Someone asked if gold or bitcoin would be better? I've been thinking for a long time...
If someone asked two years ago what they thought of block-chain currencies such as Bitcoin, we might not hesitate to answer as a mainstream financial institution: too risky to be cautious._DJMINER
But last weekend, at the third Yichun Forum of Forty People in China's Finance, senior officials of the Central Bank's Payment and Settlement Department said that the research on the central bank's digital currency (DC/EP) had been going on for five years, and that it would be "ready to come out" and "double-tiered operation system" would be adopted in terms of operation structure.
This matter has been widely reported by the major financial media, and has attracted our attention successfully. What the mainstream has always disdained may be the attitude of our most important official organ.
Let's explain. "DC/EP" was first proposed by Zhou Xiaochuan, then governor of the Central Bank, at a press conference on "Financial Reform and Development" at the first session of the 13th National People's Congress on March 9, 2018.
He elaborated that the name of the statutory digital currency developed by the central bank is "DC/EP" (DC, digital currency, digital currency; EP, electronic payment, electronic payment). To some extent, this means that the central bank's main use of digital money lies in the "means of payment" in the three basic functions of money, rather than "value storage" and "value scale".
Please note that the official has been talking about "digital currency" without mentioning "block chain currency", which means that the two may not use the same technology, or the official deliberately avoided the term so that the public can clearly distinguish._DJMINER
So what does "two-tier operation system" mean? This means that the central bank first converts digital money to commercial banks, and then to the public by commercial banks.
Next, the most important information is that the two-tier operation system will not change the relationship between creditor's rights and liabilities of currency in circulation. In order to ensure that the central bank's digital currency does not exceed its limit, commercial banks need to pay reserves to the central bank in full and 100%. The central bank's digital currency is still the central bank's liabilities, guaranteed by the central bank's credit and has unlimited laws. Compensation. The main purpose of digital currency is to achieve M0 (cash in circulation) substitution.
What is a 100% reserve? For example, if a commercial bank receives a 10,000 yuan digital currency quota from the central bank, it must pay a reserve of 10,000 yuan to the central bank, and then use the 10,000 yuan digital currency to exchange depositors'10,000 yuan cash._DJMINER
Let's get rid of the money banking knowledge in the University and explain to the guest officers what would happen if it weren't for 100% reserve.
For example, if only 10% of the reserve is required, then commercial banks can get 100,000 yuan of digital currency quota and exchange 100,000 yuan of cash for depositors by paying 10,000 yuan of reserve to the central bank
What happened during this period? It can be seen that commercial banks mortgaged their 10,000 yuan and took 100,000 yuan from the central bank, of which 90,000 yuan was created out of thin air and distributed to society. If that number is large enough, it could cause a terrible inflation.
But if it were a 100% reserve, there would be no inflation without money being created out of thin air. Digital money, then, is purely a substitute for cash and is used to pay for it.
Some people ask, it doesn't sound like a digital currency like WeChat and Alipay.
There must be a difference. Digital money is characterized by anonymity.
For example, if we go to the supermarket to buy a bottle of soda water, if cash transactions are made, the cashier will receive cash and do not know that the person paying is us; but if we use Alipay transaction, then the cashier's backstage can see that there is an account called "rich *" who pays for the steam water, and a deep background can also be seen. "Fu*" paid for a device named xxx, so that our soda buying behavior could be tracked all the way.
But the anonymity of the cash substitution of digital money can make the other person do not know who you are, and no Internet can also use it. Unlike Alipay, it can not be paid without the Internet.
In addition, if digital money replaces cash more, the crime of money laundering, counterfeiting and carrying money to escape will become unsustainable, and the financial environment will become cleaner.
So, maybe in the near future, our way of payment will be very different from before. The guest officer should have this expectation.
Some people will surely ask, how much does it matter to me now, and what investment opportunities are there?_DJMINER
We think for a long time and give this answer slowly:
Just as Facebook wants to launch Libra's impact on the global central bank, if a country's government wants to introduce legal digital currency, the impact on the global central bank and virtual money markets such as Bitcoin is huge, at least a huge psychological impact.
Perhaps virtual currencies such as Bitcoin will rise sharply in response to the market. But it should be remembered that if governments do, they will also support their own legal digital currency, rather than the non-governmental digital virtual currency without national status.
Recently, there has been a convergence between the rise and fall of Bitcoin and gold. As the same thing with scarcity and currency attributes, some people feel that Bitcoin and gold have the same risk-aversion attributes. But Bitcoin has never had a value storage function and is easily replaced by statutory digital money. Gold cannot be created, nor can it be replaced by other precious metals. If the legendary risk occurs, who will take over the currency without the function of value storage?
