The impact of digital currency on China
Publish: 2021-05-24 04:40:45
1.
The 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
2. The core value of CBDC can be summarized as four points: first, the original purpose is to let the central bank better manage money creation and supply, enhance the effectiveness of monetary policy transmission mechanism and better deal with the business cycle. Second, the construction of payment and clearing infrastructure based on blockchain related technologies can rece costs and increase efficiency. Digital currency can greatly rece the cost of currency issuance, circulation, use and other links, and realize banknote free transactions, which is also in line with the current trend of rapid development of electronic payment. Third, it has given the central bank stronger control over the monetary system, such as KFC, anti money laundering, anti-terrorism financing, and some targeted policies. Before the launch of Libra, the central bank attached importance to CBDC mainly for the above three purposes. But now, the significance of CBDC in promoting the internationalization of RMB has become more important than ever. This is the fourth purpose of the central bank. Judging from the current progress of RMB internationalization, there are indeed many difficulties. One is the US led encirclement and interception, and the other is the turbulence in the stock and exchange markets. In order to break the encirclement led by the United States, realize the normal development of the stock exchange market and the foreign exchange market, and realize the internationalization of RMB, it is really a good way for the central bank to issue digital currency. On the 10th anniversary of RMB internationalization, RMB internationalization has made remarkable achievements. 13 international financial institutions around the world began to pay attention to China's bond market. In the tide of interest rate rection in developed countries, negative interest rate has become a conventional means, and China's bonds are very competitive in the world. As of the second quarter of 2019, 38 countries have signed currency swap agreements with China, with a total amount of 3.67 trillion yuan. The one belt, one road, which one belt, one road to push forward, is continuously creating demand for RMB internationalization, and the export of RMB has become an important means of "one belt and one road" internationalization of RMB. In addition, RMB is one of the most active currencies in the global foreign exchange market, and London has surpassed Hong Kong as the world's largest offshore RMB foreign exchange trading center. With the steady development of China's economy, RMB assets will continue to be favored by all countries in the world< One belt, one road or other friendly country, was also shared by the Central Bank of China when it issued the CBDC. It shared some of the mint rights with br />
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<
4 digital currency will become the biggest magic weapon of RMB internationalization
China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<
4 digital currency will become the biggest magic weapon of RMB internationalization
China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.
3.
Digital currency has been issued in some cities in China, but it will take some years for it to be popularized{ RRRRR}
3. It takes a while for digital currency to be popularized in an all-round waydigital currency is to turn paper money into a number that people can see on the Internet, which is more convenient for people to operate as long as we use the mobile phone in our daily life, we can complete a series of commodity transactions without using the Internet. At that time, it will be the real realization of a mobile phone that can travel all over the world
4. "The age of digital currency: the application and future of blockchain technology" is a book that makes the past and present of digital currency and blockchain technology clear and thorough in easy to understand and humorous language. The digital currency represented by bitcoin itself is not a disruptive innovation. The blockchain technology behind it is the subverter of the rules of the game. Reveal the future development direction of digital currency and the revolutionary changes and opportunities brought by blockchain technology. The innovation of bitcoin is to disintermediate financial services, and the blockchain technology behind bitcoin has revolutionized the transmission problems that have plagued computer networks for decades, so that information can be safely transmitted on unsafe networks. It can not only be applied to money, but also has the potential to end the phenomenon of identity information being stolen, create a secure, password free Internet, and change the way enterprises do business. Blockchain technology is a small step, but it is a big step forward in human history. There are still more money speculators in the market than those engaged in blockchain technology. At present, the mainstream digital currency transactions in the market include coin security, okex, bitnet, etc.
5.
