Research On The Development Of China’s Digital Currency

The emergence of digital money is the product of information technology innovation,which is in the physical currency,metal currency and paper currency after the formation of new forms of money.It has made great changes to the public life,reducing the cost of information and transactions,not because of time and geographical constraints,expand the trading space.Digital currency is a new form of money,which plays a very important role in the current social life.It has the characteristics of convenience and precision,which can make the public life more convenient and quick,but it causes some more positive influence When it also raises a lot of questions and challenges.As a typical representative of the digital currency,since the birth of Bitcoin,it has aroused great concern in the financial sector and academia.Bitcoin,as the most representative digital currency in the world,is characterized by decentralized distribution,total fixed and anonymous transactions.It is a major change in the payment technology of the Internet era and brings new challenges to the traditional monetary system.But there is still a serious disagreement about the value base and monetary attributes of Bitcoin.According to the return theorem of the Austrian school,any currency can be traced back to its commodity attributes before it is used as a logical basis for exploring the value of the bitcoin.New currency economics of the BFH system,conceived in the ideal conditions,the monetary value of the scale and circulation of the functions will tend to separate.In the Bitcoin system,the value scale is determined by the sum of the whole network,which is represented by the law,and the bit currency is only used as a means of circulation.The separation of the monetary functions caused by it has promoted the decentralization of the currency issue,realized the centering,dispelled the price stability and promoted the opposition between the exchange,and explored the future development of the monetary form.Since the birth in January 2009,Bitcoin in the global acceptance and the scope of the transaction significantly expanded,rising prices,sought after by many investors.However,due to the legal status is not clear,the trading platform is fragile,and easy to use money laundering and other illegal transactions,Bitcoin has aroused widespread concern in the international community,but the world on the nature of Bitcoin know different,Attitude is different.So far there are still countries in the world prohibiting Bitcoin,but most countries are gradually adding Bitcoin into their own regulatory system.Although Bitcoin does not conform to the definition of legal currency,it is not in line with its essential attributes to define Bitcoin as a virtual commodity.At present,China has rapidly developed into the world’s largest bit currency trading market,with the recent surge in prices skyrocketed,the accumulation of speculative risk can not be ignored.In 2010,the People’s Bank of China and other five ministries and commissions issued the "Notice on the Prevention of the Risk of Bitcover".The central bank and other 10 ministries and commissions issued the Guidance on Promoting the Healthy Development of Internet Finance in 2015,Lists six specific forms of the Internet,but also exclude the digital currency.But in January 2016,the central bank held a digital currency seminar to start the digital money research and development process,the central bank governor Zhou Xiaochuan repeatedly talked about digital currency.According to CCTV reports,2016 national "two sessions" during the Internet financial hot words list,"Bitcoin" came in second place,and even as a part of the "Internet +" strategy.The fundamental characteristic of Bitcoin is non-sovereign super-nationalism.China should now face up to the rapid development of various virtual currency,adjust the monetary statistics caliber,redesign the network payment tool and the network financial supervision and judicial protection system.Therefore,it is very important to study how the development of China’s digital currency is of great significance to how China can formulate relevant policies and regulations and how to adapt to the emerging international monetary environment.