So, answer the question in the title, if it's to avoid danger, or to hold gold. Bitcoin, as the ancestor of virtual money, the tide maker of block chain technology and the peak of human financial imagination, if it is purely for the purpose of commemoration and collection, we can consider holding a little bit of idle money._DJMINER
But last weekend, at the third Yichun Forum of Forty People in China's Finance, senior officials of the Central Bank's Payment and Settlement Department said that the research on the central bank's digital currency (DC/EP) had been going on for five years, and that it would be "ready to come out" and "double-tiered operation system" would be adopted in terms of operation structure.
This matter has been widely reported by the major financial media, and has attracted our attention successfully. What the mainstream has always disdained may be the attitude of our most important official organ.
Let's explain. "DC/EP" was first proposed by Zhou Xiaochuan, then governor of the Central Bank, at a press conference on "Financial Reform and Development" at the first session of the 13th National People's Congress on March 9, 2018.
He elaborated that the name of the statutory digital currency developed by the central bank is "DC/EP" (DC, digital currency, digital currency; EP, electronic payment, electronic payment). To some extent, this means that the central bank's main use of digital money lies in the "means of payment" in the three basic functions of money, rather than "value storage" and "value scale".
Please note that the official has been talking about "digital currency" without mentioning "block chain currency", which means that the two may not use the same technology, or the official deliberately avoided the term so that the public can clearly distinguish._DJMINER
So what does "two-tier operation system" mean? This means that the central bank first converts digital money to commercial banks, and then to the public by commercial banks.
Next, the most important information is that the two-tier operation system will not change the relationship between creditor's rights and liabilities of currency in circulation. In order to ensure that the central bank's digital currency does not exceed its limit, commercial banks need to pay reserves to the central bank in full and 100%. The central bank's digital currency is still the central bank's liabilities, guaranteed by the central bank's credit and has unlimited laws. Compensation. The main purpose of digital currency is to achieve M0 (cash in circulation) substitution.
What is a 100% reserve? For example, if a commercial bank receives a 10,000 yuan digital currency quota from the central bank, it must pay a reserve of 10,000 yuan to the central bank, and then use the 10,000 yuan digital currency to exchange depositors'10,000 yuan cash._DJMINER
Let's get rid of the money banking knowledge in the University and explain to the guest officers what would happen if it weren't for 100% reserve.
For example, if only 10% of the reserve is required, then commercial banks can get 100,000 yuan of digital currency quota and exchange 100,000 yuan of cash for depositors by paying 10,000 yuan of reserve to the central bank
What happened during this period? It can be seen that commercial banks mortgaged their 10,000 yuan and took 100,000 yuan from the central bank, of which 90,000 yuan was created out of thin air and distributed to society. If that number is large enough, it could cause a terrible inflation.
But if it were a 100% reserve, there would be no inflation without money being created out of thin air. Digital money, then, is purely a substitute for cash and is used to pay for it.
Some people ask, it doesn't sound like a digital currency like WeChat and Alipay.
There must be a difference. Digital money is characterized by anonymity.
For example, if we go to the supermarket to buy a bottle of soda water, if cash transactions are made, the cashier will receive cash and do not know that the person paying is us; but if we use Alipay transaction, then the cashier's backstage can see that there is an account called "rich *" who pays for the steam water, and a deep background can also be seen. "Fu*" paid for a device named xxx, so that our soda buying behavior could be tracked all the way.
But the anonymity of the cash substitution of digital money can make the other person do not know who you are, and no Internet can also use it. Unlike Alipay, it can not be paid without the Internet.
In addition, if digital money replaces cash more, the crime of money laundering, counterfeiting and carrying money to escape will become unsustainable, and the financial environment will become cleaner.
So, maybe in the near future, our way of payment will be very different from before. The guest officer should have this expectation.
Some people will surely ask, how much does it matter to me now, and what investment opportunities are there?_DJMINER
We think for a long time and give this answer slowly:
Just as Facebook wants to launch Libra's impact on the global central bank, if a country's government wants to introduce legal digital currency, the impact on the global central bank and virtual money markets such as Bitcoin is huge, at least a huge psychological impact.
Perhaps virtual currencies such as Bitcoin will rise sharply in response to the market. But it should be remembered that if governments do, they will also support their own legal digital currency, rather than the non-governmental digital virtual currency without national status.
Recently, there has been a convergence between the rise and fall of Bitcoin and gold. As the same thing with scarcity and currency attributes, some people feel that Bitcoin and gold have the same risk-aversion attributes. But Bitcoin has never had a value storage function and is easily replaced by statutory digital money. Gold cannot be created, nor can it be replaced by other precious metals. If the legendary risk occurs, who will take over the currency without the function of value storage?
So, answer the question in the title, if it's to avoid danger, or to hold gold. Bitcoin, as the ancestor of virtual money, the tide maker of block chain technology and the peak of human financial imagination, if it is purely for the purpose of commemoration and collection, we can consider holding a little bit of idle money._DJMINER
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