the basic threshold of Minstry is a little high. Let me talk about the new strategy today< 1. Defense facilities: basic technology, necessary items for defense
according to size, it can be divided into small (1x1), medium (2x2), large (3x3) and super large (4x4)< The attack targets can be roughly classified as ground, air, land and air joint
2. Mineral drill: the only way to obtain materials except hand drill can be divided into electric drill and non electric drill. The mining intensity of each miner is different. Let's talk about the mineral hardness. Different minerals have different hardness, and the corresponding mining speed is different. For example, if the mining intensity of dart is one, it can only dig minerals (copper, lead) with hardness less than or equal to one, but not minerals (coal, titanium, thorium) with hardness higher than one
3. The transportation system (solid) does not have one of the necessary materials for each bureau
it can be roughly divided into conveyor belt, conveyor bridge, material cannon and connecting equipment
conveyor belt: directional three-way access, basic transport materials (attachment: transport speed is directly related to distance, and can be accelerated)
conveyor bridge: directional multi terminal access, basic transport materials (attachment: transport speed is not related to distance, and can be accelerated), No acceleration)
material Cannon: directional single end entry, advanced transport material (attachment: transport speed has an indirect relationship with distance, which can be accelerated)
connecting device: non directional four side entry, basic transport material (attachment: transport speed has a direct relationship with arrangement, which can not be accelerated (warning: simultaneous router is extremely not recommended))
4, The details are the same as above, but the simultaneous router will not affect too many speed 5, power, extremely important resources in the later period The key points of drawing are connection points. The hubs that can be connected with multiple objects have upper limit of connection (Note: the connection points are connected with each other to occupy the connection space), battery, temporary power storage unit, rectifier effect diode with reference to actual capacitance, anti negative power (I'll do the tutorial next time, this is the new strategy) power station, power generation unit. There is the nature of blood loss (Note: power generation materials are explosive, the higher the probability and rate of blood loss), and the priority of new technology is pump and turbine. 6. Walls are defense units that block bullets. Some penetrating ammunition can't block them. They can be roughly divided into three categories. Ordinary, special effect, door ordinary, is the literal meaning of anti injury, there is no other special effects. For special effects, the plastic steel wall (absorbing arc, including its own side (Note: it can be used as a small battery without reserve (maybe the next tutorial), the special effects of small plastic steel and large plastic steel are the same), the fabric wall (rebounding most bullets), and the alloy wall (being hit will be blebbing discharge) are extremely not recommended to be used with the plastic steel wall. Door, own door, click to switch (disappear) 7, factory, used to upgrade the raw materials of advanced items The only thing to be reminded is that routers should not be put together with factories. Because the router is not directional. The material from the factory will flow back into the router. You'll get stuck in your purchase belt 8, arms factory, input materials and electricity to build troops. There's nothing to introce. The command post is an offensive unit. There are three commands (attack (start to the enemy's core, no, just go to the nearest monster's birthplace), assemble (circle around the command post), and retreat (circle around the factory)) to repair the unit. The injured unit will automatically go to the repair device and turn around. 9. Transform the platform to change your armor. The basic data of each set is different. See for yourself in detail 10. Other items, a mess of things, repair instrument (knock on the blackboard), give the surrounding friendly building units the percentage health value every second Accelerator (tapping on the blackboard). The point is that the official introction letter is wrong. It can accelerate almost all items (I have marked those that can't be accelerated) and can be superimposed with other acceleration effects (such as the water of the mining machine or the coolant of the battery). The shield is superimposed by multiplication. The absorbing bullet (note that the absorbing bullet) has shield capacity and threshold, (shield capacity: as the name suggests, it is the upper limit of the damage a shield can take) (the threshold is the amount of recovery per second of the shield capacity (which can be accelerated by liquid)) (cooling is the recovery speed of the shield after being blasted (which can be accelerated by liquid)). It can't be accelerated by accelerators to store goods and materials. There's nothing to introce about this use. Expand the core capacity, Next to the core manufacturing complex (I think the biggest use is to increase the core interface) launch pad, launch materials (to your space station, you can unlock the technology tree, or bring it down (start)). This launch material (next to the core manufacturing complex) is not easy to introce. When it is powered on, it can be launched as a percentage of all materials (only basic technology can, other mod's are quantitative launch)
the basic threshold of Minstry is a little high. Let me talk about the new strategy today< 1. Defense facilities: basic technology, necessary items for defense
according to size, it can be divided into small (1x1), medium (2x2), large (3x3) and super large (4x4)< The attack targets can be roughly classified as ground, air, land and air joint
