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Cryptocurrencies say goodbye

Postby Goltigrel В» 30.12.2019

.

It's far bigger than that. Yes, just like any other cryptocurrency — or for that matter, cigarettes in prisoners-of-war camps — the upcoming digital yuan will be "tokenised" money. But the similarity ends there. If blockchain technology shows promise in handling a large number of transactions simultaneously, then digital currencies could become substitutes not just for physical cash but also for bank reserves.

The crypto yuan, which may be on offer as soon as , will be fully backed by the central bank of the world's second-largest economy, drawing its value from the Chinese state's ability to impose taxes in perpetuity.

Other national authorities are bound to embrace this powerful idea. Little is known about the digital yuan except that it's been in the works for five years and Beijing is nearly ready to roll.

The consensus is that the token will be a private blockchain, a peer-to-peer network for sharing information and validating transactions, with the People's Bank of China in control of who gets to participate. To begin with, the currency will be supplied via the banking system and replace some part of physical cash.

It may start small, but the digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates that the world has lived with since No wonder that for China, "blockchain and the yuan digital currency are a national strategic priority — almost at the level of the internet", says Sanford C.

Ever since the advent of the 17th-century goldsmith-banker in London, the most crucial thing in banking has been the ledger, a repository of irrefutable records to establish trust in situations where it doesn't exist. When Peter in Vancouver agrees to send money to Paul in Singapore, they're forced to use a chain of interlinked intermediaries because there's no ledger in the world with both of them on it.

Blockchain's distributed ledgers make trust irrelevant. Paul devises a secret code, and shares its encrypted version with Peter, who uses it to create a digital contract to pay Paul.

Imagine the productivity boost; picture the threat to lenders. China isn't the only one experimenting. These are early days, but if blockchain technology shows promise in handling a large number of transactions simultaneously, then digital currencies could become substitutes not just for physical cash but also for bank reserves. That's when the game changes. Reserves at a central bank are maintained by deposit-taking lenders. A digital yuan — or Singapore dollar or Indian rupee — could bypass this system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers.

As Agustin Carstens, the general manager at the Bank for International Settlement, noted recently, "If the central bank becomes everybody's deposit-taker, it may find itself becoming everybody's lender too. But why would central banks want to demote their own banking systems?

One answer, looking at Europe and Japan, is that negative interest rates are doing that anyway. Lenders are starved of profit because while the central bank charges them for keeping money on deposit, they can't as easily pass on those negative interest rates to their own depositors.

If the global economy gets mired in long-term stagnation, official digital currencies will at least be an efficient way of monetary easing without involving banks. The other, more concrete, reason may be that technological progress is making the status quo untenable. It's no coincidence that China hastened its national cryptocurrency after Facebook announced the Libra project, which was touted as an alternative dollar.

Perhaps that was fanciful, and the Libra has hit a wall of regulatory concerns. But if they're offered like Spotify gift cards at the local 7-Eleven, there will be demand for tokens that are acceptable across borders, stable in value against baskets of national currencies, and can be used in global trade and investing.

Someone in Silicon Valley will eventually succeed, blowing away the fig leaf of monetary sovereignty in emerging markets in the process. The changes won't end with banking and monetary arrangements. Token transactions will be pseudonymous: If the central bank wants to see who's spending where, it can. Anonymity disappears when cash does. While that will make life difficult for money launderers and terrorists, it could also become a tool to punish political activism.

Meanwhile, currency as a foreign policy weapon loses some sting. Pariah states will covet a crypto they can access by circumventing banks that are terrified of flouting Western sanctions. As Harvard University economist Kenneth Rogoff notes, technology "is on the verge of disrupting America's ability to leverage faith in its currency to pursue its broader national interests". A roller-coaster decade — not just for for banking and money but also for privacy and politics — may just be beginning.

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Re: cryptocurrencies say goodbye

Postby Zulukinos В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Mezik В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Arazuru В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Zuran В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Nizshura В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Voodoozragore В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Zoloshakar В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Akinogor В» 30.12.2019

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Re: cryptocurrencies say goodbye

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Re: cryptocurrencies say goodbye

Postby Totaur В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Yozshujas В» 30.12.2019

ASX to open lower as volatility persists. Finance Home. Virtual currency is not a new idea.

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Re: cryptocurrencies say goodbye

Postby Fenrinos В» 30.12.2019

China isn't the only one experimenting. Blockchain Unable to follow, try again. Meanwhile, currency as a foreign policy weapon loses some sting.

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Re: cryptocurrencies say goodbye

Postby Maugor В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Garisar В» 30.12.2019

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Re: cryptocurrencies say goodbye

Postby Zulunos В» 30.12.2019

You're more than your job title. He doesn't see any reason to be alarmed over the volatility. The bitcoin cash split can be seen as the result of a breakdown of such negotiations.

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Re: cryptocurrencies say goodbye

Postby Telkis В» 30.12.2019

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Re: cryptocurrencies say goodbye

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