Babbitt Column | Digital Currency Great Navigation Age: Private License and Supervision Sandbox Park, Drake and Zheng Chenggong

Pirates of the Caribbean.webp

Foreword: Assume that the central bank's digital currency DCEP is officially released in September or October and can be exchanged globally. This is the most important historical moment of the global financial system after the collapse of the Bretton Woods system. It will be the global foreign exchange market, capital market, international trade, cross. What is the impact of the construction of the area, the entrepreneurship of the sea, and the internationalization of the RMB? How quickly can these effects come to light? How do local governments, parks and businesses keep up?

When opening this topic, the uncle of the cat is very contradictory. The source of information can not be revealed by the cat, you think I guess.

As a fund manager, Uncle Cat does not currently receive salary from political research, universities, think tanks or the media. Writing this estimate will be criticized by the family leaders. “This has a relationship with the core interests of the family? Can you earn a few dollars?”

In fact, she does not understand, the fate of a person, of course, depends on self-strengthening, but also must take into account the process of history.

The central spirit and industrial policy research is thorough, in order to earn the kind of money that is based on Wang Jianlin's small goal.

The recently released "Shenzhen Digital Currency Pilot Demonstration Zone" policy, in the eyes of Mao Shu, is a clarion call for the digital maritime era. The "Pirates of the Caribbean" movie is behind the "private license" and "royal" of that era. The pirate system, the birth of "Drake Captain" in the West, "Zheng Yiguan" in the East (Zheng Zhilong, the pirate king of the Far East, his son Zheng Chenggong is more famous).

Write an article to sort out ideas and find friends. From the direct interest, the core question that Mao Shu wants to find the answer is “the impact of DCEP central bank digital currency on the venture capital market in the sea” or “If you have N100 million overseas users, how to do it? Digital currency innovation?":

Assume that a video app (similar to a quick hand) has hundreds of millions of real users in the Belt and Road and continues to grow, but the current ARPU (Average Revenue Per User) is far from the domestic benchmarking app (fast hand vibrating domestic income) In terms of tens of billions, the valuation model of the general fund at the time of corporate financing is very disadvantageous.

First of all, from the past experience, the core index of ARPU is highly correlated with the mobile payment penetration rate and transaction volume of the local market. Only the superpowers such as the China Central Bank DCEP and Facebook Libra may enter the market ten times and may incite global mobile payment penetration. The rate and transaction volume, which in turn led to an increase in the valuation of the offshore project by the entire capital market.

Secondly, since the last round has already been the top strategic investment in China, the next round of big chances is that only the local tyrants such as Softbank Vision Fund or Government Industry Fund will be able to exceed the general market pricing logic to give a “policy premium” or "Vision premium." Taking into account the current international situation, it is more likely that the government industry fund will be the target of the gold.

Finally, pioneers of digital currencies such as BTC have accumulated a large amount of intellectual resources and innovative explorations in the areas of “passengage incentives”, “incentive compatibility”, “community operations” and “network red marketing”. These “methods” are due to their The huge potential of social mobilization has become a double-edged sword. Under the background of “financial stability” in China, it is basically impossible to land in the territory. However, with the central policy support of “Shenzhen Digital Currency Demonstration Zone”, it is very likely that the closed-loop exploration of overseas landing is possible. Get government support or acquiescence, and then endless ideas, passions and benefits.

So the uncle is very painful and anxious. It seems that as long as a layer of window paper is broken, for example, a product demand and function are found, the question has an answer. It is even possible that someone inadvertently, or an article that was inadvertently read, would make the cat uncle scream "Eureka" and jump up and write down Archimedes' law.

Continuous reading, writing, and communication are the ways that Uncle Cat uses to alleviate anxiety. Uncle Cat doesn't care much about communication, so he will write a lot of words to do self-analysis.

The problem that the uncle Mao wants to solve directly is likely to rely on the sparks of other participants in the digital currency innovation ecology to help the uncles and the uncles of the cats to smash the window paper.

A flower alone is not spring, and a hundred flowers bloom in spring.

Small money depends on earning, and big money depends on life.

A project from the brink of bankruptcy to tens of billions of dollars, turning around elsewhere.

A butterfly in the rainforest of the Amazon River in South America, occasionally flapping a few wings, can cause a tornado in Texas in two weeks.

The core gold lord of the uncle's fund, the famous boss of the big boss who gave money every time, two million went in and out of tens of billions, the main external cause is a "911", which Chinese investor can prediction?

It is still the words of his old man, the fate of a person, of course, depends on self-strengthening, but also must take into account the process of history.

In the next decade or even decades, it is the "big voyage era" of digital currency. Let's review history.

