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First World Crypt, apparently, will be chinese

First World Crypt, apparently, will be chinese

Yes, currently in the world there are over 2289 names of various types of crypto money, among which Bitcoin is considered a trendsetter. But all of them still have only a semi-underground status with a total annual turnover of only 203,5 billion. Literally crumbs on the background 80 trillion dollars of the total annual GDP of the countries of the planet.

Two people tried to radically change the situation: Pavel Durov and Mark Zuckerberg. Telegram messenger founder invented blockchain platform Telegram Open Network (YOUR), based on which the cryptocurrency launch was supposed Gram, theoretically capable of replacing "all the money of the world". But his initiative was stopped in time by the US Securities and Exchange Commission (SEC). To this day, it slows down a similar project of the founder of the social network. Facebook entitled Libra.

While the dollar was fighting to maintain global dominance, China quietly finished its own project, to realize the need for which the country's authorities came five years ago, Faced with the impossibility of ending the coming cryptorevolution.

There were exactly two prerequisites for this.. At first, even after the official state ban on crypto circulation in the country, Chinese companies and individuals continued to expand operations, reaching towards the end 2017 years over 65% global crypto turnover. Only its domestic operations in China amounted to more 100 billion a year. And China also accounted for more 80% her mining.

Secondly, the introduction of our own crypto-yuan allowed not only to drastically improve money control, including in the shadow areas, which ensured that approximately 690 billion dollars of extra income or 4,8% GDP extra.

Blockchain technology promised an excellent opportunity to track the origin of literally every currency, and therefore, fight corruption effectively. Identify, where exactly came from, let us say, seized from a thief a million cash dollars, almost impossible. Whereas in each virtual crypto coin its entire path from hand to hand is literally recorded from the moment it was born.

As is known, the, that you are not able to nip, better able to lead. And starting from 2017 years, the People's Bank of China began this work. There were rumors, that the British Rothschild family had a hand in creating and promoting LCF. maybe, at the stage of the initial idea, this had a chance of existence. But then the Chinese authorities took absolutely everything into their own hands, turning local crafts for network marketing into full-fledged money, large-scale testing of which has begun now.

In April 2020 years, the Agricultural Bank of China began practical field trials of the electronic wallet of the new Chinese cryptocurrency. The most popular Chinese messenger WeChat has published screenshots of the People’s Bank of China payment application - DCEP (DC/EP, Digital Currency Electronic Payment).

Its functionality provides a complete set of typical services: making payments, exchange operations, wallet management, transaction history, payments via QR codes and all that jazz. In the future, a wallet for crypto yuan can replace a citizen’s passport, giving access to all public services, and even to vote.

At the moment, only individuals and organizations from the so-called white list can try out the novelty, also working only in Shenzhen (Guangdong, South china), in the new economic area of ​​Xun'an (Beijing Industrial Center - Tianjin - Hebei, North china), in Chengdu and in Suzhou (eastern jiangsu).

The aim of the work is to test as the concept itself, and the performance of its specific technical implementation. It should be noted, that the final name for their money in China has not yet been given, although in a number of places the new Chinese crypt is already called CBDC. Therefore, this article uses the LCF variant as the most frequently mentioned earlier.

A key feature of LCF is the combination of blockchain technology with the only emission center represented by the NBK and a two-level digital money circulation system. Authorized, including commercial, banks will exchange part of their reserves in physical gendarmes (Chinese transcription of the term Yuan) on the crypt, which will then be transferred to electronic wallets and participate in economic circulation on a par with ordinary money.

For domestic Chinese economic realities, this will change almost nothing. There, even in the village markets near the greengrocers on the shelves, QR codes are widely used., by which a purchase can be paid from a smartphone. More 2/3 the country's population widely use similar payment systems Alipay and WeChat Pay. China generally accounts for more 60% total global digital commerce turnover in the world. It's hard to find a person today, not heard about the convenience of AliExpress.

According to Chinese sources, using LCF will only be even more convenient and cheaper. Especially for small and very small translations. Given the above prospects for integrating DCEP wallets with government services, chinese crypt, As expected, Alipay and WeChat Pay simply absorb completely quietly.

And then the fun begins. If, in the framework of the traditional model of the world finance system, the dollar cannot be pushed out for a long time,, then after crypto yuan enters mass circulation, the situation has every chance of fundamentally changing.

Today, most payment transactions occur either through the dollar directly (39,85%, по данным SWIFT за 2017 year), либо через евро (35,66%), либо через британский фунт (7,07%) или японскую иену (2,96%), that, in fact, ведут трансвалютные операции тоже через доллар.

