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Chain circle Snickers, coin circle revels, but Facebook is crying

Time : 14/04/2022 Author : 3hf7ze Click : + -
        In 2008, blockchain technology attracted widespread attention with the publication of satoshinakamoto's paper bitcoin: a peer-to-peer e-cash system. In 2016, blockchain technology made its debut in China's official guidance document "white paper on blockchain technology and applications in China (2016)". At about the same time, as a "veteran application" of blockchain technology, bitcoin, a blockchain cryptocurrency, also welcomed Libra issued by Facebook, a powerful rival of social networking giant, in payment. Different from the policy spring breeze ushered in by the practice and development of underlying blockchain technology, central banks have always been vigilant about bitcoin and other blockchain cryptocurrencies.
 
        The "fortune making line year" born in the dilemma of traditional credit currency, due to the excessive credit expansion of the financial system led by the Federal Reserve System (hereinafter referred to as "the Federal Reserve"), eventually led to the global financial crisis. As a peer-to-peer (P2P) e-cash system, bitcoin is not issued by the monetary authority. It can realize the circulation and payment functions through the network system without any intermediate financial institutions. In 2010, American programmer Laszlo · Laszlohanyecz exchanged 10000 bitcoins for two pizzas worth $25. In 2017, bitcoin rose to an all-time high &mdash& mdash; $19142 each.
 
        In 2014, after Sichuan Du extorted 2099 bitcoins from listed companies to cash out 2million yuan, this "coin" was worth 300million yuan by the time of criminal judgment in 2017. Although the debate over whether bitcoin is a myth of wealth creation or a Ponzi scheme has never stopped in the past 10 years, it does not affect the sharp rise and fall of cryptocurrencies represented by bitcoin, which has attracted countless investors and speculators. It is worth mentioning that after the central government conveyed the speech spirit of blockchain, the blockchain sector of concept shares in the wind segment rose sharply, among which Xunlei rose 107.76%, and bitcoin, which plummeted 35% from the highest point in the year, rose 40% within the next 12 hours, and stood at $10000 again.
 
        According to coinmarketcap, a cryptocurrency information website, the current market value of bitcoin remains around 1.2 trillion yuan, accounting for 63.2% of the total market value of cryptocurrencies worldwide. Many digital currency investors have admitted to the reporter of China Business Daily that whether a scam is not the most concerned thing in the currency circle (blockchain cryptocurrency investment circle). As long as they can make money, they are excellent cryptocurrencies. China's regulators also noticed the market speculation. From the end of 2017 to the first half of 2018, they continued to increase the risk of virtual currency (cryptocurrency) ICO (initial token issuance). In sharp contrast to the hype, bitcoin as a means of payment has not been widely accepted by the public, and even some countries explicitly prohibit this behavior. For example, the Bank of Indonesia has made it clear that bitcoin should not be used as a means of payment, which violates the national monetary law.
 
        However, it cannot be ignored that in the 10 years before bitcoin, blockchain technology has also developed rapidly, which has attracted the attention of the market and academic understanding. Large companies and central banks in the market believe that digital currency will bring innovation and opportunities to institutions and even countries. Liu Bin, director of the Financial Research Office of the China (Shanghai) Free Trade Zone Research Institute (Pudong reform and Development Institute) and part-time researcher of the wealth management center of the China Europe International Business School, told reporters that from a large perspective, digital currency can be divided into official digital currency and private digital currency. The official digital currency is the legal digital currency launched by the central banks of various countries, such as the legal digital currency (cdbc) planned by the people's Bank of China; Private digital currency, that is, unofficial digital currency, can be divided into three types:.
 
        In June this year, Facebook released the Libra white paper on stable currency, officially announcing that it will take a share in the digital currency market and break the digital currency pattern. Because Facebook has 2.3 billion monthly active users (the number of active users per month), it has anchored a basket of sovereign currencies with Libra as credit support, avoiding the "initial setting" of the central bank and other regulatory mechanisms, which has quickly attracted the attention of central banks and regulators all over the world. Regulators have always been highly vigilant towards Libra. According to the white paper, Libra is a blockchain project whose mission is to establish a simple, borderless currency and a financial infrastructure that serves billions of people.
 
        In the white paper, Facebook believes that traditional financial services are too far away from the poor and are charged various expensive and unpredictable fees. There are still 1.7 billion adults in the world who have never been exposed to the financial system, although 1billion of them have mobile phones, and 500million of them have access to the Internet. "Achieve the goal of Inclusive Finance with the unique financial characteristics of blockchain.". However, the voices against Libra have never stopped. Due to its trust and regulatory problems, Germany and France, the main members of the European Union, have publicly said that Libra is not allowed to enter their countries, and the United States, Canada, Australia and other countries are also investigating it.
 