The era of great navigation refers to the extensive transoceanic activities and major breakthroughs in geography initiated by the world from the late 15th to the early 16th centuries, especially in Europe. These ocean-going activities have facilitated communication between continents on Earth and have resulted in numerous new trade routes. Along with the opening of new routes, cultural and trade exchanges between the East and the West have increased significantly, and colonialism and free trade have begun to rise. Europe has developed rapidly during this period and laid the foundation for prosperity beyond Asia. Not only did people discover a new continent in this era, but they also increased their geographical knowledge and greatly promoted European foreign trade and became one of the important links in the rise of European capitalism. The new route has a long-lasting impact on the development of the world's continents hundreds of years later. For countries and nations other than Europe, the impact of geographical discoveries is complex and contradictory.

The rise of the maritime era has made the pirate cause more prosperous, especially the “private license” (a permit issued by the British-led government to issue official pirates, allowing the robbery of ships from other countries, income and government dividends) It also made the pirates reach the point of lawlessness. Among them, the "Royal Pirate" Francis Drake, who defeated the invincible fleet, was the most famous. He made two round-the-world voyages in 1577 and 1580. In April 1581, Queen Elizabeth I personally boarded the ship to give the title of Royal Sir drake. In 1588, Drake became a lieutenant general, helping the British to defeat the Spanish Armada (Spanish Armada), was named Lord of England, became a national hero, ascended the pirate's history, and his portrait is still hanging in the Royal Naval Academy.

By the way, when writing this article, it was the Teacher's Day. When listening to Mr. Mao Haijian's history of military training, he said that in the future, you must go to the Greenwich Observatory in London and stand on the top of the hill to see the Royal Naval Academy under the mountain. Military and science (astronomy is the earliest naval science) is inseparable… After 17 years, he certainly can't remember that after reading "The Crash of the Heavenly Kingdom," he ran to a lecture and listened to the students. "Financial technology" and "military technology" are compared in the same way, observing the experience and lessons of "financial pirates" who participated in the new era of "currency wars" in the new era.

Drake became the highest peak in the history of Western pirates, but not the highest peak in the history of piracy in the world.

This honor belongs to our well-known national hero, expelling Red Mao to recover Taiwan’s Daming Yanping County King, Zheng Chenggong.

Of course, it is estimated that there will be a small partner who will raise the bar and say that you should not smear the country’s surname is a pirate. The country’s surname, he’s Zheng Zhengguan (Zheng Zhilong) is a pirate. When the country’s surname is regaining Taiwan, it’s already the regular army of Daming!

In fact, the country’s surname does not confess to its own pirates. Why should we explain the younger generations?

What's more, the Red Army of workers and peasants on Jinggang Mountain has not been smeared as "匪"?

Of course, when sailing first, because of the poor conditions, most of the fleets including Columbus Magellan were forgiven prisoners, which made the members of the later pirates mostly desperate, and romantic descriptions in movies and novels. Different, they often have a bleak life, violent bloodthirsty, cruelty and killing, and most pirates and pirate heads have not escaped the fate of death.

During the period from 1691 to 1723, it was called the "golden age" of pirates for 30 years. Thousands of pirates were on commercial routes. The end of the "Treasure Island" era was in Bashaluo. Roberts’ death is a sign. With the advent of the industrial age, the strength of the navies of various countries has been greatly enhanced, the patrols on the coast have become stricter, and the pirates have never had the glory of the past. They have almost disappeared from the late 18th century to the early 19th century. However, the pirates have not disappeared since then. "Pirates of the Caribbean" describes what happened during this period, and the story of "Treasure Island" is also a legend that originated from the huge wealth buried in the pirates of the Caribbean.

If friends who have a good understanding of the history of the “coin circle”, “mineral circle” and “circle circle” in the past ten years, can they see the commonality between them and “pirates”?

The central bank's digital currency, DCEP, has been “out of the box”. This is the original words of the director of the Central Bank's Digital Currency Institute, Mu Changchun. The exact time of the cat can't be said, anyway, it will soon be.

The core mission of the central bank's digital currency DCEP is “internationalization of the renminbi”. The biggest obstacle encountered is the financial ecology and historical inertia formed by “dollar hegemony”.

This historical inertia and financial ecology are difficult to break, not to mention the traditional banking system that has been held in the hands of the financial special interest groups supported by the US imperialism for many years. There are not enough carrots and sticks, who will follow China. ?

DCEP RMB internationalization, of course, is based on enterprises and individuals with real users and real business outside the country. It is divided into two categories: Chinese enterprises and foreign companies. Enterprises, which are not divided by the standard of easy man-made control of registration or nationality, we generally refer to the first type of power as “sea-going enterprises” or “out-of-seas entrepreneurs”.

Entrepreneurs who come to the sea have a longer life in the country and can understand the application scenarios and great potential of digital money mobile payment. They also witnessed the dripping mobile phone taxi, the US group mobile phone take-out, and the multi-phone shopping, starting from scratch. The story of growing wealth, both cognitive and practical, is the object that the central bank DCEP should unite most.

“Going out to the sea” has become a model for “foreign entrepreneurs” and has increased their confidence in the “foreign entrepreneurs”, so that they can dispel their concerns and actively join the united front of the RMB internationalization.

