One week observation: digital economy and digital currency become the new battlefield of big country game
Summary
The digital economy and digital currency have become global hotspots and will profoundly affect the future global economy and financial markets. From September 14th to September 18th, the “2019 Shanghai Blockchain International Week” was held by Wanxiang Blockchain Lab. This year's blockchain week gathers industry elite representatives, with the theme of “new decade, new starting point”, focusing on the industry for ten years and looking forward to the next decade of legend. The digital economy and digital currency have become the focus of global attention, which will profoundly affect the development of China's market economy and even the future global economic and financial markets. Whether it is from the perspective of the development of the blockchain industry or the larger vision of the global economic order, digital currency will be the most critical link.
Libra's basket of reserve currencies was exposed, setting off a digital currency R&D and regulatory frenzy. Reuters news agency September 20 news, Facebook Libra's package of currency support will include the dollar, euro, yen, pound and Singapore dollar, the yuan is not included. Among them, the US dollar will account for 50% of the basket of currencies, the euro accounted for 18%, the yen accounted for 14%, the pound accounted for 11%, and the Singapore dollar accounted for 7%. According to the Financial Times, ECB Executive Committee member Benoit Coeure recently hosted a meeting between Libra and the Bank for Payment and Market Infrastructure of the Bank for International Settlements. Benoit Coeure has previously warned that if Libra wants to operate in the EU, the threshold for regulatory approval will be very high. Libra's founders have been invited to attend the meeting and will answer key questions about Libra's scope and design, and the results will be included in a report submitted to the G7 finance minister in October. According to Bloomberg News, ECB policy maker Benoit Coeure said privately stabilized currencies could challenge the dollar's global dominance and support Bank of England Governor Mark Carney's call for the establishment of the international central bank's digital currency.
On the road of digital currency research and development, countries have been secretly playing for many years. The future financial market and economic market will be based on the digital economy and digital currency. The big countries will play a new battlefield and the industry will compete for a new direction!
Last week's market review: a decrease of 0.52%, the basic enhancement in the subdivision sector is the best. From the breakdown of the segment, payment transactions, IoT & traceability, entertainment social, business finance, basic enhancement, base chain, storage & computing performance is better than the Chainext CSI 100 average, 4.20%, 6.99%, 6.31%, 8.60%, 11.64%, 7.56%, 6.78%, the pure currency, AI sector performance was inferior to the Chainext CSI 100 average, -2.45%, -0.10%.
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Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.
1. Hotspot tracking: digital economy and digital currency become the new battlefield of big country game
Event: 9.14-18, Shanghai Blockchain International Week was successfully held, and the digital economy and digital currency have become the focus of the industry. The Reuters news in Berlin exposed Libra a basket of reserve currencies, and the international opened the digital currency game model.
The digital economy and digital currency have become global hotspots and will profoundly affect the future global economy and financial markets. From September 14th to September 18th, the “2019 Shanghai Blockchain International Week” was held by Wanxiang Blockchain Lab. This year's blockchain week gathers industry elite representatives, with the theme of “new decade, new starting point”, focusing on the industry for ten years and looking forward to the next decade of legend. The digital economy and digital currency have become the focus of global attention, which will profoundly affect the development of China's market economy and even the future global economic and financial markets. In the ten years since the development of blockchain, digital technology innovation has developed rapidly, improving the efficiency of social production and resource allocation, and emerging many business model innovations to promote the global era of digital economy. Among them, digital currency has become the core of the digital economy.
Before Libra, financial giants such as JP Morgan Chase and Mitsubishi Group began to deploy digital currency, trying to issue stable coins to improve the internal settlement efficiency of the group. Traditional financial institutions started the layout of digital currency in the early days to meet the future industry changes. With the continuous advancement of Libra, all countries have felt that the new thing of digital currency will have a huge impact on the monetary sovereignty of various countries and the future of financial markets. Especially in recent years, trade friction between countries has brought variables to the global economic and financial order, digital economy. And the digital currency will become the main battlefield and "nuclear weapon" established by the new order. Whether it is from the perspective of the development of the blockchain industry or the larger vision of the global economic order, digital currency will be the most critical link.