        In July this year, David ·, the head of Facebook Libra project; Marcus went to Washington for a hearing at the request of the United States Congress. During the hearing, many U.S. congressmen raised various doubts about the Libra project, including the definition of digital currency, regulatory mechanism, and even illegal infiltration. To make matters worse, since October this year, a number of important founding member companies of Libra Association have announced their withdrawal from Libra Association, including mobile payment providers PayPal, visa, MasterCard, stripe, e-commerce giant eBay, as well as scenario platform booking.
 
        It is understood that at the third hearing held recently, Facebook CEO Mark · Zuckerberg's response to the concerns of U.S. regulators is still unsatisfactory. It is worth mentioning that during the third hearing, Zuckerberg once again took the digital currency of the people's Bank of China as an example to respond to the query of the Financial Services Committee of the United States House of Representatives on Libra. He said that before Libra continues to move forward, it is indeed necessary to solve some major risks, but he also hopes that Congress can discuss the risk of non innovation. In particular, we need to consider the digital currency of the Central Bank of China. Part of China's infrastructure is much more advanced than that of the United States. The United States must establish a more modern payment infrastructure on the existing basis.
 
        Caikailong, a senior researcher at the Institute of financial technology of Renmin University of China, told reporters that there are two main reasons for the withdrawal of payment and financial companies: first, the pressure from regulators. Because Libra is currently subject to regulatory opposition from various countries, especially as institutions regulated by the United States and the European Union, they will even be threatened by regulators or U.S. congressmen. If they support Facebook and join or jointly establish Libra alliance, they will be subject to stricter regulation. The financial business itself is a business with strong regulatory attributes. If they persist, they are afraid of affecting their main business. Second, the membership of these member companies in Libra is optional. They will not bear any responsibility after joining Libra until the establishment of the association, but they need to bear responsibility after the first Council of Libra is held.
 
        Third, based on the fact that these member companies themselves have a competitive relationship with Libra, because they all take payment as the main scenario, they joined Libra to investigate the operation of Libra in the early stage. Up to now, the prospect of Libra is unclear, and quitting is the best choice for these companies. In the future, maybe they can establish a digital currency alliance by themselves or launch their own digital currency. In caikailong's view, "in the short term, the impact of Libra's membership reduction is naturally demoralizing, undermining unity, and making the public's confidence in Libra lower. But in the long term, the scale of Libra association should not be reduced. According to mark · Zuckerberg, 1600 enterprises still apply to join Libra's alliance, and at least 180 meet its criteria after screening.
 
        However, the membership structure may change, because for regulatory reasons, financial and payment companies may be relatively less involved in Libra alliance subjectively and objectively. ". Caikailong further said: "However, for the issuance of Libra, it is not only the traditional financial institutions and regulators who are wary of it, but also the public deeply cares about the trust crisis Facebook has experienced. Of course, the most important thing is that the supervision of various countries is to maintain financial stability, so the first thing in front of Libra is compliance issues, such as money laundering and other crimes. These are the reasons why cryptocurrency is not allowed by governments of various countries. What is also in front of Libra is There are many problems caused by its strong transnational and liquidity, such as the seigniorage tax on currency issuance. At present, many countries still levy seigniorage tax by continuously issuing currency, which will cause the problem of currency depreciation.
 
        If Libra is circulated and issued, the collection of seigniorage in these countries will be affected. Big countries are concerned about financial stability and foreign exchange control. For small countries, they can't resist the impact of Libra. For example, although there are domestic currencies in Cambodia and around Southeast Asia, due to the stable price of the US dollar, the US dollar is widely circulated in the region. The smaller the country, the more obvious the impact of Libra on it. The impact of financial regulation is the impact of the central bank's monetary control. National monetary sovereignty is the embodiment of national sovereignty on monetary issues. Libra's ambition is to break through national boundaries. National regulation is naturally shocked and has a great sense of crisis. ".
 
        Jiang Han, an upstream financial expert consultant, also said that in essence, Libra, like bitcoin, belongs to a decentralized digital currency. Its core logic is to issue digital currency through Internet digitization, and then use this currency through Internet payment. But one difference between the two is that bitcoin is a currency with violent fluctuations in value, while Libra claims to be a stable currency. The reason why countries' regulators are seriously worried about Libra is mainly the issue of currency issuance rights. Although countries will not easily restrict the issuance of Libra on the grounds of infringing the currency issuance rights, they will certainly look for reasons including anti money laundering, currency security, privacy protection and so on to restrict its development. PayPal's withdrawal from Libra this time can also be said to be due to the role of this policy guidance.
 
