Digital currency related convertible bonds

1、 Different definitions:

1. virtual currency:

virtual currency refers to non real currency

digital currency is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

3. Cryptocurrency:

cryptocurrency is a kind of transaction medium that uses cryptography principles to ensure transaction security and control the creation of transaction units

4. Token (token):

a kind of article whose shape and size are similar to currency, but the scope of use is limited and has no currency effect, and its token is the homonym of token in English

1; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency

2. Digital currency:

is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities

cryptocurrency is based on the decentralized consensus mechanism, which is opposite to the banking and financial system relying on the centralized regulatory system

4. Token (token):

usually needs to be exchanged for money, used in shops, playgrounds, mass transportation and other places, as a voucher to use services and exchange goods

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at present, digital currency is more like an investment proct, because it lacks a strong guarantee agency to maintain its price stability, and its role as a value measure has not yet appeared, so it can not be used as a means of payment. As an investment proct, digital currency cannot develop without trading platform, operating company and investment company

digital currency is a double-edged sword. On the one hand, the blockchain technology it relies on has been decentralized and can be used in other fields except digital currency, which is one of the reasons why bitcoin is popular; On the other hand, if digital currency is widely used by the public as a kind of currency, it will have a huge impact on the effectiveness of monetary policy, financial infrastructure, financial market and financial stability

The main concept stocks of digital currency include Hailian Jinhui, Julong, Huijin, radio and television express, digital certification, Kunlun wanwei, gaoweida, Huali chuangtong and high beam software

from the perspective of financial institutions' layout of digital currency concept stocks, according to the No.1 Institute of finance, among the relevant stocks that have disclosed the annual report of 2019, as of the end of the fourth quarter of last year, five stocks were heavily held by institutions such as insurance capital, securities companies and funds, with a total market value of 24.3 billion yuan

in terms of research on financial institutions, No.1 Institute of Finance found that six digital currency concept stocks, namely, radio and television express, digital certification, Kunlun wanwei, gaoweida, Huali chuangtong and Gaoguang software, have been intensively researched by institutions this year, with a total of 163 times of research

an equity investor of an insurance company told the No.1 Institute of finance that at present, the insurance capital still pays attention to the large cap stocks with "low wave dividend" (stocks with high dividend and low performance fluctuation), and still holds a wait-and-see attitude towards popular concept stocks such as digital currency, but does not rule out the subsequent purchase

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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: because it comes from some open algorithms, digital currency has no issuing subject, so no one or institution can control its issuing

because the number of algorithm solutions is determined, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by excessive virtual currency; Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough

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

1. blockchain is a distributed account book technology, and digital currency is currently the main application mode of blockchain technology

2. digital currency, based on the characteristics of blockchain, such as decentralization, traceability, non deletion and modification of records, confidentiality, convenient and rapid transaction, can be used as the carrier of asset digitization to a certain extent. Digital currency provides a feasible tool for asset digitization, safe, convenient and transparent transaction

3. digital currency is illegal in China. In 2017, many ministries and commissions of the state have issued relevant issues, please search online

   Relevant national leaders pointed out that blockchain technology is an important breakthrough for independent innovation of core technology. Therefore, more and more attention will be paid to the application of blockchain technology, and the central bank is also studying DCEP, but it is not clear when digital currency will enter the legal application

4. a few countries, such as the United States, Japan and Singapore, are tolerant of digital currency:
   

   1) the United States: there are usdt, ETH, and Libra in the future

   2) Japan: in April 2017, Japan implemented the revised capital settlement law, stipulating that digital currency and Japanese yen are legal tender and can be traded with each other

   3) Singapore: Singapore is tolerant of digital currency, and it has become a common practice for Singaporeans to invest in digital currency< br />