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Digital currency

2019-12-17 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Digital currency,供大家参考学习,这篇论文讨论了数字货币。数字货币是电子形式货币的替代货币。按照发行主体分类,数字货币可分为央行数字货币和私人数字货币。央行数字货币是由中央银行发行,由国家法律规定强制流通的不以现金、贵金属为基础的纯数字化货币。私人数字货币由私人或企业等发行,能够在一定群体之间流通,并对部分或全部网络经济中商品交易和服务交易进行支付结算的纯数字化货币。

Digital currency,数字货币,assignment代写,paper代写,北美作业代写

Digital currency, or DIGICCY for short, is an alternative to electronic money. According to the classification of issuing body, digital currency can be divided into central bank digital currency and private digital currency. Central bank digital currency is a pure digital currency not based on cash or precious metals issued by the central bank and forced to circulate by national laws. Private digital currency, such as bitcoin, Libra, etc., is a pure digital currency issued by private individuals or enterprises, which can circulate among certain groups and pay for and settle the transactions of goods and services in part or all of the network economy.

According to the development of money forms, it can be divided into four stages: physical money, substitute money, credit money and digital money.

Money originated from the inconvenience of barter in the primary division of labor and production in the primitive society. People used physical objects as the general equivalent and as the medium of Commodity Exchange. From the beginning of the technology is not developed, the use of livestock, grain, cloth, shells, pearls or perishable commodities as money; Until the rise and popularity of smelting technology, people found that metal COINS, which are easy to store and more stable, would be better as money, especially gold and silver, which have natural monetary properties.

Physical currency, which is not easy to carry in large quantities, restricts the trading of commodities. Some widely recognized Banks began to use paper money as an alternative to physical currency, such as jiaozi in the song dynasty, and later the government issued and used paper money. However, these notes are different from those used in modern society, because the credit basis of the paper money in the substitute money stage is that it can be converted into physical currency at any time.

Since the industrial revolution, productivity has been greatly increased, economic development has been accelerated, and the trading scale has become larger and larger. The ceiling of the supply of physical money, such as gold and silver, has been unable to meet the needs of social production and commodity circulation. In the 1970 s, the collapse of the bretton woods system ", the United States to stop to foreign governments and central Banks to perform the duty of the dollar for gold to cash decouple the imf member currencies to the dollar, the end of the fixed exchange rate system, the new "Jamaica system is formed," notes with gold the last layer of physical currency such as cut off. The nominal value of credit currency is decoupled from its intrinsic value, and the value base is completely changed to depend on the credit of central bank, the issuing body of money. Central Banks maintain the stability of the value of credit money by issuing a monetary aggregate that matches the growth in the size of the economy.

In modern society, commercial Banks make people's money deposits in Banks electronic. The credit of commercial Banks ensures that people can complete all kinds of transactions through electronic money and check their assets. At present, the development of science and technology allows people to gradually accept the intangible currency, for cash and other tangible currency use less and less frequently, the conditions for the issue of digital currency has been mature.

The widespread use of private digital currencies such as bitcoin and Libra is based on people's identity and trust in their issuers, but these identities and trust are limited to some areas. The issuance of private digital currency has indeed brought great convenience to some aspects, such as transaction payment, and seems to have a tendency to become a super-sovereign world currency. However, the credit of the issuing body can hardly surpass that of the central bank. In contrast, the central bank digital currency backed by sovereign governments is legal and has a more reliable and useful basis. In the future, the digital currency issued by the central bank can effectively face the challenge of private digital currency, optimize and upgrade the current currency issuance and circulation system, firmly enhance the control of sovereign currency, and thus promote the international competitiveness of sovereign currency.

At present, the widely accepted digital currency technology is based on the block chain technology. Block chain is essentially a decentralized database, a new application model of distributed data storage, point-to-point transmission, asymmetric encryption, consensus mechanism, intelligent contract and other computer technologies. Blockchain technology can be widely used in finance, Internet of things, public services, digital intellectual property, public welfare and other fields. Especially in the financial fields such as international exchange, equity registration and securities trading, blockchain technology can eliminate the need for third-party intermediaries and achieve point-to-point direct connection, which can not only reduce costs but also quickly complete transactions. In short, it is to simplify the transaction process and make transactions in the financial industry more convenient and fast.