China's central bank is actively developing digital currency, promoting financial innovation and creating new opportunities. As the central bank's digital currency gradually approached and the market's attention continued to heat up, the central bank's Director Mu Changchun made an in-depth interpretation of the digital currency in the “Getting on the Frontier of Technology Finance: Libra and Digital Currency Outlook”. Outlook. In the current situation of China's online payment, the central bank's digital currency is now focusing on M0 replacement instead of M1/M2 replacement. This is because M1/M2 has now been electronically and digitally implemented. Because it is based on the existing commercial bank account system, there is no need to digitize it with digital currency. In addition, various types of online payment mechanisms that support M1 and M2 circulation interbank payment institutions are increasingly efficient and can meet the needs of China's economic development. In contrast, existing M0 (banknotes and coins) are easy to be forged anonymously, and there are risks for money laundering, terrorist financing, and the like. In addition, electronic payment tools, such as bank cards and Internet payments, are based on the existing tight coupling model of bank accounts, and the public's demand for anonymous payments cannot be fully met. Therefore, electronic payment tools cannot replace M0. Especially in areas where account services and communication networks are poorly covered, people's dependence on cash is still relatively high. Therefore, the design of China's central bank DC/EP maintains the attributes and main features of cash, and also meets the requirements of portability and anonymity. It is a better tool to replace cash. China's digital currency has begun closed-loop testing, and Shenzhen has become a core city for digital currency research and application experiments. In connection with the "Opinions of the CPC Central Committee and the State Council on Supporting the Construction of the Pioneering Zone for Socialism with Chinese Characteristics" (referred to as "Opinions") issued in August, people have got more clear information, Shenzhen from the "Special Zone" to the "Demonstration Zone", the country The policy gives digital currency the opportunity to land for the first time, and Shenzhen will become a technology research and development center in the field of digital currency. In the 5G era, digital currency innovation will bring huge development opportunities and market space.
Libra's basket of reserve currencies was exposed, setting off a digital currency R&D and regulatory frenzy. Reuters news agency September 20 news, Facebook Libra's package of currency support will include the dollar, euro, yen, pound and Singapore dollar, the yuan is not included. Among them, the US dollar will account for 50% of the basket of currencies, the euro accounted for 18%, the yen accounted for 14%, the pound accounted for 11%, and the Singapore dollar accounted for 7%. According to the Financial Times, ECB Executive Committee member Benoit Coeure recently hosted a meeting between Libra and the Bank for Payment and Market Infrastructure of the Bank for International Settlements. Benoit Coeure has previously warned that if Libra wants to operate in the EU, the threshold for regulatory approval will be very high. Libra's founders have been invited to attend the meeting and will answer key questions about Libra's scope and design, and the results will be included in a report submitted to the G7 finance minister in October. According to Bloomberg News, ECB policy maker Benoit Coeure said privately stabilized currencies could challenge the dollar's global dominance and support Bank of England Governor Mark Carney's call for the establishment of the international central bank's digital currency.
On the road of digital currency research and development, countries have been secretly playing for many years. The future financial market and economic market will be based on the digital economy and digital currency. The big countries will play a new battlefield and the industry will compete for a new direction!
2. Relevant news from governments: The German government issues a blockchain strategy to clarify actions in five areas
Turkey announced the implementation of a national blockchain infrastructure plan. According to the cointelegraph, the Ministry of Industry and Technology of the Republic of Turkey announced at the Strategy 2023 meeting in Ankara, Turkey on September 18th that it plans to establish a national blockchain infrastructure to use distributed ledger technology (DLT) in public administration. Strategy 2023 emphasizes that the blockchain and DLT are priorities for the national technology plan for the coming year.
The German government has issued a blockchain strategy to clarify actions in five areas. According to Xinhua News Agency, the German federal government reviewed and approved the blockchain strategy on the 18th. According to the news released by the German Federal Ministry of Economics and Energy on the same day, the blockchain strategy was drafted by the German Federal Ministry of Economics and Energy and the Ministry of Finance. The German federal government hopes to exploit the opportunities brought by blockchain technology to tap its potential to promote economic and social digital transformation.
3. Industry chain related dynamics: BTC miners' revenue decreased by 5.6%
Last week, BTC added 2.35 million new transactions, an increase of 5.5% from the previous month; ETH added 4.76 million new transactions, down 0.8% from the previous month.
Last week, the average daily income of BTC miners was 20.23 million US dollars, down 5.6% from the previous month; the average daily income of ETH miners was 3.09 million US dollars, an increase of 18% from the previous month.
Last week, BTC's average daily computing power reached 92.6EH/s, an increase of 2.3% from the previous month; ETH's daily average computing power reached 192TH/s, an increase of 6.1% from the previous month.
Last week, the difficulty of mining the whole network of BTC was 11.89T, an increase of 8.5% from the previous month; the next difficulty adjustment date was on September 27th, the estimated difficulty value was 13.18T, and the difficulty increased by 10.87%; the average mining difficulty of ETH whole network last week was 2.42T, an increase of 5.6% from the previous month.
4. Last week's market review: Chainext CSI 100 decreased by 0.52%, and the basic enhancement in subdivision was the best.
From the perspective of subdivision, pure currency and AI performed better than Chainext CSI 100 average, 7.35%, 27.63%, payment transaction, Internet of Things & traceability, entertainment social, commercial finance, basic enhancement, basic chain, storage & Computational sector performance was inferior to Chainext CSI 100 average, 3.13%, -3.65%, 1.42%, 3.26%, 6.24%, 1.00%.
Author: Guosheng block chain Academy
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