ETH Exchange ETH Exchange
Ctrl+D ETH Exchange

Outlook | What impact will the digital renminbi bring?



The digital currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding height of the current global digital economy era. The arrival of digital currency will completely solve the most fundamental problem of "what is currency", and the changes it brings can be called the first currency. Not long before the Four Revolutions, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Innovation and Development of Service Trade Pilots", which clearly stated that digital RMB pilots will be carried out in Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and qualified pilot areas in the central and western regions. What is the difference between digital renminbi and ordinary currency and other digital currencies? How to understand the relationship between digital renminbi and China's overall development? This needs to be viewed from a strategic perspective. The arrival of digital currency stems from the convergence of two main lines of historical development. One is digital development, and the other is the development of currency itself. The development of informatization and networking has created a digital virtual space. When various digital goods, digital services and digital assets emerge in an endless stream, the emergence of digital currency is logical. The digitization of the economy has led to a rapid increase in the total amount of data. Research shows that the current global data volume is growing at a rate of "10 times in 10 years", and will reach about 163ZB by 2025 (1ZB is approximately equal to 1 trillion GB). Among them, the total amount of data in China is expected to exceed 8ZB by the end of 2020, accounting for about 18% of the world, and may surpass the United States for the first time to become the world's number one. In April 2020, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Factor Market Allocation System and Mechanism" clearly proposed to develop the data factor market and accelerate the process of data capitalization. This means that the formation, circulation, transaction, development and other processes of data assets will be included in the standardized market framework. Security team: The attacker made a profit of about 370,000 USDC through the AVAX flash loan attack: According to news on September 7, according to CertiK’s early warning monitoring, a flash loan attack against AVAX affected the contract 0xe767c and some LPs, and the attacker made a profit of about 370,000 USDC USDC. Protocols that the attacker may have affected include Nereus Finance, Trader Joe, Curve Finance. [2022/9/7 13:13:26] What kind of currency is needed to support the marketization of rapidly growing data assets? Can traditional currency be used? You can imagine a scenario like this: When playing video games, you need to recharge to buy game coins to exchange for equipment. This is a legal digital product consumption behavior, but after playing more advanced equipment, can you sell more game coins and then For more money? The answer is no, because no matter how advanced the equipment is, as long as it is digitally generated, it is easy to copy indefinitely, and if such data assets can be converted into traditional currencies without restriction, the currency in the real economy will soon be It was heavily occupied, leading to severe deflation of the economy. Why can't traditional currencies be issued in large quantities to meet the needs of the digital economy? This has to do with the nature of traditional currencies. Traditional currency is "currency", that is, it can be exchanged for any commodity, and there are no restrictions on the occasion of use. Since it does not carry information, it is difficult to trace. This makes the traditional currency lose its function as a measure of value if it expands with the growth of data volume, that is, it becomes waste paper. The digital currency is different. Although it is also a "currency", it can carry information, so it has its own stability and can be used as an "anchor" for data assets instead of being "flyed" by data assets. The number of unconfirmed transactions on the entire Bitcoin network is 1,776: Jinse Finance reported that according to data, the number of unconfirmed transactions on the entire Bitcoin network is currently 1,776, and the computing power of the entire network is 206.11 EH/s, with a 24-hour transaction rate It is 2.98 transactions/s. The current difficulty of the entire network is 28.35 T. It is predicted that the next difficulty will increase by 1.79% to 28.86 T. There are 11 days and 6 hours left before the adjustment. [2022/8/21 12:37:45] In fact, the core attribute of Bitcoin, the first to practice the concept of digital currency, is that the total amount can be controlled, so that it can be used to measure the value of other commodities instead of being determined by other commodities. quantity. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market. Therefore, from a strategic perspective, under the background that informatization and digitalization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend. The 5G farmer’s market in Hangzhou, Zhejiang Province—the large screen of Luojiazhuang Farmer’s Market displays real-time transactions, customer flow and other related information on the big screen (photographed on May 17) Photo by Han Chuanhao/The advent of digital currency in this publication means the operation of money and finance The way is ushering in a revolution. In the history of mankind, from the perspective of what problems the form of currency has solved for mankind, there have been three great revolutions. South Korea is about to set up a new regulatory agency to supervise the encryption industry: Jinse Finance reported that the South Korean government and financial regulators will issue a series of new regulations due to the "Terra/LUNA incident". The main content-ethexc of the new regulations will be the establishment of a new government-appointed Regulators, responsible for overseeing the crypto industry. The agency, tentatively named the Digital Assets Committee, could be established within the next two weeks, according to reports. Unlike most other financial regulators that also deal with traditional finance-related issues, the agency will be fully committed to regulating the cryptocurrency market. It will also be responsible for setting policy for the industry. The government and the ruling People’s Power Party met in Congress on Monday on encryption policy after the “terra/LUNA incident.” The parties said their aim was to "restore fairness to the virtual asset market" and "protect investors." (cryptonews) [2022/6/15 4:28:40] The first is the metal currency revolution, which solved the problem of a unified value scale. Before the currency entered the metal age, various items were used as a medium of exchange, and it was difficult to trade with each other. The emergence of metal currency made it possible to unify the pricing standard, so that the scattered small market could develop into a unified large market. The second is the legal currency revolution, which solves the problem of the relationship between the country and the currency. In 1694, the emergence of the Bank of England marked the birth of the central bank, and its essence was to convert national debt into a unified legal currency within a country. At this time, the currency itself is a certificate of national debt, which means that the country that issued the currency has promised how many things this piece of paper can buy, and the era of paper money has come naturally. Evmos domain name service Evmos NS will launch the test network on June 16 and launch the main network on June 28: On May 23, Evmos domain name service Evmos Name Service announced that it will be launched for testing at 2:00 on June 16, Beijing time network, and the main network will be launched on June 28. [2022/5/23 3:35:45] The third is the credit currency revolution, which solves the problem of "money is not a specific thing, but what can be bought". Only after the currency and gold are completely decoupled, the era of credit currency will really come. At this time, in addition to representing credit, the currency no longer has any "gold content-ethexc" of precious metals. The ability of credit currency to "stand up" and spread quickly after the United States closed the US dollar and gold exchange window is inseparable from the financial electronic revolution in the 1970s. Electronic information and the Internet have been introduced into the financial transaction process, connecting various types of financial markets and financial markets across oceans. The scope of time and space of transactions is rapidly expanding, and the limited amount of metal currency can no longer support the