Editor's note: This article was first published on the WeChat public account Zinc Link (ID: xinlianjie-), author: Yu Xinchen; editor: Wang Qiao, pay attention to the public account, and explore the value of industrial blockchain with us. If you need to repost the article, please apply for a whitelist on WeChat.
Editor's note: This article was first published on the WeChat public account Zinc Link (ID: xinlianjie-), author: Yu Xinchen; editor: Wang Qiao, pay attention to the public account, and explore the value of industrial blockchain with us. If you need to repost the article, please apply for a whitelist on WeChat.
The Restoration Movement in the late Qing Dynasty failed after a hundred days, but it contributed to an important ideological enlightenment. The Libra financial revolution launched by Facebook 100 days ago has not yet been determined, but it has directly allowed many countries to face the new currency form of digital currency.
"There will be no transfer of currency issuance to private enterprise."
"Libra may put government sovereignty at risk and its release in continental Europe will not be accepted."
"Libra will trigger global financial risks."
"Libra will trigger global financial risks."
For 100 days, Libra was under attack. The regulatory bombardment of various countries makes the members of the association hesitant. This is the fate of reformers.
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1. "Existing securities laws do not work in front of Libra"
"The existing "Securities Law" does not work in front of Libra." The chairman of the US Congress Finance Committee said at an inquiry meeting last night that the SEC (US Securities and Exchange Commission) has not fulfilled its mission as a "Wall Street policeman". For Libra No action is implemented, regulations are incomplete and better tools are needed.SEC Chairman Jay Clayton said,。
Encryption supervision is currently difficult, each project is different, and someone is already responsible for supervision and guidance
Regarding the risks brought by Libra, Jay Clayton explained: Libra makes more people pay attention to encrypted assets. I will not comment specifically on a specific asset, encrypted assets have benefits, but also risks. Its form is consistent with securities, payment systems, etc., but its supervision is different from others.
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2. 100 days of internal and external attack
Regarding Libra, the doubts at the national level have never stopped, and have even become stronger.
On September 17, Libra faced a "joint test" by the central banks of 26 countries in Switzerland.Benoit Coeure, a member of the European Central Bank's executive committee, warned that Libra would have to operate in the EU.。
"The bar for regulatory approval will be very high"
Switzerland, the place where the Libra Association is registered, previously said to "take it easy", but has recently wavered.
The Swiss Financial Market Supervisory Authority (FINMA) stated that financial services related to Libra extend to capital allocation of credit, market and operational risks, risk concentration and liquidity, and the management of the Libra reserve fund. Facebook must explain whether Libra can adapt to existing regulatory rules and pass anti-money laundering reviews.
On September 11, Libra has begun to seek a payment system license in Switzerland.
If the disapproval of supervision and distrust of the public are only external factors, members of the Libra Association seem to be unable to withstand the pressure, and different voices have begun to appear.
In July, four well-known U.S. civil rights protection organizations jointly issued an open letter asking the founding members of the Libra Association, including Visa, MasterCard, PayPal, and Uber, to withdraw from the Libra project.
On September 23, IBM expressed its willingness to cooperate with Facebook on cryptocurrency in an interview with CBDC, which may give Libra a shot in the arm.
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3. Libra will one day leave the mother's body"From Bitcoin to Ethereum to Libra, digital currencies will be the classic "whole is greater than the sum of the parts".The process of Libra from the white paper to the future implementation, whether it succeeds or fails, is a case that deserves continuous attention as digital currency affects the world economy.
Zhu Jiaming, an economist and director of the Digital Asset Research Institute, said at the 10th New Moganshan Conference.
The digital economy and digital currency are forming an increasingly strong "two-way movement". Zhu Jiaming pointed out that the digital currency was born and grew due to the development of the digital economy; the digital economy expanded and expanded due to the maturity of the digital currency.
Most people are still optimistic about the future development of Libra and digital currency.
Zhang Shengli, deputy dean of the School of Electronics and Information Engineering of Shenzhen University, told Zinc Link that Libra will succeed in the end, and the U.S. government will eventually support it. After all, this is dominated by American companies, and most of the supported legal currencies are US dollars.
Shao Yu, chief economist of Orient Securities, believes that the mainstream of future currency must be digital currency, but it is not sure whether it is the sovereignty of the central bank, or Libra commercial, or all open source or all decentralized, more like the original private currency.
Zhu Min, dean of the National Institute of Financial Research of Tsinghua University, said that the concept of the integration of digital currency and payment system represented by Libra is likely to promote the third reform of the international monetary system. This will be a combination of online and offline, bottom-up free cross-border currency flow, but it must be carried out under global supervision.
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4. A "digital currency war" without gunpowder
While opposing Libra, central banks are eager to improve the existing payment system and launch their own digital currency.
Members of the US Congress questioned Libra at the hearing in July: Why must Facebook do this? Marcus' answer at the time was: "We have the resources and the ability."
But it is far more than Facebook that has the resources to do this. The central banks of all countries are taking action, and no one wants to hand over the power to formulate the rules of a new round of financial games, and does not want to miss this opportunity to establish a "new Bretton Woods system".
The French Minister of Finance recently talked with the President of the European Central Bank and his successor, intending to create a "public digital currency".
The German Federal Cabinet also officially approved the draft blockchain strategy on September 18. The German government will support the tokenization of securities and digital currency transactions such as Bitcoin and Ethereum.The People's Bank of China has launched a competition with Libra, and the digital currency that has been researched for 5 years has recently entered the closed-loop testing stage.
Regarding the launch time, Yi Gang, governor of the People's Bank of China, said yesterday: "There is no timetable for the launch of the digital currency."
In July, the 11th development plan proposed by the Turkish president stated that "a blockchain-based digital central bank currency will be implemented."
In addition, Japan, Singapore, Canada and other countries are also considering issuing their own digital currencies.
In addition, Japan, Singapore, Canada and other countries are also considering issuing their own digital currencies.
A "digital currency war" without gunpowder is being staged...
