The influence of digital currency on financial payment system
we can understand that digital currency is an account book containing all historical transactions. Each block will have several transaction records, which can be viewed by all participants. Each participant of digital currency has to maintain this account book together, Digital currency is a collection of transaction data
for example, in the field of digital currency bitcoin, there will be the concept of "miner". Miner needs to constantly repeat operations to generate workload, and each miner has competition. It needs to complete a mathematical problem based on cryptographic hash algorithm. The answer is in the area, if who works out the answer first, So who can broadcast in the network that he has obtained this block, other miners will not go to this block for mining, but will work in the next block. Miners will have more transaction costs in his block, and they will generate what we call digital currency bitcoin as a reward, and then they will go to their own digital currency bitcoin account
there is no problem with digital currency itself. There may be criminals using digital currency as a cover to cheat, which needs to be carefully screened
1. The volume of digital currency is too large. With the development of digital currency, the volume of digital currency stored in nodes is becoming larger and larger, and the computing burden is also increasing. Colleagues have also caused a lot of impact on the operation of digital currency bitcoin client
2. There is a problem with the data confirmation time. The time for a digital currency bitcoin transaction is about 10 minutes. If we confirm six times, we need to wait for an hour, which is a long time;
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
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.
Digital currency adopts a two-tier operation system, which will not affect the real economy< single tier operation system is to issue digital currency directly to the public. First, the digital currency is converted to banks or other operating institutions, and then these institutions are converted to the public, which belongs to a two-tier operating system& rdquo; On the whole, this al delivery system is suitable for China's national conditions. It can not only use the existing resources to mobilize the enthusiasm of commercial banks, but also smoothly improve the acceptance of digital currency
in the process of many people's livelihood funds distribution, it can be fixed to people through the way of digital currency smart contract, and the relevant funds can be directly distributed to the people's digital wallet, without going through layers of middle links, so as to put an end to the possibility of false report, false claim and embezzlement in advance
what is the operation system of digital RMB? Will it have an impact on the real economy? If you have any opinions, you can leave them in the comments section
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.
The biggest feature of digital currency is that it is completely composed of a series of digital symbols, and it does not have any value{ RRRRR}
and for such a digital currency, it is essentially different from our traditional code scanning payment or other mobile payment methods. The currency is annotated by the credit of the country, so for each of us, We can directly use such digital currency to make all kinds of payments. For businesses, they can't refuse to accept it. Moreover, for most payment platforms, they all have a certain handling charge. However, there is no handling charge for the corresponding digital currency issued by the state. Therefore, for some businesses, They will definitely use a lot of these digital currencies to replace the previous payment platforms
some of them changed their names, but the result was that they changed the soup without changing the dressing. Some do Internet plus curry favour by claptrap and waste resources.
first of all, I think Internet thinking is not unique to the popularity of the Internet. If we study the rise of the famous 7-11, we will find that decades ago, people were Internet thinking, but they didn't call it that
Second, the Internet has changed the form of business to some extent, but the nature of business has not changed. For example, if you wanted to make profits by information asymmetry before, it is impossible in the Internet era. This is a kind of management concept that traditional enterprises should change first. The previous distribution policy based on different regions has become flat under the Internet, that is, disintermediation. But the essence of business is still the exchange of supply and demand and value. At any time, you should remind yourself that if you want customers to buy your things, you should first think about what value you provide for customers. In the Internet era, everything is transparent, and it is impossible for you to use information asymmetry to deal with users
thirdly, the Internet has changed the marketing mode, but the essence of marketing has not changed. The marketing mode under the Internet thinking, from the way of central point diffusion, has become a "decentralized" mode, that is to say, everyone is your marketing path. In fact, the essence of word-of-mouth has not changed, that is, word-of-mouth. The Internet makes word-of-mouth spread fast, scattered and personalized, because people have a lot of channels to get information, very fast, so that a flaw spreads instantly, and is not limited to the region
Fourth, the Internet has changed the way of purchase, but the elements of purchase have not changed. In the past, I went to Gome, Suning, and now I go to Taobao Jingdong. In the past, I relied on local warehouse and logistics, but now I have inventory and logistics under the whole network. But the factors that people buy remain the same: quality, service, price, brand and so on
I feel that traditional enterprises, rather than being so anxious about Internet transformation, should spend more time thinking about whether their company's strategic direction is in line with the general trend of the instry and how to correct it. How to improve the innovation ability, and whether there is a misunderstanding of excessive innovation
Internet thinking is not all Internet based at once, but Internet plus what can serve traditional enterprises better.