On October 24, 2019, general secretary xi jinping stressed the need to increase input to accelerate the development of blockchain technology and industrial innovation when he presided over the study. The policies of the party and the country will guarantee the rapid development of fintech and digital currency

Currently, the blockchain industry mainly includes: semiconductor enterprises providing consensus mechanism chips, open source blockchain framework enterprises, blockchain platform enterprises, and enterprises providing blockchain-based services or software solutions. Among domestic enterprises, the block chain platform technology of ant financial, ping an of China, tencent, huawei, wanxiang and other companies occupies an important position in the world, and there are also a number of excellent start-ups in the fields of asset trading, clearing, cross-border payment and electronic bill. The development and practice of these enterprises provide a good technical basis and development space for the emergence of digital currency.

In 2009, bitcoin was born. Instead of relying on specific institutions, it is generated by the calculation of network nodes based on specific programs. That is, there is no specific issuer of bitcoin, and anyone can issue bitcoin. The upper limit of bitcoin issuance is set by the algorithm to ensure the value of the currency. The distributed bookkeeping features of blockchain technology ensure that bitcoin can be paid conveniently, accurately, safely and privately. More and more people are using bitcoin for transaction, payment and investment speculation, which has had a certain impact on the payment system of various countries, the operation system of sovereign currencies and financial stability.

On June 18, 2019, the Libra official website of Facebook's global digital cryptocurrency was officially launched, and the Libra white paper has been published, which aims to create a simple, borderless currency, a financial infrastructure for billions of people. Libra has received a lot of attention since its launch, both as a new wave of digital currency and as a source of concern for national regulators. Libra is a block chain cryptocurrency led by Facebook and is a payment tool for daily business/personal transactions rather than a security for investment needs. In terms of application scenarios, the platform owned by Facebook, the sponsor, has covered 2.32 billion users worldwide. Transactions between platforms and users can be paid in Libra, while PayPal, Visa, Uber and other companies join the Libra association to further extend the payment scenario offline. Meanwhile, the Libra reserve, which is 100% linked to a basket of bank deposits and Treasury bills, has the advantages of stability, low inflation, global acceptance and interchangeability. Thus, Libra will have a greater impact on the current world monetary system than early private digital currencies such as bitcoin. However, in reality, it is difficult to perform the essential function of money as a medium of exchange because of many defects in representing private digital currency. There are several practical reasons why private digital currencies cannot become real money:

Private digital currencies are too volatile to act as generic equivalents. The function of money as a medium of exchange requires that the value of money be inherently stable so as to ensure that the price of the same commodity does not change too drastically, at least in the short term. Private digital currencies, on the other hand, tend to soar and plummet, with double-digit percentage gains and declines possible in a single day. Although Libra controls currency fluctuations through a number of mechanisms, its main mechanism is to anchor fiat COINS, which contradicts its purpose of replacing or surpassing fiat COINS.

Private digital currencies are abundant and fungible. In the age of metal money, the scarcity of gold and silver is determined by natural attributes, while private digital money is not unique in terms of its production mode, trading mode, storage mode, etc., due to the replicability of codes and algorithms.

The issuing mechanism of private digital currency is difficult to adapt to the development of modern economy. Private digital money is generally based on computer algorithms rather than economic principles and cannot adjust the money supply to market supply and demand.

In recent years, the central bank's digital currency development has not stopped. Since 2014, the central bank has made active efforts in digital currency research and development with fruitful results. In the state intellectual property office, the institute of digital currency of the central bank has applied for more than 70 patents related to digital currency. After 5 years the central bank digital currency is ready to emerge.

At present, the central bank's digital currency design primarily focuses on the replacement of M0, while the central bank's digital currency issuance adopts a two-tier operation system. All these are decisions made based on China's national conditions.

The design focuses on the substitution of M0, that is, to form a complementary advantage with the current electronic payment of credit currency, to replace M0 and gradually form a cashless society. This kind of design is due to the existing electronic payment tool, credit currency for reliance on bank account and communication network is very high, the bank account service and poor communication network coverage areas, trade is still mainly rely on cash, so central Banks digital currency reserves the main characteristic of the cash, specifically designed has the characteristics of portable, intimate and offline payment of a digital currency.