Тем самым обеспечивая минфину США, FBR, The Department of Homeland Security and other U.S. intelligence agencies have tight control over global payment operations.. Allowing you to not only collect information about specific payments, but also block them at the “dollar” stage, if necessary.

Exactly, for example, Washington forced sort of like European energy corporation Total, ignoring losses, urgently quit all her projects in Iran.

SWIFT accounts for just one yuan 1,61% translations, which is not surprising, Given the highest dependence of Chinese foreign trade precisely on the American and European markets. The emergence of a working mass system, based only on access to the regular Internet, but without risk of blocking accounts (that custom, that bank correspondent in the Central Bank) and completely uncontrollable to Washington, the entire current global alignment fundamentally changes.

At least at the level of individuals and small entrepreneurs. And other companies too. Even the Chinese authorities failed to completely eliminate the calculations in the crypt on their territory, and their ability to force is significantly superior to all other countries. So the governments of other states will not be able to block the calculations in crypto yuan and even more so.

This creates a curious premise.. If China Leads Allow Distribution of DCEP Wallets Not Only Among Overseas Chinese (they will receive them for sure, they in foreign countries form a profitable gray turnover for China on a scale of at least 8−10% its GDP), but also among foreigners, then the rest of the governments will have to think about the difficult issue of a further alternative.

Without control over the movement of money, it is impossible to collect taxes. At least, в рамках действующего устройства функционирования налоговой системы. Тут даже обложение на основе цены имущества не поможет. Что помешает, let us say, продавцу оформить в белую продажу всего «за три копейки», добрав остальное через непрозрачные для местных налоговиков криптоюани?

И вот у вас уже новенькая «Ламборгини» абсолютно легально получается по цене «Жигулей» пятилетней давности. В каталоге производителя она стоит на несколько порядков дороже? So what? Я ее купил с рук. Вот чек. Докажите, что он липовый.

Раньше крипту можно было ловить на этапе ее неизбежного конвертирования в местные деньги, required for the practical payment of goods and services, whose turnover was controlled by the national banking system. Но когда криптоюанем станет возможным рассчитываться напрямую даже за жестянку газировки или копеечную жвачку, денежный оборот из-под госконтроля США уйдет почти полностью.

In particular, for Russia, this threatens a fall in tax revenues to the budget in the amount of 5−8% minimum. Who forgot, напомню — переход на плоскую шкалу подоходного налога и стабильность его ставки повысили собираемость подоходного налога с физических лиц в 8 time. Although before that, by force I tried to force pay salaries to the white state very seriously, but had little success. However, business itself, too, was not in a hurry to get out.

This is to ensure, что если граждане и бизнес осязаемо ощутят значительную выгоду для себя от заморачивания с двойной бухгалтерией, отвадить их от этого у государства не выйдет никакими силами. Unless through the complete physical isolation of Russia from the global Internet. The effectiveness of electronic blocking attempts is clearly visible on the example of the story with the Telegram messenger.

Hence the inevitability of the need to somehow negotiate with the People's Bank of China on the exchange of banking information on the transactions of its citizens in crypto yuan. For the simple reason, that he will not give direct access to them, which is absolutely natural and logical. But you can agree to transmit information on an agreed list. Another question is what kind of thing will he ask from foreign governments in return. And given the value of the information, something substantial he will ask for sure.

In this way, serious prerequisites are being formed, that other countries will also side with China in its quest to replace the US dollar with crypto yuan. Just out of elemental self-preservation. But this is serious. There is America’s level of technical, financial and political influence on the world to hold the palm may not be enough.

Very likely, and most likely even for sure, this will very seriously push the American authorities to accelerate the development of a practical mutually beneficial agreement between the US Treasury and Zuckerberg on a similar transformation of his Libra into the official cryptocurrency of the United States. So far, its introduction into circulation can still be done on the basis of the prevailing scale of the dollar world and thereby maintain global dominance in the new realities..

How events will develop further and whether we will see the first world cryptocurrency - you can bet. But now it’s obvious, that the emerging prospect poses a direct and immediate threat to the national security of the Russian Federation.

No state can maintain independence without full control over its financial flows. All the more critical depending on foreign trade and import-export operations. Who does not know, Russian foreign trade exceeds 40% its annual GDP. Literally a few years remain to find a solution to the problem.. It is unlikely that China is transporting with a field experiment longer than 2−3 years.

Such is the future behind the almost imperceptibly past news.

Earlier, on the site of IA REX: Why Britain began to buy Russian gold

Alexander Zapolskis

A source

                          
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