes may have potential impacts on market infrastructure other than retail payment systems, such as large payment systems, securities settlement systems or trading databases
If digital currency and distributed ledger based technology are widely used, it will bring challenges to the intermediary role of financial system participants, especially banks. As a financial intermediary, banks perform the ties of acting supervisors and supervise borrowers on behalf of depositors. Usually, banks also carry out liquidity and maturity conversion business to realize the financing from depositors to borrowers. If digital currency and distributed ledger are widely used, any subsequent disintermediation may have an impact on savings or credit evaluation mechanismsThe digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision
in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020
as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value
Policy evolution of the development of digital RMBas early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar
after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years
Figure 1: Policy Evolution of digital RMB
with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB
definition of currency
digital gold currency is a form of electronic currency named after the weight of gold. The typical unit of measurement for this currency is the Troy gram or troy ounces, although sometimes the golden Dinar is used. Digital gold currency is funded by gold storage without quota or decentralized quota. By January 2006, digital gold currency suppliers held more than 8.6 metric tons of gold as reserves, worth about $154 million
future trend
in November 2016, the central bank prepared digital currency, and it is likely that cash will not exist in ten years
in November 2016, China digital currency Research Institute was established to cultivate high-level talents of digital currency, carry out digital currency research, consultation, development planning and related activities. It is a non-profit unit with legal license approved by relevant ministries and commissions, and is committed to promoting the integrated development of scientific research and practice of digital currency instry
up to now, Hangzhou, Shenzhen and Guizhou have become three hot areas for the central bank's digital currency pilot. It is reported that Hangzhou is actively promoting the planning and construction of Qiantang River financial harbor, including the blockchain instry. Hangzhou will build the first blockchain Instrial Park in China, which is located in the Internet Finance town of Xihu District, surrounded by ant financial services, e-commerce bank, Zhejiang University and its science and Technology Park and other well-known enterprises and parks
in February 2020, digital currency was selected by MIT Technology Review as one of the top ten breakthrough technologies in the world in 2020
Generally, the excellent digital currencies are mostly imported procts, such as bitcoin, Leyte coin, ether coin and so on. However, the domestic Yuanbao coin, Ruitai coin, bitcoin and the tokens of different crowdfunding projects of European crowdfunding are excellent digital currencies
digital currency (English: digital currency) is an alternative currency in the form of electronic currency. At present, no central bank of any government has indicated that it will issue digital currency, and digital currency does not have to have a benchmark currency and a central bank
it is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography
why
let's take a look at the current definition of DCEP
Digital legal tender
in addition to being different from legal paper money in carrier, it has the same function as paper money: value scale, circulation means, payment means and value storage
this is also the function of paper money
the issuance of DCEP is based on 100% reserve and will circulate with cash currency, that is, M0 issuance
although the central bank's digital currency was slowly launched after the rise of blockchain technology, it is not pure blockchain technology, but only uses some technologies related to blockchain
we all know that the commercial application of block chain technology still faces many problems, such as concurrency, data storage and so on
a country with a large population like ours, if we use blockchain technology in a strict sense, it will not be able to carry it at present<
Wanxiang blockchain analysis:
from the information disclosed by the people's Bank of China, DC / EP does not use the real blockchain like Libra
although digital currency is not a token in the blockchain, it is similar to the token in the blockchain in the key features of non double flower, anonymity, unforgeability, security, transitivity, separability and programmability
therefore, DC / EP still belongs to token paradigm rather than account paradigm
the central bank is responsible for the maintenance of the DC / EP issuance registration subsystem, which is centralized and does not need to run consensus algorithm, so it will not be subject to the performance bottleneck of the blockchain
in DC / EP, blockchain is used to confirm the right registration of digital currency and plays an auxiliary role
each country's base currency issuance is increasing every year
therefore, the central bank's digital currency improves the bearing property of money. Paper money is naturally suitable for the atomic world, and digital currency is more suitable for the consumption scenarios in the bit world
the supply is definitely the same as that of the previous monetary system, increasing every year.
Digital money (electronic money or electronic currency) is a kind of money in digital form (different from paper money and coins). It shows properties similar to physical currency, but allows immediate transaction and boundaryless ownership transfer. Examples include virtual currency, cryptocurrency and currency issued by central bank and recorded in computer database (including digital base currency). Like traditional currencies, they may be used to buy physical goods and services, but they may also be restricted in some communities, such as online games