The issue USES a two-tier operating system, in which the central bank exchanges digital currency with operating institutions such as commercial Banks, which then exchange it with the public. This dual placement system has many advantages: first, using existing resources to mobilize the enthusiasm of commercial Banks and giving full play to the advantages of technical reserve and talent reserve of commercial Banks; Second, in China, a complex economy, the acceptance of digital currency can be improved and the difficulty of issuing can be reduced. Third, it can avoid the central bank from facing financial institutions to facing the public directly and reduce various security risks. Fourth, to prevent the newly issued central bank digital currency with the central bank credit endorsement, people think it can be used as an asset reserve, causing a run on the existing deposits of commercial Banks and affecting the normal operation of commercial Banks.

The issuance of digital currency by the central bank will have a huge impact on the future financial system. It will create a more stable, reliable and efficient financial system and have a positive impact on all aspects.

Paper money needs special paper production, and requires multiple anti-counterfeiting functions, complex process, need a certain cost. According to public records, some low-denomination currencies cost more to produce than they are worth. Even COINS, which are inherently difficult to carry and store because of cost, last longer than paper money.

The central bank needs to invest the cost of setting up the operation and management platform in the initial stage of issuing digital currency, and the cost of issuing digital currency in the later stage will be less and less. At the beginning of the digital currency circulation of the central bank, the digital currency is linked to the credit currency currently in circulation, gradually replacing the physical notes, COINS and electronic currency currently in circulation, forming a new digital currency operation system. In the late period of the digital currency circulation of the central bank, since the digital currency can not be linked to the current credit currency, it can independently form the currency circulation system, and its operation cost is much lower than the current credit currency system.

The legal tender of mainstream sovereign states mainly refers to cash, but it is difficult to track and monitor the characteristics of cash, which makes it become the preferred transaction form of money laundering, smuggling, tax evasion, drug trafficking and other illegal crimes. In addition, individuals holding cash and revealing their wealth are easy targets for criminal activities.

As the central bank's digital currency is issued and circulated through the network, with multiple encryption, controlled anonymous transactions and real-time monitoring, it is easy to trace the source, so the current illegal and criminal activities targeting and using cash will be greatly curbed.

According to various data statistics and the results show that the human economic activities along the overall trend of the economic development law of expansion and contraction, cyclical fluctuations, the central Banks of an important duty is to monitor and control the money supply and circulation, the escort for the economy running smoothly, fluctuations in the economy, with the macroeconomic regulation and control to adjust the economic operation, reduce risk.

In the future, digital currency issued by the central bank differs from the functional currency of the existing electronic form, digital currency various financial emerging technology can be used to monitor the flow of funds to and information, as the central bank's monetary policy to provide timely and effective, real comprehensive data base, combined with large data analysis, real-time monitoring of valid conclusions as a result, the targeted control digital accurately targeted to the demand of money. This avoids the use of broad central bank monetary policy such as interest rate adjustment, and helps the central bank to use policy tools in a more timely, effective and precise manner.

In the current era, the technological changes in the field of Internet + finance are changing rapidly. A few companies and individuals offering private digital currency such as COINS, Libra, although in the short term, shorten the transaction chain, reduce the transaction costs and improve transaction efficiency and has been widely accepted by benefits brought the potential risk will bring hidden danger to the world economy running smoothly, if not to regulate and guide, private digital currency to money laundering, fraud, and to dodge capital controls and other illegal and criminal behavior provides a hotbed of breeding, will attract more incalculable financial and economic crisis.

The digital currency of the central bank adopts a new payment system and mode, reduces the circulation of money, speeds up the conversion of financial assets, improves transaction efficiency, and provides a wider user group and credit base. In central bank, on the basis of digital currency circulated widely, central Banks can use new technology to establish an effective financial data monitoring and evaluation system, controlled by digital currency information advantage, timely processing and deal with all kinds of impact on the future economic development of various potential risks and finally build a robust reliable and efficient new financial system.


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