By Cryptocurrency, often using plural Cryptocurrencies, also translated as encrypted currency, encrypted currency) is a transaction medium that uses cryptography to ensure transaction security and control the creation of transaction units. is a type of digital currency (or virtual currency). Since Bitcoin became the first decentralized cryptocurrency in 2009, the term cryptocurrency has mostly referred to such designs. Several similar have since been created, often referred to as altcoins. is based on a decentralized consensus mechanism, as opposed to a banking and financial system that relies on a centralized regulatory system.
The nature of decentralization comes from the use of distributed ledger blockchain (Blockchain) technology.
On May 26, 2021, it is reported that the “Philippine Star” website published an article titled “The Rumors of “Cryptocurrency Death” Are Exaggerated”. The article believes that will definitely not disappear, and analyzes the problems it faces.
Cryptocurrencies other than Bitcoin
Cryptocurrencies other than Bitcoin, also known as altcoins and altcoins are partly generated by referring to Bitcoin ideas, principles, and source codes. There are more than 800 types of virtual currencies similar to Bitcoin. in circulation.
From February to April 2017, the sum of altcoins accounted for nearly 40% of the total value of the cryptocurrency market from 15%.
Since Bitcoin itself does not have an authoritative issuing agency and state power to maintain its authority and uniqueness, Bitcoin and its imitators can only get along on an equal footing. Although it is the earliest virtual currency, it is also the most well-known and most familiar to people. It also has the largest user network community, has a strong network effect, and is also the cryptocurrency with the highest market value most of the time, but it does not have an absolutely exclusive position.
National digital currency
Central banks such as China, Sweden, the United Kingdom, and Singapore have studied fiat digital currency use cases.
- e-Dinar is a digital currency issued by the government of the Republic of Tunisia using blockchain technology. It is also the first national digital currency.
- eGFI is a digital currency issued by the government of the Republic of Senegal using blockchain technology.
- DMC (Dominica Coin) is the upcoming cryptocurrency of Dominica.
Block chain editor broadcast
Blockchain is an intelligent peer-to-peer network that uses distributed databases to identify, disseminate and record information, also known as the Internet of Value. Satoshi Nakamoto proposed the concept of “blockchain” in the “Bitcoin White Paper” in 2008, and founded the Bitcoin social network in 2009, and developed the first block, the “Genesis Block”. The blockchain shared value system was first imitated by many cryptocurrencies, and improvements were made in the workload proof and algorithm, such as the use of equity proof and Script algorithm.
Subsequently, the blockchain ecosystem continued to evolve around the world, with the emergence of initial coin offerings (ICOs); smart contract blockchain Ethereum; asset tokenization sharing economy of “light ownership, heavy usage rights”; and blockchain countries. People are using this shared value system to develop decentralized computer programs (Decentralized applications, Dapp) in various industries, and build decentralized autonomous organizations and decentralized autonomous communities (Decentralized autonomous society, DAS) all over the world.
Refer to
- blockchain
- hash function
- consensus mechanism
- wallet
- List of cryptocurrencies
National policy
Cryptocurrency in India:
According to news in February 2022, in India, transactions are not illegal activities, and the government of the country will tax virtual asset transactions at the highest rate. “Cryptocurrency is in a gray area.” T. V. Somanathan, secretary of the Indian Ministry of Finance, said in an interview with the media that buying and selling cryptocurrencies is not illegal, and India has now worked out a relevant tax framework to treat encrypted assets on the same level as other speculative transactions such as horse racing. treat. A tax rate of up to 30% on cryptocurrencies may partially curb transactions in India.
U.S.
On May 16, 2022 (Eastern Time), Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said at the 2022 annual meeting of the US Financial Industry Regulatory Authority (FINRA) that the SEC and the US Commodity Futures Trading Commission (CFTC) are working on a document will stipulate the division of labor between the two in regulating cryptocurrencies.
Previously, the SEC had jurisdiction over securities, and the CFTC was responsible for supervising the U.S. commodity and derivatives markets. Whether the two have the right to supervise digital currencies and which agency should supervise them has sparked many debates.
On October 11, 2022, the “Wall Street Journal” reported that Bank of New York Mellon Inc. began to provide cryptocurrency services.
European Union
In June 2022, the European Parliament announced that the EU has reached an agreement on anti-money laundering regulations, which means that the wildly growing cryptocurrency market will face stricter regulation. Regulations require cryptocurrency companies (such as exchanges) to obtain and retain trader information, if regulators need it during an investigation.
Dominica
In October 2022, Dominica announced that it will soon launch its own cryptocurrency, Dominica Coin (dmc), choosing to give the cryptocurrency legal status.
U.K.
On December 5, 2022, according to Reuters, the UK-based agency Nexo will gradually withdraw its products and services from the United States in the next few months due to conflicts with regulators.
Related events
On May 26, 2021, it is reported that the “Philippine Star” website published an article titled “The Rumors of “Cryptocurrency Death” Are Exaggerated”. The article believes that will definitely not disappear, and analyzes the problems it faces.
On November 23, 2021, the Indian government stated that India is seeking to introduce a regulation bill at the winter session of the parliament, banning all private except in individual cases.
On January 12, 2022, Pakistan’s SAMAA TV reported that the State Bank of Pakistan and the federal government have decided to ban all , according to a report submitted to the Sindh High Court (SHC) during a hearing on digital currency cases.
In 2022, Binance announced thatFrance SAS has been approved by the French Financial Prudential Supervision Agency (ACPR), becoming the world’s first major exchange registered in France.