2. Mineral drill: the only way to obtain materials except hand drill can be divided into electric drill and non electric drill. The mining intensity of each miner is different. Let's talk about the mineral hardness. Different minerals have different hardness, and the corresponding mining speed is different. For example, if the mining intensity of dart is one, it can only dig minerals (copper, lead) with hardness less than or equal to one, but not minerals (coal, titanium, thorium) with hardness higher than one
3. The transportation system (solid) does not have one of the necessary materials for each bureau
it can be roughly divided into conveyor belt, conveyor bridge, material cannon and connecting equipment
conveyor belt: directional three-way access, basic transport materials (attachment: transport speed is directly related to distance, and can be accelerated)
conveyor bridge: directional multi terminal access, basic transport materials (attachment: transport speed is not related to distance, and can be accelerated), No acceleration)
material Cannon: directional single end entry, advanced transport material (attachment: transport speed has an indirect relationship with distance, which can be accelerated)
connecting device: non directional four side entry, basic transport material (attachment: transport speed has a direct relationship with arrangement, which can not be accelerated (warning: simultaneous router is extremely not recommended))
4, The details are the same as above, but the simultaneous router will not affect too many speed 5, power, extremely important resources in the later period The key points of drawing are connection points. The hubs that can be connected with multiple objects have upper limit of connection (Note: the connection points are connected with each other to occupy the connection space), battery, temporary power storage unit, rectifier effect diode with reference to actual capacitance, anti negative power (I'll do the tutorial next time, this is the new strategy) power station, power generation unit. There is the nature of blood loss (Note: power generation materials are explosive, the higher the probability and rate of blood loss), and the priority of new technology is pump and turbine. 6. Walls are defense units that block bullets. Some penetrating ammunition can't block them. They can be roughly divided into three categories. Ordinary, special effect, door ordinary, is the literal meaning of anti injury, there is no other special effects. For special effects, the plastic steel wall (absorbing arc, including its own side (Note: it can be used as a small battery without reserve (maybe the next tutorial), the special effects of small plastic steel and large plastic steel are the same), the fabric wall (rebounding most bullets), and the alloy wall (being hit will be blebbing discharge) are extremely not recommended to be used with the plastic steel wall. Door, own door, click to switch (disappear) 7, factory, used to upgrade the raw materials of advanced items The only thing to be reminded is that routers should not be put together with factories. Because the router is not directional. The material from the factory will flow back into the router. You'll get stuck in your purchase belt 8, arms factory, input materials and electricity to build troops. There's nothing to introce. The command post is an offensive unit. There are three commands (attack (start to the enemy's core, no, just go to the nearest monster's birthplace), assemble (circle around the command post), and retreat (circle around the factory)) to repair the unit. The injured unit will automatically go to the repair device and turn around. 9. Transform the platform to change your armor. The basic data of each set is different. See for yourself in detail 10. Other items, a mess of things, repair instrument (knock on the blackboard), give the surrounding friendly building units the percentage health value every second Accelerator (tapping on the blackboard). The point is that the official introction letter is wrong. It can accelerate almost all items (I have marked those that can't be accelerated) and can be superimposed with other acceleration effects (such as the water of the mining machine or the coolant of the battery). The shield is superimposed by multiplication. The absorbing bullet (note that the absorbing bullet) has shield capacity and threshold, (shield capacity: as the name suggests, it is the upper limit of the damage a shield can take) (the threshold is the amount of recovery per second of the shield capacity (which can be accelerated by liquid)) (cooling is the recovery speed of the shield after being blasted (which can be accelerated by liquid)). It can't be accelerated by accelerators to store goods and materials. There's nothing to introce about this use. Expand the core capacity, Next to the core manufacturing complex (I think the biggest use is to increase the core interface) launch pad, launch materials (to your space station, you can unlock the technology tree, or bring it down (start)). This launch material (next to the core manufacturing complex) is not easy to introce. When it is powered on, it can be launched as a percentage of all materials (only basic technology can, other mod's are quantitative launch)
6. The digital currency issued by the central bank is only a substitute for banknotes and coins. In fact, it is a kind of electronic cash, which has little impact on monetary policy and commercial banks. In the traditional currency issuance, the cash in circulation is actually the direct debt of the central bank to the public, only because of technical constraints and cost considerations, the central bank issues cash through commercial banks. With the progress of technology, it is possible for the central bank to issue money directly to indivial and enterprise accounts in the form of digital currency. E-cash flow is still through the central bank and financial institutions, and then to enterprises and indivials. In terms of money manufacturing channels, circulation links and functions, e-cash flow is exactly the same as paper money
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
7. There is no need for the cashier to settle! Electronic time is a challenge to you! Your market demand will be reced
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