Zhou Xiaochuan and virtual currency

1. After the people's Bank of China announced the launch of digital currency as soon as possible in January this year, Zhou Xiaochuan, governor of the people's Bank of China, recently gave a detailed description of the development of digital currency in an interview with Caixin weekly
Zhou Xiaochuan pointed out that as legal tender, digital currency 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. That is to say, q-coin and the like are definitely not good
as for whether to use blockchain technology to create digital currency. Zhou Xiaochuan said that the blockchain technology is an optional technology, but so far, the blockchain still occupies too many resources. Whether it is computing resources or storage resources, it can't cope with the current transaction scale, and whether it can be solved in the future depends on it. Zhou Xiaochuan said that in addition to blockchain technology, the digital currency research team of the people's Bank of China has also concted in-depth research on other related technologies involved in digital currency, such as mobile payment, trusted and controllable cloud computing, cryptographic algorithm, security chip, etc
it is certain that the digital currency issued by the central bank can never be the same as bitcoin, Ruitai, Qianjin card and other digital currencies. The digital currency issued by the central bank is just the digital currency.

2. In the notice on preventing bitcoin risk issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin is clearly defined as a special Internet commodity, and people can buy and sell freely at their own risk, denying its monetary attribute. All financial institutions are not allowed to provide bitcoin related services. Bitcoin related websites must be put on record and require users to carry out real name authentication. Zhou Xiaochuan, central bank governor, said in an interview that bitcoin is a tradable asset like a stamp

in a word, virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards virtual currency, which is neither positive nor negative. Most of the major countries in the world also adopt a cold attitude towards virtual currency

since 2015, the popular virtual currencies are bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin and so on

it is possible, but at present, the government has not banned it

bitcoin and other virtual currencies exist legally in China. In the 2013 bitcoin risk notice, the central bank and other five ministries and commissions clearly defined bitcoin as a special Internet commodity. People can buy and sell it freely at their own risk. Financial institutions do not have to provide bitcoin related services, denying its monetary attribute. Zhou Xiaochuan, the governor of the central bank, compares bitcoin to a tradable asset like a stamp< Most of the major countries in the world take a cold attitude towards virtual currency. There are several possibilities for countries to ban virtual currency:

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2. The well-known weaknesses and defects of virtual currency can not be overcome in a certain period of time
3. The government can't stand the use of virtual currency in money laundering and other illegal activities

since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin, Ruibo coin, Yuanbao coin and so on<

Zhou Xiaochuan, governor of the central bank, said at the Boao Forum for Asia that virtual currency is not a currency approved by the central bank and can not be banned. Since digital currency is not the currency initiated and approved by the central bank, it can not be banned. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment

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

does China recognize virtual currency_****** In the notice on bitcoin risk prevention 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. People can buy and sell bitcoin freely at their own risk, denying its monetary attribute. Financial institutions are not allowed to provide services related to bitcoin, and bitcoin related websites must be put on record, In a word, the virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards it, Most of the major countries in the world also adopt a cold attitude towards virtual currency. Since 2015, the popular virtual currencies include bitcoin, Wright coin, Fuyuan coin, doggy coin, Ruibo coin, etc.

Why do not countries ban virtual currency; In other words, what is the connection and difference between the value represented by virtual currency and the value represented by general currency? 3. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. Currency is a problem in the category of modernity, The problem of virtual currency is the problem of postmodernism. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them.

why does China not stop virtual currency_****** As a new thing, virtual currency has its progressive side. One of China's attitudes towards new things is that the law does not prohibit it. However, if virtual currency poses a threat to the existing financial system, the government will take action, What follows is the public...

which countries recognize the legitimacy of virtual currency_****** At present, Japan has recognized bitcoin as legal

is virtual currency recognized by the state_****** No, because it involves money laundering, easy to crash and other factors. Although bitcoin, the most famous virtual currency, can not be said to be suppressed, there are very few transactions between physical objects and virtual currency abroad, and its prospect still remains to be seen, The pure pyramid structure will not be recognized by the state.

is there any policy in China to prohibit the trading of virtual currency****** At the end of 2013, the central bank and other five ministries and commissions jointly issued a bitcoin risk notice, in which bitcoin is clearly defined as a special Internet commodity, and people can buy and sell freely at their own risk, denying its monetary attribute, In an interview with the Boao Forum, President Yang Xiaochuan compared bitcoin to a tradable asset like a stamp, and the central bank has no right to ban it. Since 2013, popular virtual currencies include bitcoin, Leyte, Fuyuan, doggy, etc Is China's virtual currency legal_****** Virtual currency can trade bitcoin, Leyte and ether on chinacoin.com.

is virtual currency illegal in China_****** Virtual currency exists legally in China, but it is illegal to engage in illegal activities by using virtual currency. The notice on preventing bitcoin risks issued by the people's Bank of China and other five ministries and commissions defines the nature of bitcoin, believing that bitcoin is not issued by the monetary authority and has no monetary attributes such as legal compensation and compulsion, Not really...

will China ban all virtual currency commercial transactions? Will virtual currency be banned_****** How to buy and sell virtual currency after China forbids virtual currency trading

how does the state treat virtual currency in 2017****** At present, there is no official recognition of the value of virtual currency in China, but only in some areas suspected of causing actual harm to society, some recognize its existence value

3. Zhou Xiaochuan believes that bitcoin's blockchain technology has great potential. Zhou Xiaochuan compares bitcoin to a tradable asset like a stamp. Bitcoin is not issued by the central bank, which has no right to ban it. The central bank also plans to launch digital currency, which defines bitcoin as a special Internet commodity that people can buy and sell freely at their own risk
other well-known digital currencies include Leyte, Ruitai, doggy and so on.

4. At the Boao Forum for Asia held in April this year, Zhou Xiaochuan, governor of the central bank, said that since digital currency is not the currency initiated and approved by the central bank, it is impossible to ban it. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment

5. Zhou Xiaochuan, the governor of the central bank, said at the Boao Forum for Asia that virtual currency is not a currency approved by the central bank and can not be banned. Since digital currency is not the currency initiated and approved by the central bank, it can not be banned. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment.

6. 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.

7. Many people have said that the following is the view of central bank governor Zhou Xiaochuan:
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.