How Zhou Xiaochuan explains virtual currency
other well-known digital currencies include Leyte, Ruitai, doggy and so on.
Caixin reporter: on January 20, the people's Bank of China held a seminar on digital currency and proposed to strive for the early launch of the digital currency issued by the central bank. What is the reason for this< In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading
how to replace it? There are several ideas: one is to imitate paper money. For example, transactions between paper money are anonymous, and digital currency also wants to be anonymous, which leads to its technology choice. But the reason why banknotes are anonymous is not designed intentionally at first, but no other technology can guarantee the convenience of a large number of small transactions. Of course, some people think that anonymity is better for future digital currency transactions, because assuming that the government may make mistakes, the privacy of private wealth and the use of wealth should be absolutely protected
from the perspective of the central bank, the future digital currency should try its best to protect private privacy, but social security and order are also important. In case of criminal problems, it is necessary to retain the necessary verification means, that is to say, it is necessary to find a balance between protecting privacy and cracking down on criminal activities. The mastery of the balance between these two motivations also makes the tendency of technology choice different<
Caixin: what are the central bank's ideas on the issue and management of digital currency? What's the difference between digital currency and digital currency spontaneously appearing in the current market< / > Zhou Xiaochuan: at present, what many countries in the world recognize is the framework of digital or electronic money dominated by the central bank, which may be different from that of the people
when the central bank issues digital currency, it mainly embodies the following principles: first, it provides convenience and security. Second, as mentioned above, we should balance the protection of privacy with the maintenance of social order and the fight against illegal and criminal acts, especially for money laundering, terrorism and other criminal acts. Third, it should be concive to the effective operation and transmission of monetary policy. The fourth is to retain the control of currency sovereignty. Digital currency is freely convertible and controllable. Therefore, we believe that digital currency as legal tender must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
Caixin: is there a timetable for the launch of digital currency? Is it going to replace paper money in the end
Zhou Xiaochuan: we can't say the timetable of digital currency yet. China has a large population and a large volume. For example, a new version of RMB can be changed in a few months for small countries, but it will take about 10 years for China. Therefore, digital currency and cash will be parallel and graally replaced for quite a long time. In the later stage, the transaction cost of cash will graally rise. For example, in the past, banks were asked to count a large number of coins, and there was no charge for them. Later, they may need to charge. With the incentive mechanism, people will naturally use more digital currency, but the two will still co deposit in the longer term< However, there are many other applications of virtual currency. For example, the European crowdfunding platform uses blockchain technology to combine digital currency with real assets.
March 9 (Xinhua), "there's a lot of water in the pool, new water doesn't have to be so much." Zhou Xiaochuan, governor of the people's Bank of China, responded to the growth of China's broad money (M2) with "water in the pool" on the 9th. It has something to do with stock accumulation, he said
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he made this statement at the press conference of the first session of the 13th National People's Congress on the same day. According to the data of the central bank, China's M2 growth rate was 8.8% at the end of February, which has maintained a single digit growth for 10 consecutive months
Zhou Xiaochuan said that as the caliber of M2 index is constantly changing, mainly the financial market structure and financial procts are constantly changing, M2 is not a very accurate tool to measure the tightness of monetary policy
he further explained that if the growth rate of M2 and nominal GDP is basically the same, it is not loose or tight from the perspective of broad money supply. If M2 is greater than the nominal GDP growth rate, monetary policy will be looser, otherwise it will be tighter
Zhou Xiaochuan believes that it is sometimes not enough to only observe GDP, but also to observe inflation rate, employment and other indicators, as well as price level and employment level. We can see whether the monetary policy is loose or tight by considering the price level and inflation rate as a wholeZhou Xiaochuan said that in the past, the growth rate of M2 has always been higher than that of nominal GDP, "that is to say, there is a lot of water in the pool, and the new water does not have to be so much, so it has something to do with the accumulation of stock." At the same time, he pointed out that it is difficult to have a simple indicator for people to see at a glance, and it must be judged by considering various factors
Yi Gang, vice president of the people's Bank of China, explained that the vast majority of countries in the world have played down the practice of taking M2 as an indicator or as a forecast targetWhy do so many people want to invest in bitcoin
it's very simple. Most people invest in bitcoin with & lt; Making money & quot; It's the purpose. I hope I can be in this coin circle; Get rich overnight;, In fact, the coin circle has made a lot of achievements, but more people are miserable. After all, the market is cruel. Generally speaking, 10% of people make money and 90% lose money in any investment. This is the iron law of the market. High returns are accompanied by high risks
people who invest in BTC can be roughly divided into two categories:
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the above is the relevant content of whether investing in bitcoin is reliable in financial management. , most countries have not officially stated whether bitcoin is reliable or not. As an investment proct, investors still need to weigh it. However, there is a big risk in investing in bitcoin. I hope you can do it with your energy
The rise of the Internet has not only changed people's lives, but also greatly changed our way of payment, which greatly facilitates our lives. This time, Zhou Xiaochuan, vice chairman of the Boao Forum for Asia and former president of the people's Bank of China, was at the Boao Forum for Asia & lt; Digital payment and digital currency; On the sub forum, the topic of digital currency was mentioned, which also showed the country's attitude towards digital currency
What are the difficulties in cross-border payment of digital currency
e to the exchange rate difference between the currencies of various countries, especially the massive issuance of US dollar by the United States, many countries have lost a lot. However, if digital currency is used for cross-border payment, there will be no such problem. However, the original intention of digital currency is not cross-border payment, but to facilitate China's retail instry. Many people see that digital currency is so convenient in China, so it can be applied to cross-border payment. However, cross-border payment is not so simple, because exchange rate and currency stability need to be considered, and even some countries have certain control over foreign exchange. Therefore, the road of cross-border payment of digital currency is still very long, and these problems can not be solved at present, So the difficulty is great
in the bitcoin risk notice issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin was clearly defined as a special Internet commodity, which people can buy and sell freely under the premise of free but risk, denying its monetary attribute. At this stage, all financial hooks are not allowed to provide bitcoin related services.