Golden Encyclopedia | The difference between digital currency, encrypted currency and virtual currency

Digital currency (Digital currency) digital currency is a currency that does not have a physical form and only exists in digital form. It agrees with electronic currency in the English context, but in the Chinese context, electronic currency is generally understood as electronic currency. The fiat currency of China, that is, "electronic RMB", is distinguished from digital currency. Digital currencies have similar properties to physical currencies, but allow instant transfers over the Internet without geographical restrictions. Digital currency, including virtual currency, cryptocurrency, electronic currency and other concepts.

It is different from the virtual currency in the virtual world, its value is affirmed, so that it can be used for real goods and service transactions, not limited to online games.

Golden Morning News | A list of important overnight news on July 17: 21:00-7:00 Keywords: U.S. Treasury Secretary, Softbank, Paraguay, Cleveland Fed

1. The U.S. Treasury Secretary will convene the Financial Market Working Group, OCC, etc. to discuss cross-departmental work on stablecoins;

2. A division of Softbank Group has agreed to invest $75 million in Bullish, an exchange owned by Block.one;

3. Paraguayan Congressman: Paraguay plans to lead in sustainable Bitcoin mining;

4. Federal Reserve Bank of Cleveland: Stimulus checks issued by the United States have pushed up Bitcoin trading volume and prices moderately;

5. Anthony Di Iorio, co-founder of Ethereum: will no longer be involved in the field of cryptocurrency;

6. The Russian RACIB Association plans to bring global encryption miners to Russia;

7. China's drug situation report: the use of digital currency to pay for drugs increases the difficulty of discovery, investigation, and evidence collection;

8. Malaysian police used road rollers to destroy 1,069 bitcoin mining machines seized;

9. BIT Mining announced the completion of a $50 million private placement. [2021/7/17 0:58:56]

Early digital currency (digital gold currency) was a form of electronic currency named after the weight of gold. The current digital currency, such as Bitcoin and Litecoin, is an electronic currency that relies on checksum encryption technology to create, issue and circulate. This currency is based on a specific algorithm, and its circulation is limited and encrypted to ensure security. It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency, which theoretically avoids the approval of bureaucratic institutions and allows everyone to have the right to issue currency.

Analysis | Golden disk: BTC/USD short-term oversold rebound: Comprehensive analysis of the golden disk: BTC/USD has been technically oversold after the sharp drop. The level of rebound is small, it is recommended to wait and see. [2018/8/14]

Cryptocurrency (Cryptocurrency) is a currency that is based on cryptography and does not have a physical form. It is one of the manifestations of digital currency. Create and trade according to the established issuance system and distribution system, and ensure the security of the circulation link based on cryptography and consensus mechanisms, and have a certain degree of programmatic digital currency", while various countries have different definitions of cryptocurrency. The central bank of my country will encrypt Currency is defined as a "virtual commodity" that does not have currency attributes; while in the United States, it has different definitions according to different departments, such as property, bulk commodities, currency, virtual currency, etc.

An Qilei, Senior Economist of the People's Bank of China, Live Report from Golden Finance: Relevant regulatory rules should be formulated as soon as possible: Golden Finance Live Report, at the 2018 World's First Global Blockchain Technology Expo, An Qilei, Senior Economist of the People's Bank of China delivered a speech, He pointed out that blockchain technology is very hot, and when blockchain technology is combined with finance, it will face many problems. The combination of the two can enable more exploration and market-oriented research in payment, credit rating, trading, etc. Regulatory departments should be clear: what we are going to do, who is doing it, and how to do it. The regulatory department should establish relevant rules and systems as soon as possible, as long as it can promote the rapid development of China's economy, combine the Internet economy and blockchain technology, and maximize the advantages may be what the regulatory department looks forward to most. [2018/4/21]

Virtual currency (virtual currency, virtual money) is a currency that can purchase goods and services within a specific community in a virtual space. It has the currency functions of medium of exchange (Medium of Exchange) and unit of account (Unit of Account).

According to the definition of the European Central Bank in 2012: "A digital currency that is not legally bound, is issued and controlled by developers, and is accepted and used among members of a specific virtual community." At the hearing of the US Congress in 2013, the Fed Chairman Ben Bernanke stated that "for the past two decades, virtual currency has been viewed as a type of electronic currency, or a payment system technology field that has been developing." The US Department of the Treasury Financial Crimes Enforcement Network (FinCEN) in 2013 Defined in 2009 as: "Virtual currency is a medium of exchange that operates like physical currency under certain circumstances, but does not have all the attributes of physical currency." It also does not have the status of legal tender. In 2014, the European Banking Authority defined it as "a digital form of value that is not issued by a central bank or government department, and is not necessarily associated with legal tender, but which is accepted as a means of payment by natural and legal persons. , and can be transferred, stored and traded electronically.

In mainland China, it refers to the currency that runs on the Internet. Well-known virtual currencies such as Tencent's Q coins, and online games also have virtual currencies. Virtual currency is usually used by users to purchase virtual services on the Internet, such as the QQ membership function of Tencent’s Q coins, equipment for online games, etc. Virtual currency is usually a means of payment for users. For example, the Ministry of Culture of the People's Republic of China defined it in 2009 as: issued by online game operating companies, game users use legal currency to purchase directly or indirectly in a certain proportion, exist outside the game program, and store in the form of electromagnetic records in the online game operating companies. A virtual exchange tool expressed in a specific digital unit within the provided server.

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