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Source: http://dzb.studytimes.cn/shtml/xxsb/20190405/39641.shtml

Core reading

In recent years, the rapid development of cryptocurrency based on blockchain technology has constituted a new trend of financial innovation that has been promoted by contemporary technological progress. How to clarify the impact mechanism of digital currency on national security has become an important part of preventing major risks from being ignored.

In today's world, changes in the monetary and financial system are having an ever-increasing impact on national security. Former US Secretary of State Kissinger said that if you control the currency, you control the world.

The British economist Keynes also suggested that to subvert the foundations of the existing society, there is no more subtle and safer way than damaging the currency of this society. All of these highlight the importance of monetary finance. It not only affects the economic development of a country, but also affects the stability of society and the survival of the country. In recent years, the rapid development of digital currency based on blockchain technology has constituted a new trend of financial innovation that has been promoted by contemporary technological progress.

However, the use of cryptocurrency to launder money, trade in drugs and firearms and ammunition is a cause for concern, and these have gradually become new challenges to national security. How to clarify the impact mechanism of digital currency on national security has become an important part of preventing major risks from being ignored.

Cryptocurrency has the possibility of replacing traditional currency

Cryptocurrency such as Bitcoin is still in its infancy, and it will face uncertainty in the future. However, cryptocurrency has the advantage that banknotes do not have, which determines the future development of digital currency. From the perspective of transaction and management costs, the advantages of cryptocurrency are obvious.

In order to meet the needs of deepening global economic and trade cooperation, large-scale cross-border flow of money and capital will become the norm. However, cross-border movement of paper money will face problems such as liquidation and transportation, and cryptocurrency can better solve related problems. Cryptocurrencies can be separated from traditional banking systems, even without the need for intermediaries, and transaction costs based on cryptocurrencies will drop significantly.

The cryptocurrency has a billing function, which can store the records of transactions, quickly realize the conversion of currency ownership, avoid complicated liquidation and other processes, and the digital currency has a traceable function, which can effectively prevent third-party malicious large-scale transfer or false transactions. problem.

From the perspective of anti-counterfeiting, although the currency including cryptocurrency has not completely eliminated the problem of forgery, the cryptocurrency is based on blockchain technology such as encryption, and the high-intensity encryption technology objectively increases the cost of forgery. In theory, If scientific encryption is used, the existing computing power is difficult to forge cryptocurrency. However, in contrast, the forgery of banknotes is not uncommon.

On the one hand, all sectors of society must adopt professional testing equipment to check the authenticity of the currency. The general public has not been able to use professional equipment for testing, creating an important opportunity for banknote fraud;

On the other hand, the technical means of counterfeiting banknotes are constantly upgrading, and simulation techniques such as watermarks are emerging one after another, creating important conditions for banknote fraud, especially the continuity of banknote issuance, the banknotes with lower anti-counterfeiting ability and the strong anti-counterfeiting ability. Banknotes are often used in parallel, prompting the cracking of banknotes with low anti-counterfeiting technology and the possibility of mass issuance. Therefore, cryptocurrency has a great advantage in anti-counterfeiting because of its inherent encryption and other technologies.

On the whole, cryptocurrency has certain advantages in terms of issuance costs, etc., creating an important space for digital currency to replace traditional banknotes.

Of course, cryptocurrency has official and unofficial points. At present, more unofficial cryptocurrencies continue to emerge, resulting in disorderly competition, and competition in the future may be further heated up. Under this circumstance, if the world's major countries introduce the legal digital currency, then this cryptocurrency will have the government's credit support due to the government's endorsement, and the unofficial cryptocurrency and the official digital currency will also face fierce competition.

Although it is too early to say which currency is more attractive, in the short term, due to the lack of credit support from the unofficial cryptocurrency, it is objectively complementary to the official digital currency, but in the future, along with the deepening of global economic and trade cooperation, The boundaries of cryptocurrencies will gradually blur, and the credit relationship behind cryptocurrencies will gradually increase. From this perspective, official and unofficial cryptocurrencies will form a mutually reinforcing feature, rather than a simple zero-sum game of life and death.

The mechanism by which cryptocurrency affects national security

Financial supervision is an important means to ensure economic and financial security. Behaviors that are outside the regulatory system may constitute an impact on the security system. Cryptocurrencies have characteristics that are outside the financial regulatory system. The cryptocurrency is based on a peer-to-peer decentralization model that saves costs by shortening the financial chain without the need for financial intermediaries, but it also brings a regulatory vacuum.

Without the support of intermediaries, the targets of the regulatory authorities are difficult to focus on, and the trading behavior of micro-subjects is more difficult to be reflected under the supervision of the regulatory authorities. Because digital currency directly converts ownership while trading between the two parties, this approach avoids the collection of information by third parties, and the regulatory authorities lack the grasp of micro-subject behavior information.

The distributed accounting mode of digital currency objectively forms the dispersion of information processing such as transactions, and increases the difficulty and complexity of supervision. Cryptocurrency is expected to play the role of money in the financial system, and the generation of cryptocurrency may be created simultaneously. New financial form.

Future digital currency-related businesses may involve a wide range of areas such as online payments, asset custody, financial transactions, digital wallets, supply chain finance, insurance, etc. These are some of the new financial forms based on digital currencies, some of which are introduced in traditional financial forms. The digital currency. These may pose challenges to the existing financial regulatory system, because the existing financial regulation does not cover the scope of digital currency, financial activities through the digital currency to find new speculative or arbitrage exports, objectively poses a challenge to financial security.