Therefore, the uncle of the cat will stand in the position of “the entrepreneur of the sea” and write for the “National Digital Money Industry Fund” and the “Shenzhen Stock Exchange Sea Plate”. This is a proposal from the source of funds and the withdrawal mechanism. Then the government came out to participate in the "digital currency" and "internationalization of the renminbi" dialogue research mechanism, so that "outside the sea entrepreneurs" to put their own claims.

Another is the “Digital Currency Innovation Supervision Sandbox” and the “Digital Currency Seascape Ecological Park”.

When writing to the "sandbox" here, the uncle couldn't help but admire the Queen Elizabeth and her descendants who are best at using the "private license."

From 1585 to 1604, there were at least one hundred to two hundred armed merchant ships sailing out of the sea each year, specializing in the looting of the Spanish transport fleet in the Atlantic and the Caribbean, and the annual seizure of up to 200,000 pounds. Pirates are purely personal, but Queen Elizabeth gives the pirate captains a "private license" for political purposes. At that time, the pirates were arrested and must be on the gallows. However, if they have a "private permit", they can claim to be acting on their own and enjoy the treatment of prisoners of war. Just like ordinary people who commit guns and murders, they are usually sentenced to death. Soldiers kill people, even if they kill civilians, they are generally not sentenced to capital punishment. For British private ship owners, now known as "Royal Pirates", this title is more appropriate.

Because of the national military strength, especially the naval power lost to Spain, Elizabeth wanted to use these pirates to harass against Spain. They funded pirates, and the property seized by the pirates also had to honor the Queen’s next, and both sides needed each other for mutual benefit. .

Britain’s endless pirate looting has caused Spain a headache. Spain has repeatedly protested to the United Kingdom, but the United Kingdom has ignored it and said that there is no connection between it and the pirates. The government arranged, did not recognize it, did not recognize it. The contradictions between the two sides intensified and finally triggered the war. In 1588, the Spanish Invincible Fleet was defeated by the British. Since then, Spain has gradually surpassed the British.

In 1856, after the end of the Crimean War, the Paris Treaty was concluded. On April 16 of the same year, the Paris Declaration was issued. The private license was abolished in the form of an annex. However, only the United States did not approve the collegiate. It was not until 1907 that the powers including the United States decided to arm the merchant ships in the Hague and the meeting must be regarded as the management of the warships.

The US imperialism is the most unwilling to end the "private permit". Why? Everyone thinks for themselves.

However, the historical experience of the “private license” has been changed in the hands of the British Empire and its descendants, and is now called “the regulatory sandbox” in the field of “financial innovation”.

The concept of the Regulatory Sandbox was first proposed by the British government in March 2015. According to the definition of the UK Financial Conduct Authority, the “regulatory sandbox” is a “safe space” in which financial technology companies can test their innovative financial products, services, business models and marketing methods without being involved. The activity is immediately constrained by regulatory rules when it encounters a problem.

In early 2016, financial regulators in Australia and Singapore signed a cooperation agreement with the UK Financial Conduct Authority, and they each sought advice on the proposed sandbox program.

These are all members of the Commonwealth. They have inherited the traditional wisdom of their ancestors. Why do most of the "coin circles" in China register in Singapore? Everyone thinks that other cats don't say much.

Note that the “private license” is limited to you attacking a hostile country vessel and will not allow you to be hanged as a pirate in your home country. If you are a pirate belonging to the British side, you can only attack the ships of the British enemy countries and cannot start with the ships of your own country. Captain Kidd is an example. He used to be a legal pirate with a private permit, but his experience was quite sad. He was arbitrarily attacked by a crew member and the license was invalidated as a pirate hang.

Australia's population is not much more than Shenzhen. Singapore has only about 6 million. There is basically no digital currency demand in the country. What is this “supervisory sandbox” (private license) used for? Everyone knows it well.

Therefore, we are the rule of law countries in civilized countries. We must refer to the British approach and engage in the “Digital Currency Innovation Supervision Sandbox” to attract entrepreneurial teams with real users of real-life business overseas to encourage innovation in the digital currency market. If you don’t listen to hell and do things that endanger China’s financial stability and security, you know!

As for the "digital currency innovation supervision sandbox" and "digital currency seascape ecological park" to be linked together?

This is also a Chinese characteristic. It is necessary to encourage innovation. There is no money, but China’s money is basically in the hands of the government and banks. The guiding fund is a small head, and the big head still has to take the “technical real estate” route. Even if local governments look for bank loans, the most common practice is land mortgages (public utility platform companies issue bonds is another way of playing), which is one of the core factors that local governments are keen to engage in “parks”. To enjoy the "regulatory sandbox" policy, we must settle in the "ecological innovation park", increase the popularity of rent payment and enrich the report to raise the land price, help the park to complete the assessment of the SASAC and the bank's demands, which are very mature operating methods, the uncle of the cat Point to the end.

Ok, let's write it here today. If you have any questions, please feel free to send a message to the cat uncle, especially to help the cat uncle answer this question. "If you have N100 million overseas users, how do you engage in digital currency innovation?"