久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Finance

New twist in cryptocurrency tale

By Chen Jia | China Daily | Updated: 2019-01-07 09:14
Share
Share - WeChat
Gu Nanxin (right), 78, tries to pay using Alipay on her mobile phone at a supermarket in Changxin, Zhejiang province. [Photo by Tan Yunfeng/for China Daily]

PBOC is among some central banks that are pondering e-cash of their own, fresh regulations and standards

"In Mesopotamia at least metal currency that didn't physically exist was used ... In a sense, this imagined form of money, used to facilitate real exchanges, was a virtual currency. So, when people tell you that today's economy is very different to the economy of the past, citing the virtual payments made possible by digital technologies, tell them that is nothing new; that virtual money has existed ever since the economy was invented, following the agricultural revolution twelve thousand years ago and the creation of the first surplus."

- Yanis Varoufakis, former Greek finance minister, in his book Talking to My Daughter about the Economy - A Brief History of Capitalism

Call them virtual money, digital fiat or cryptocurrencies, alternative measures of exchange value have always posed challenges to official cash.

From the first paper money that was used in China to various cryptocurrencies now vying to usher in a cashless world, almost 10 centuries have sped by.

And, wiser after the 2008 global financial crisis, central banks the world over, including the People's Bank of China, are determined to preempt any potential trouble.

That's not all. The PBOC is among the central banks that are considering issuing digital currencies of their own, besides exploring new regulations and standards to streamline and control the emerging field.

To understand their rationale, it is important to review the key developments of the last decade that marked the global monetary system.

The first decade post the GFC saw the emergence of e-money that, in turn, led to numerous electronic payment providers offering specialized services.

The trend reduced the use of official cash, spawned for-profit trade in virtual currencies, and spooked regulators with the specter of investment frauds and a destabilized financial system.

But now, experts are divided on whether fresh measures to rein in cryptocurrencies are already a bit late in the day, while others argue there is a strong case for more rules and regulations.

Everyone, however, agrees that digital money has enabled innovative modes of payment. New payment providers, such as AliPay and WeChat in China, have already restructured the market and changed the way people use money.

And they did so in a way that Satoshi Nakamoto, whose real identity remains unknown, could not have imagined a decade ago. Around the time the world was convulsing through the GFC, Nakamoto published an article titled Bitcoin - A Peer-to-Peer Electronic Cash System. The article introduced the concept of an electronic payment system free of any credit intermediary.

The idea caught on like wildfire. In the media, headlines screamed terms and phrases like "blockchain", "decentralization" and "distributed ledger".

"It changed the internet-age public's perceptions, making people believe that everything could be decentralized, and that the currency is no exception," said Zhang Yutong, a researcher with JD Finance.

Bitcoin's rise in 2009, the subsequent frenzy over its trading (which was marked by unrealistic prices and obscene returns), and the potential threat they posed to conventional cash led to denouncements that digital currencies are a fraud, outright bubbles.

Now, the focus is shifting. Academics and policymakers are discussing issues ranging from the technical features of a digital currency's design to concerns over the political economy.

In a sense, the advent of cryptocurrencies, and the attendant technological innovations, are reshaping traditional financial institutions, experts said.

A growing number of banks and other financial institutions are forming joint ventures with, or investing in, more established and large-scale third-party online platforms, some of which are associated with large technology companies such as Alibaba, Tencent, and Baidu.

A Nielsen survey indicated that third-party e-payments have much larger user penetration in China than the rest of the world.

It showed that 86 percent of respondents in China have paid for online purchases via third-party payment systems, much more than 38 percent in North America, 56 percent in Western Europe and 37 percent in Southeast Asia and the Pacific.

Zhou Xiaochuan, former governor of the PBOC, said recently that around half of the financial services in the country have been re-packaged or transformed by high technology into fintech, a sector that now includes electronic payment providers.

Some advocates say e-money can support payments without the need to designate a third-party that controls the currency or payment instruments - "decentralization".

Since the rise of electronic payments also challenges central banks' status as the sole issuers of State-backed currency, discussions now center on whether the future payment model should be decentralized as distributed ledgers technology "are still needed", said Zhou, at a forum in November. "That could be the key issue that money issuers are concerned about the most.

"The future is still uncertain. Multiple development plans for digital currencies and electronic payments are paralleled, challenging the central banks and financial regulatory bodies."

1 2 3 Next   >>|
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 日韩不卡在线观看 | 美国一级毛片免费看成人 | 颜值超高的女神啪啪 | 这里只有精品国产 | 亚洲理论欧美理论在线观看 | 欧美成人观看免费完全 | 亚洲高清免费观看 | 国产永久在线观看 | 日本一级毛片中文字幕 | 99av在线 | 性a爱片免费视频性 | 九九99久久| 最新亚洲精品国自产在线 | 成年人在线观看免费 | japanese日本tube色系 | 国产成人经典三级在线观看 | 国产精品久久国产三级国电话系列 | 国产4tube在线播放 | 91看片淫黄大片欧美看国产片 | 亚洲精品中文字幕在线 | 国产成人精品日本亚洲麻豆 | 免费高清特黄a 大片 | 在线a网站 | 日韩欧美一区二区三区不卡视频 | 久久亚洲国产 | 美女色黄网站 | 成人国产网站v片免费观看 成人国产午夜在线视频 | 国产成人精品aaaa视频一区 | 国产日韩欧美视频 | 欧美成人观看免费完全 | 久久视屏这里只有精品6国产 | 91精品国产91久久久久青草 | 日日狠狠久久偷偷四色综合免费 | 无码精品一区二区三区免费视频 | 久久久国产99久久国产首页 | 韩国免费播放一级毛片 | 久久精品视频免费播放 | 久久女厕一次看个够 | 亚洲综色 | 欧美一级成人一区二区三区 | 亚洲深夜|