rapid expansion of the number of trading items. At this time, the credit currency, which only represented credit and not precious metals, supported the astronomical expansion of financial products. Compared with the above three major currency revolutions, the arrival of digital currency will completely solve the most fundamental problem of "what is currency", and the changes brought about can be called the fourth major currency revolution. The currency under the gold standard system is the symbol of gold rather than the currency itself. The "goods" of gold are the currency itself; The problem. But where money represents credit, what is credit? So in reality, debt has become credit itself, leading the United States to embark on a path of no return for one-way expansion of debt. China's debt remains manageable due to the fact that the yuan is anchored in Chinese goods. The digital renminbi enables currency to express digital assets, and digital assets are mirror images of various social interactions. Its essential meaning is: in the transaction of two things, money is not a symbol of one of them, but a symbol of the relationship of transaction. The information carrying function of digital currency enables relationships to be recorded without using gold or national debt as a carrier, which can be said to truly reflect the essence of currency as a medium of exchange. Golden Noon News|An overview of important developments at noon on January 13: 7:00-12:00 Keywords: Coinbase, Simplify, Digital Pound, OpenSea 1. US bipartisan lawmakers call on the Commodity Futures Trading Commission to strengthen cryptocurrency supervision; 2.Coinbase Will acquire FairX, a derivatives exchange regulated by the US CFTC; 3. completes $1 billion in Series D financing, which will strengthen the expansion of the Web3 field; 4. Asset management company Simplify submits a Web3 ETF application to the US SEC; 5. UK Members of the House of Lords: The use of digital pounds for retail may harm financial stability; 6. American clothing company GAP will launch gamified NFT on Tezos; 7. UniCC, the world's largest darknet market for credit and debit cards Close; 8. OpenSea has added Watchlist function. [2022/1/13 8:46:19] The digital renminbi is the first sovereign pure medium currency put into practice in human history. At present, the central banks of many countries are actively promoting digital currency related work. According to a survey released by the Bank for International Settlements in January 2020, among the 66 central banks in the world it surveyed, about 80% of the central banks are conducting digital currency-related research, and 40% of them have entered the stage of experimental and conceptual research from theoretical concepts. The concept and relevant theory verification stage; about 10% of the central banks are already developing and piloting digital currency. According to public reports, legal digital currencies in developed countries focus more on personal privacy protection, system security, and stability of their financial systems; emerging market countries prefer to use digital currencies to improve payment efficiency, increase liquidity, and enhance national currency sovereignty. It is worth noting that the issue of digital currency is closely related to data sovereignty, and currently there are more games than cooperation in Europe and the United States in terms of data sovereignty. On July 16, 2020, the European Court of Justice officially ruled that the European and American Data Privacy Shield signed in 2016 is invalid. This is a set of rules for U.S. businesses transferring EU user data to the United States. The European Court of Justice held that the agreement allows the United States to carry out large-scale monitoring of the personal data of EU citizens, which does not meet the EU's requirements for privacy protection. This judgment will challenge American Internet giants such as Facebook, Google, and Amazon. The most immediate impact is that these companies will be forced to stop storing EU residents' data on US servers. The U.S. reacted fiercely to this, and the sovereign conflict between Europe and the United States in terms of data privacy protection will intensify in the future. Therefore, under the premise that competition for data sovereignty is greater than cooperation, Europe and the United States are more cautious about whether digital currency will "revolution" their already dominant international financial status. For example, since 2019, U.S. regulators have not been very enthusiastic about digital currencies, and have continued to exert pressure on Facebook, which plans to launch Libra digital currency. Judging from the Libra white paper 2.0, although Libra has weakened the characteristics of confronting the dollar, it still poses a structural threat to the dollar and other sovereign countries. For example, users of Libra can theoretically bypass the U.S. dollar system and settle directly with Libra, which will directly threaten the dominance of the U.S. dollar in international settlement. In addition, Libra is not anchored to a single currency. After gaining a certain position in the international currency market, Libra is fully capable of decoupling from any sovereign currency such as the US dollar. The digital currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding height of the current global digital economy era. Residents in Guye District, Tangshan City scan QR codes to pay after purchasing goods in a 24-hour smart unmanned convenience store (photographed on June 14, 2018) Photo by Yang Shiyao/This magazine my country has been at the forefront of digital currency research and development in the world. Going international has won a new strategic window. At the same time, it also provides a new starting point for my country to further deepen the reform of the financial system and promote the close integration of finance and industry. First, the digital renminbi is conducive to the construction of a large global financial system in which finance and the real economy are harmoniously integrated, and internal and external finance are harmoniously integrated. The digital renminbi is endorsed by the national credit and is a digital cash. In addition to the functions of bookkeeping, payment, and value storage, it can realize the full data management of the currency life cycle, and its use efficiency is significantly improved compared with traditional currencies. Relying on digital currency, financial The regulation of stability is more timely, and the control of financial and economic crises is more precise. As my country's national strength continues to grow, the digital renminbi will likely develop into an important stable anchor for the international monetary system in the future. Second, the current research and development of digital renminbi is in a leading position in the world, which is conducive to seizing opportunities in the international market in the era of digital currency. For example, the two-tier launch and two-tier operation digital currency framework system proposed by my country's central bank has been recognized by most countries in the world, and the current pilot work is progressing smoothly. The first-mover advantage of the digital renminbi is obvious. With the international integration of the digital economy, the technical and institutional advantages of the digital renminbi's payment, settlement, and pricing functions in the international market will provide an effective starting point for the internationalization of the renminbi. Third, the digital renminbi will help enhance the financial stickiness of regional cooperation. The convenience and reliability of the digital renminbi is conducive to the establishment of more diverse and flexible financial cooperation between my country and other countries, and will provide an excellent alternative for the international currency market to resist risks. At present, countries co-constructing the “Belt and Road” and neighboring countries of our country are highly concerned about the digital renminbi. The fourth is to promote the steady development of the financial system and the fiscal system in parallel and relatively independently. First of all, the technical characteristics of the digital renminbi are conducive to the central bank's control of the main money supply gate; secondly, it is conducive to further improving the management of RMB foreign exchange and maintaining exchange rate stability; The pain points and "difficult and miscellaneous diseases" to comprehensively prevent and resolve financial risks. Overall, the impact of the digital renminbi on my country's financial system will be comprehensive. Driven by the transformation of digital currency, the development of my country's digital governance system will usher in a new era.


