EUR/USD 1.14423
0.013%
Gold 4141.19
-0.569%
Oil 69.226
0.952%
USD/JPY 161.863
-0.134%
GBP/USD 1.33958
0.046%
GBP/JPY 216.832
-0.086%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 7 – The World Bank released its latest China Economic Brief in Beijing on July 7. The report states that despite facing strong supply and weak demand, as well as global energy supply shocks, Chinas economic growth has remained generally resilient. The report projects Chinas economy to grow by 4.4% in 2026, unchanged from the previous brief released in December last year.July 7 – Japanese Economy, Trade and Industry Minister Minoru Jonouchi stated that media reports claiming the government of Prime Minister Sanae Takaichi was attempting to lower interest rates were completely inaccurate. At a regular press conference in Tokyo on Tuesday, Jonouchi said, “Reports that the government is encouraging low interest rates as part of its fiscal expansion policy are baseless. If our intentions have not been accurately conveyed, we will work harder to improve understanding.” Jonouchi’s remarks come as financial markets closely watch how Takaichi will implement her economic strategy through large-scale investment without exacerbating the already heavy debt burden. Last month, Jonouchi represented the Japanese government at a Bank of Japan board meeting, where policymakers raised the benchmark interest rate to 1%, the highest level in 31 years.July 7th - It was learned today that the State Administration for Market Regulation has decided to conduct a centralized review of national metrological technical specifications from July to September. Through periodic reviews and dynamic monitoring, the review aims to promote the upgrading and optimization of metrological technical specifications. The centralized review covers currently effective national metrological technical specifications, focusing on issues such as outdated specifications, lagging content, and insufficient adaptability. It will conduct a thorough review from four dimensions: legality and compliance, scientific validity, applicability, and coordination. The review will benchmark against domestic regulations and standards and advanced international metrological technologies to comprehensively identify shortcomings and weaknesses in the system. Participating units are encouraged to submit optimization suggestions, and exemplary national metrological technical specifications will be selected to guide improvements in the quality and supply capacity of metrological technical specifications.Sources indicate that USD/KRW foreign exchange trading related to the SK Hynix ADR listing is expected to take place around July 15.July 7th - Abhijit Suria, senior Asia-Pacific economist at Capital Economics, stated that the slowdown in Japanese wage growth in May is unlikely to prevent the Bank of Japan from further interest rate hikes. He pointed out that preliminary data released earlier showed that the growth rate of Japanese labor cash income slowed to 3.2% in May from 3.6% in April. Suria said, "Despite the recent slowdown, various indicators of basic wage growth remain well above the 2025 average and are still high relative to historical levels." He added, "We believe that todays data is unlikely to change the Bank of Japans fundamental assessment that the labor market remains tight." Capital Economics maintains its view that the Bank of Japan will raise interest rates to 2% by the end of 2027.

Introduction to Cryptocurrency

Eden

Oct 25, 2021 13:27

What is virtual currency?


Virtual currency, also known as Cryptocurrency, is an electronic currency used cryptography and distributed ledger technology to create. It is safe, anonymous, and can track its own performance.  The names we often hear like Bitcoin, Ethereum, OKCoin, etc. are all virtual currencies.


Origin


Cryptography is a doctrine about information encryption, and is usually applied at confidential transmission of information and verification function. Since 1988, people have been trying to develop decentralized electronic currency by adapting encryption protocols and distributed networks. It was not until the emergence of Bitcoin in 2008 that the dream of virtual currency was truly realized.


Bitcoin


On November 1, 2008, an individual or team calling themselves "Satoshi Nakamoto" published a paper called "Bitcoin: Peer-to-Peer Electronic Cash System" in a cryptographic review group. The paper has introduced its latest idea of electronic money, that is, how to use a peer-to-peer network to create an electronic transaction system that doesn’t rely on trust. That is, Satoshi Nakamoto invented Bitcoin.


How does Bitcoin work? 


Bitcoin uses P2P  (peer to peer) technology, which also means "point to point ", "peer-to-peer connection", "peer-to-peer network", etc. It is a non-centralized server. Each user has the same ability and technology to exchange information with each other. Each client of the peer-to-peer network is not only a node, but also functions as a server. The generation and consumption of every bitcoin will be checked through the P2P decentralized network to avoid counterfeiting.


The new Bitcoin is produced by a P2P client computer through a mathematical operation. Complicated equations connect all the users, who also called "miners." Miners use their computer resources to solve the equations and get a small amount of Bitcoin as a reward.


Decentralization is the biggest feature of Bitcoin. Traditional currencies are issued and managed by the central banks, while Bitcoin can avoid inflation and deflation caused by the policies of central bank and human interference. It can also reduce transaction costs and is anonymous.


Application of Bitcoin


Payment: At present, the number of merchants that support Bitcoin payment is increased rapidly, such as Amazon, Steam games, Japanese Big Camera, etc. 


Investment: The total number of bitcoins is fixed at about 21 million, with a scarcity similar to gold. Many people has already invest in bitcoins for a long time. Investment is also currently the major user demand of Bitcoin.


World currency: Every country has its own legal currency, but there is no proper world currency among countries. Bitcoin can operate as long as it has a network. It is a currency that can be used by everyone in the world. It is objectively neutral and not controlled by any countries. It is expected to become a proper world currency.


Limitation and its future


Though virtual currency is close to the transaction currency used in our daily lives, its issuing agency is not monetary authority. It does not have the same legal status as legal currency and can not widely circulate in the market. Citizens investing and trading virtual currency are not protected by law. 


As such , Libra, an Cryptocurrency developed by Facebook, wants to break through this obstacle. It’s purpose is to establish a private payment system that can cover the world. In this system, Libra serves as a medium of exchange, anchoring a country's legal currency, and can be exchanged for other countries' legal currency at any time.


Suggestion