Research On Digital Currency—From The Perspective Of Economy,technology And Regulation

From the history of money,science and technology along with social institutional change and economic development all played important role in money development.In this process,money transform from "reality" to "virtual",technology and information content grow in speed.Social institutional change is also happened time to time,all this lead to the development of digital currencyTechnological innovation is the motivation of social development,and it also promotes the change of money.In recent 30 years,due to the rapid development of information technology and Internet,e-commerce,e-government and digital economy are increasing fast in social activities.During this period,people's dependence on physical paper money has been decreasing.Financial digitalization become the main characteristics and trend of modern financial developmentFinance is the core of modern economy,and the development of finance should be adapted to the demand of modern economic development.At present,our country is building a modern economic system and actively developing the digital economy.In this context,the development of digital money has also become a hot topic.But how to understand digital money correctly?How to develop digital money?What are the effects of digital money on social and economic development?These are important issues that need to be clear.From the perspective of economy,technology and regulation,we provide a theoretical analysis framework for the development of digital currencyMain works of this thesis are as followsFirst,we clarified the research status and research problems of digital currency.Based on the background of the thesis,this paper summarizes the current situation of the theory and practice of digital money at China and abroad.We clarified the definition of virtual money,electronic money and digital currency,and provide the theoretical framework of digital currency.Based on the analysis of the relevant theory and technology of digital currency,we draw a technical roadmap of the development of digital currencySecond,we analysis the evolution of monetary pattern and the technology and regulation elements of digital currency.Based on the history of China's currency,this paper analyzes the evolution process of the form of currency,main well,this paper analyzes the influence of economy,technology and regulation on the evolution of money.This paper proposes afour-tuple model for the development of encrypted digital currency,and we compare the private digital money based on Bitcoin block chain,and provide the technical evolution path of private digital currencyThird,this paper studies the market efficiency of private digital currency,establishes an evolutionary game theory model and makes an experimental analysis.This paper analyzes the influence factors of Bitcoin price,and discusses the market effectiveness of private digital money.Taking Bitcoin as an example,by using evolutionary game theory and introducing factors such as direct income,indirect income,income distribution coefficient and input cost,this paper constructs an evolutionary game model of trust among participators in the block chain,and analyzes the behavior game process of participators in the block chain under the mechanism of complete competition consensus.On this basis,the evolutionary path of node behavior in block chain under complete competition consensus mechanism and incomplete competition consensus mechanism is tested by comparative institutional experiment.The experimental results show that the more difficult it is to compute node consensus,the greater the indirect benefit of node participation,the smaller the allocation coefficient,the lower the cost of node participation,and the more stable the block chain.Therefore,the consensus mechanism under the complete competition mode has irreconcilable endogenous contradictions.Fourth,this paper analysis the central bank digital currency through economic view.This paper analyzes the connotation of central bank digital money,the competitive relationship between central bank digital money,paper money and electronic money,and the relationship between central bank digital money and private digital money.Based on Baumor's theory of money demand,this paper studies the holding cost of digital money,the holding choice of digital money and paper money.This paper analyzes the influence of the central bank's digital money on the financial system from three aspects:the application of digital money technology in the inter-bank payment and settlement system,the application of digital money technology in the retail payment and settlement system of the public and the investment of digital money into the public in the form of basic moneyFifth,Regulation and regulation of digital currency.Take bitcoin as an example to study the necessity and adjustment of digital currency supervision.Based on the analysis of the system and technical framework of digital money in the world,the reference frame of central bank digital money is put forward.Based on the analysis of domestic and foreign private digital currency supervision system and experience,this paper summarizes the experience based on sandbox supervisionThe innovations of this paper are listed as followsFirstly,based on the digital currency theory analysis,this paper summarizes the influence of economy,technology and regulation on the evolution of form of money,and puts forward the evolution model of technology and regulation on the development of money,which enriches the theory of cryptocurrencySecondly,this paper analyzed the technical path of private digital currency,and established the game model of consensus mechanism of Bitcoin.This paper systematically analyzes the technical factors of the development of private digital currency,summarizes the technical path of private digital currency represented by Bitcoin,and proves that the consensus mechanism under the complete competition mode of private digital currency has irreconcilable endogenous contradictions.The evolutionary path of node behavior in block chain under complete competition consensus mechanism and incomplete competition consensus mechanism is examined by comparative institutional experimentThirdly,this paper analyzes the attributes of CBDC and electronic money,clarifies the essential differences between CBDC and private digital currency,and puts forward three hypotheses of CBDC:digital currency technology is applied to inter-bank payment and settlement system;digital currency technology is applied to retail payment of the public Settlement system;digital currency is put in the form of basic currency to the publicIn short,the development of technology-drivened private digital currency has attracted worldwide attention,but technological innovation alone is not enough to trigger technological and economic paradigm change.Whether cryptocurrency can be used as currency depends on the relevant provisions of national laws and regulations.Therefore,studying the law of development of cryptocurrency from a historical point of view can better grasp the essence of cryptocurrency,and the technology-led private digital currency can better grasp the law of technological development and the risks faced by it.At the same time,the problems exposed by the private digital currency can provide a reference for CBDC.