Dogecoin Price
9.4 morning market: 94 commemorative market staged pay attention to this point

It continued to fall yesterday until this morning, and once fell below $10,000, a new low since July 28. From the perspective of the disk, this is unexpected. In fact.

SUSHI used the YAM mining mode to attract 350 million US dollars in 17 hours

Today I will share the hottest sushi in the past two days, and simply understand SUSHI = YAM + YFI + FCoin + uniswap.MINISWAP = Fcoin + uniswap.FCoin has become a thing of the past.

DeFi threshold is high Will DeFi+CeFi one-stop aggregation platform be the future trend?

There is no doubt that AMM and liquidity mining are the two key mechanisms for DeFi to become popular in mid-2020. They have greatly promoted the explosion of DeFi. For example, in the DEX segment.

Outlook | What impact will the digital renminbi bring?

The digital currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding height of the current global digital economy era.

Project Weekly|The net inflow of BTC to the exchange decreased, and the income of ETH miners hit a record high

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, market and contract data, mining information, project dynamics.

Who will save the congested Ethereum and high gas fees?

Transaction fees on the Ethereum network recently reached new hourly records. As Ethereum (ETH) rallied, miners on the network made more than $500,000 in just one hour.

5 starter sites to teach you to identify decentralized projects

The decentralized industry is currently in full swing and has gradually become a core part of the blockchain field. For this, understanding the developments in this industry is essential.However.