What changes do virtual currencies bring to the economy and society?

The difference in payment feeling between using virtual currency for payment and cell phone payment that people are already familiar with is minimal. However, it is important to note that digital currencies are credit coins issued with the backing of national credit, which is a type of money, whereas cell phone payment is simply a bitcoin mining app payment method, and the two have significant differences. Third-party payments based on bank accounts fall under the scope of broad money M 2, whereas digital currency falls under the scope of cash money credit money M 0. Cell phone payments based on third-party payments will incur transaction fees, whereas virtual currencies in electronic accounts originate with the holder's funds and do not incur any additional transaction fees. In terms of payment function, virtual currency can perform double offline payment, whereas cell phone payment cannot be performed outside of the network. In general, the use of virtual currencies can effectively reduce transaction costs and improve payment system efficiency. Particularly for digital currencies: Digital currencies are legal tender in China and the most secure assets; digital currencies have value characteristics and can transfer value without relying on bank accounts; they also support offline transactions and have the "payment is clearing" characteristics; digital currencies use controlled secret names, which are beneficial to protect personal privacy and customer trust; The digital currency is appropriate for controlled secret names, which protects personal privacy and customer information security.

In theory, all scenarios that require cash settlement can be paid for with digital currencies, which greatly simplifies transaction activities. Realistically, the most obvious impact of virtual currencies is on the average household, which is a very micro-economic entity with credit currency transactions almost every day. Payment methods based on virtual currencies will have an impact on all aspects of business production, distribution, and sales. To facilitate customer spending, retail companies must open up virtual currency application scenarios; the company's clearing system may need to be adapted to virtual antminer a10pro currency payments and receipts; and the company's cash management procedures and fund scheduling systems must be pioneered and innovated.

On a larger scale, virtual currencies will have a direct impact on monetary policy formulation and implementation. Second, the design of virtual currency "small amount of secret name, large amount of legal traceability" brings the possibility of accurate identification of monetary policy transmission mechanism by relevant departments. Third, virtual currencies may change the way money is created in the banking system, as well as have an impact on traditional monetary theory.

Virtual currencies may have an impact on the international payment system as well. With the rapid upgrading of financial infrastructure and the increasing amount of data collection and processing, digital credit coins will be able to complete the simultaneous exchange of different currencies when trading and paying in the future, bringing great convenience to cross-border payments. This means that, in the future, anyone traveling outside of the country with a cell phone will be able to make smooth local currency payments outside of the country, which will play an important role in promoting the internationalization of local currency.

Naturally, the evolution of data currency faces new challenges. For domestic purposes, it is necessary not only to study and improve system bitcoin earn standards, release management regulations related to digital currency, and strengthen the security of digital currency personal information, but also to improve business rules and standard norms, continuously improve the entire process of security risk management of digital currency operation system, and promote research and evaluation of the deep impact of digital currency on fisc.

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