1/6 Recently, cryptocurrency has been the focus of intense debate. Zhong Wei, CF40 member and director of the BNU RCIF, analyzed #digital currency from a historical perspective in his keynote speech on Yichun Forum.
mp.weixin.qq.com/s/0rXySU84cwmV…
2/6 Zhong said, while the evolution of the #monetary system can be divided into credit and #carrier evolution, the development of #digital #currency is a revolution of carriers rather than #credit. Credit of the private sector shouldn't be in opposition against national credit.
3/6 The establishment of legal #monetary system is based on the dominant national credit, which is superior than the #credit of private sector. The rule prevails in most cases, which is a result of natural selection under the market development.
4/6 According to Zhong, the future #digital #monetary system will be a three-tier structure, with the legal digital currency at the base; digital financial account system at the middle; and digital #identification system at the top.
5/6 The middle tier will be a vertical system covering central bank #payment system, financial institutions and non-financial institutions. Zhong added, in order to balance costs and efficiency, up to twice #encryption is enough, triple encryption is completely redundant.
6/6 Zhong further pointed out that, once #cash disappears completely, the electronic #money system will go to a two-tier structure, including the #digital account and digital #payment system. Under this structure, the monetary system will finally become a closed-loop system.
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