        "While commercial institutions such as Facebook issue currencies issued by non sovereign countries and beyond sovereignty. Although at present, except for Venezuelan petrocoins, central banks of various countries have not issued and circulated digital currencies, at this stage, the issuing power of digital currencies is still dominated by central banks of various countries, not commercial institutions.". "In the context of ‘ Internet +’, issuing money in a digital way is likely to become the mainstream of the times. On this premise, instead of considering commercial institutions issuing digital money, it is better to consider issuing digital money in a more formal way controlled by the state. This is the general trend." Jiang Han believes that from the current problems of Libra, generally speaking, commercial institutions should not try to issue currencies that challenge sovereignty.
 
        As a part of national sovereignty, the right to issue currency will not be infringed by others. Commercial institutions should not make too much involvement in the issue of digital currency. An equally noteworthy point is that David ·, head of Facebook Libra project; Marcus said in response to the withdrawal of visa and other payment giants from the Libra project a few days ago, "bitcoin has been appreciated for a long time, but it is not yet a good trading medium." As mentioned above, although bitcoin can be used for payment, it cannot become a universal payment method because it is not recognized by some countries at this stage and its circulation range is limited.
 
        "What Libra adopts is not pure blockchain technology, but a hybrid architecture, so it can't be regarded as blockchain cryptocurrency in the strict sense. However, because of this, it is possible to become a real payment tool." Mu Changchun, deputy director of the payment and Settlement Department of the people's Bank of China and director of the digital currency Research Institute of the people's Bank of China, put forward in the open class "Frontiers of science and Technology Finance: Libra and digital currency outlook". In the open class, Mu Changchun believed that Libra is a data currency closer to a payment instrument than bitcoin. The reasons are as follows: first, blockchain is distributed accounting, and each node needs to save the transaction information in the system, so the requirements for data storage are relatively high.
 
        Second, blockchain technology has poor scalability, which will be limited by the node with the worst performance, and the payment will be slow. Third, for Libra, blockchain is only used at the final settlement level, and there are not many nodes. The transactions under it are all centralized processing, which is faster. "The research of central bank digital currency dc/ep [digitalcurrency /electronicpayment, the name of digital currency studied by the central bank] has been carried out for five years. Since last year, the relevant personnel have been ‘ 996’ and the system development can be said to be imminent.
 
        ”Mu Changchun said at the recently held "the third Yichun forum of 40 Chinese financial professionals". At the forum, Mu Changchun revealed that since 2014, the research on digital currency of the central bank has been carried out for five years, and now it is "ready to come out". He also said: "Because the legal digital currency is M0 substitution, if you want to reach the retail level, then high concurrency is a problem that can't be bypassed. Last year, when the double 11, the peak value of transactions reached 92771 transactions per second. For comparison, bitcoin is 7 transactions per second, and Ethereum is 10 to 20 transactions per second. Libra, according to its just issued white paper, 1000 transactions per second. It can be envisaged that in a large country like China, issuing digital currency, using pure blockchain The architecture cannot achieve the high concurrency required by retail.
 
        So in the end, we decided that the central bank should keep technology neutral and not necessarily rely on a certain technical route. ". "You can imagine such a scenario: as long as you and I have dc/ep digital wallets on our mobile phones, there is no need to connect the network. As long as the mobile phone has power, two mobile phones can touch and transfer the water cheating in one person's digital wallet to another person. That is to say, when you pay, you don't need to bind any bank account. Unlike wechat or Alipay, we now need to bind a bank card, but dc/ep doesn't Required. " Mu Changchun said that dc/ep can circulate like paper money, which is the digital replacement of paper money. Its functions and properties will be exactly the same as paper super, but its form is digital.
 
        With regard to the future pattern of China's digital currency, caikailong believes that at present, China does not allow the issuance of digital currency with market-oriented themes. At present, the central bank's digital currency, as a substitute for cash, is a parallel inertia with the current mobile payment. In terms of current payment methods, UnionPay, Alipay and wechat are still the account based electronic payment means in the traditional financial system, However, the digital currency of the Central Bank of China does not pass through the account. If China's digital currency regulation is not open in the future, it will mainly be the central bank's digital currency, and then there will be some purely decentralized cryptocurrencies available among the people
 
        
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