What does the white paper of digital currency mean (Blue Book of digital currency 2020)

08/16/2023 22:21 • Crypto & Markets • 96 views

What does the white paper of digital currency mean? According to cryptoglobe reports, the white paper of digital currency is a content published by an institution about Bitcoin and other virtual cryptocurrencies. The white paper is edited by American economist and computer scientist Peter McCormack, which mentions the past development history of Bitcoin and some altcoins. However, these currencies do not have substantial meaning because they do not provide specific information about the issued assets and their future directions.

Blue Book of digital currency 2020

Editor’s note: This article is from Blue Fox Notes (ID: lanhubiji), written by Fangzhou and authorized for reprint by Odaily Star Daily.

“Blue Book of digital currency 2020” is a systematic report based on the research results of blockchain technology, encryption algorithms, cryptography, and other foundations. It deeply discusses and analyzes the future development direction and commercial applications of central bank digital currency. Blue Whale Notes will conduct in-depth discussions around the “global financial technology trends,” “Chinese financial technology innovation regulatory framework,” and related topics. The following is an overview of the content of this article:

1. The People’s Bank of China issued the “Notice on Preventing the Risks of Token Issuance and Financing” which will be implemented from January 15, 2021. The People’s Bank of China and relevant departments have carried out a series of special work to ensure the smooth operation of their business activities, ensure that various institutions conscientiously implement the relevant regulations issued by the Cyberspace Administration of China in accordance with the requirements of the Party Central Committee and the State Council, and effectively enhance financial stability and financial support capacity. Since 2020, the central bank has repeatedly emphasized the positive and prudent promotion of anti-money laundering, the fight against terrorism financing, and the prevention of capital outflows and other management measures. Our country has formulated and implemented relevant laws and regulations. At the same time, it will improve the payment and settlement infrastructure system. The “Notice” mentioned that the next step will strengthen cross-border data flow and transaction monitoring, establish suspicious transaction identification patterns, and continue to focus on security issues. (Note: According to official sources, since the beginning of 2019, there have been more than 20,000 tweets involving illegal fund-raising fraud, totaling more than 200 telecommunications network fraud cases.) 2. The International Securities and Exchange Commission issued joint guidance on ICO activities in September 2018, explicitly banning domestic companies from providing Bitcoin and other virtual asset services to overseas. 3. The China Internet Association officially launched the “China Enterprise Information Protection Law” (draft for comments). The document stated that the “Notice” aims to regulate the behavior of enterprises engaged in various financial activities and their market order.

3. “The International Securities and Exchange Commission reported: “According to international accounting standards”, digital RMB is a popular electronic form of cash substitute with a good legal status. However, at the same time, there are also some non-compliant behaviors, such as using personal identity verification codes or user ID numbers, which may cause losses to investors.” 4. “Chinese citizens need to bear corresponding responsibilities when they hold certain digital products or services.” 5. “For some countries, adopting this rule is not illegal. However, with the outbreak of the new crown epidemic, countries have begun to attach importance to the development of digital RMB. In addition, during the 16th National People’s Congress in October this year, the Shanghai Municipal Party Committee Economic Work Conference proposed to accelerate the development of legal digital currency. During this conference, Li Yang, the dean of Guanghua School of Management, Peking University, pointed out that from a theoretical perspective, legal digital currencies can meet various needs in specific scenarios, such as retail payments, including mobile payments, supply chain finance, and healthcare, etc.”

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What does the white paper of digital currency mean (Blue Book of digital currency 2020)

Blue Book of digital currency 2020

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