Digital currency may create a vacuum for escaping contemporary financial regulation. If there is no technical breakthrough in regulation in the future, the impact of digital currency outside the regulatory system on financial security may continue to increase.

The lag of supervision has caused the impact on national security. In theory, countries around the world have increased the new space for cross-border capital flows due to the emergence of digital currency, which may lead to the intensification of cross-border capital flow, and economic and financial security issues may be challenged. .

Before the absence of cryptocurrency, large-scale cash entry and exit of customs is more difficult. Cross-border capital flows of countries must be conducted through intermediary agencies such as financial institutions. Unconventional cross-border capital flows may be monitored and prevented, and large-scale cross-border capital flows may pass through capital. Channels such as regulation have been alleviated. However, after the emergence of digital currency, cross-border capital flows have a new channel. A country's currency can be transferred to other countries by purchasing digital currency. Digital currency is similar to ordinary commodities. Digital currency is out of regulation and people can easily buy and sell. Digital currency and other means to achieve cross-border transfer of capital, irrational large-scale capital transfer with digital currency, may lead to financial security problems.

Digital currency is also an asset. Now some people buy digital currency as a way to maintain and increase capital. It is more popular that ICO (Initial Coin Offerings), the blockchain technology company. Raise funds and participate in ICO investors to purchase virtual currency based on blockchain technology, in the hope that these digital currencies will appreciate in the future.

The cryptocurrency obtained by ICO investors represents the right to use the future services and products of the blockchain company, but has no ownership of the company, no voting rights, and is not a shareholder of the company. Their investment is based on a promise and belief in the company. It is hoped that the company's products will be able to land and the digital currency will be rewarded. However, if the company's products are not developed as expected, the relevant investments may suffer losses or even complete losses. Happening.

It is still difficult for the current regulatory authorities to comprehensively supervise the ICO. If the large-scale capital of the society is transferred to the ICO, it may not only trigger the massive inflow of capital into the ICO, but may also trigger its own investment risks or large-scale capital outflows. Eventually it may lead to national security issues.

Digital currency affects the potential performance of national security

Digital currency belongs to the currency category. The direct impact on national security is mainly at the financial level, but digital currency can be used to pay for investment. In particular, it can purchase a wide variety of goods, provide monetary payment for various important activities, and expand its The scope of impact on national security.

In theory, various activities that can affect the national security of the available currency for trading may become an indirect channel for digital currency to affect national security. From this perspective, digital currency has an important spillover effect on national security due to its special monetary function. Digital currency is currently organized for the payment of drugs, the purchase of firearms and ammunition, and other activities, indicating that the impact of digital currency on national security has expanded to the scope of illegal transactions.

First, digital currencies may create important conditions for building closed loops of illegal transactions such as drugs. The core of illegal transactions such as drugs is money payments, which are usually evaded by cash transactions, but large-scale cash increases carrying and transaction costs. The emergence of digital currency has solved the problem of illegal trading of funds. Decentralized digital currency has the advantage of peer-to-peer. It does not need to carry out liquidation and other central links through financial intermediaries. Drugs and other offline transactions can be synchronized with online payment. Closed loop of illegal transactions.

At present, money laundering through digital currency has become possible, and it is not uncommon to use the digital currency for illegal transactions. The current digital currency is just getting started. If the future develops and evolves into a currency that is generally recognized by the general public, the problem of digital currency used for illegal transactions may escalate or even intensify; if there is a large-scale rise in illegal transactions, then national security and even the world The security situation is not optimistic.

Second, institutions such as terrorist organizations have created a digital currency non-sovereign financial system to provide financial support for activities such as terrorist organizations that affect national security. Organizations such as terrorist organizations that carry out various activities that endanger national security need to rely on financial security and support. By constructing a digital currency non-sovereign financial system, three goals can be achieved.

The first is to create a virtual financial community within the terrorist organization, to avoid the external society to grasp its movements through financial transactions and other activities, can increase the concealment of terrorist organizations and other institutions.
The second is to create a financial system that is free from the global financial regulatory system and provide financial facilities for cross-border illegal activities.
The third is to build an internal financial operation system, and then disrupt the financial system of a certain country, thereby achieving the goal of affecting both the economic and financial operations of other countries and ensuring their own operations. Under the combined effect of the above three aspects, terrorist organizations and other activities that affect national security will be more difficult to grasp, and objectively constitute a greater uncertainty of national security.

Third, the establishment of a commercial system based on unofficial digital currency affects economic and financial security such as national currency sovereignty.

When the unofficial digital currency has a reserve function and a payment function, the unofficial digital currency gradually becomes the standard currency because the settlement or liquidation of the digital currency does not require the assistance of the intermediary. In this context, unofficial digital currencies can operate independently in commodity trading, cross-border economic and trade cooperation, and financial lending, and society may form a commercial system based on unofficial digital currency. If the scale and scope of the use of non-digital currencies continue to expand, the operating space of the sovereign credit currency system will be squeezed.

In extreme cases, with the continuous development of unofficial cryptocurrency, the international monetary system may face greater challenges. The sovereign credit currency system may undergo major adjustments. The monetary sovereignty of each country may suffer huge impacts, financial security and even economic security. It is especially prominent.
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