The virtual currency once again experienced a “crazy roller coaster”, SpaceX founder Elon Musk (Elon Musk) and “exit art”, announced a partnership with the developers of dogcoin, then make dogcoin speculation of more than 60%. However, he appeared on the American variety show earlier and admitted in the interview that dogcoin is a scam (hustle).
On the other hand, around the accelerated expansion of the digital economy, the Bank of England (that is, the Bank of England) plans to launch digital pounds; the Chinese Academy of Social Sciences also said that China’s digital economy last year accounted for nearly 20% of the overall gross domestic product (GDP), the future growth rate will continue to accelerate. This means that the conflict between the virtual currency and the official digital economy will intensify day by day.
After Musk suddenly sang the praises of the “big brother” Bitcoin a few days ago, he once again exerted the power of social networking sites, saying in a post that he was working with the developers of Dogcoin to improve the trading efficiency of its system, causing Dogcoin to soar 60.71% in a single day, reaching a high of $0.5752. Bitcoin rose 8.44 percent to a high of $50,912 per coin, while ethereum rose 12.79 percent to $3,993, according to CryptoCompare, a trading platform that shows other virtual currencies rallying together.
Coinbase, the largest U.S. virtual currency exchange listed in the U.S. last month, announced its first quarterly results this year, with revenue soaring 8.4 times year-over-year to $1.8 billion, below market expectations of $1.81 billion, while net profit jumped more than 24 times year-over-year to $771 million, mainly benefiting from the surge in bitcoin and ethereum. Meanwhile, a surge in retail demand for ethereum blockchain applications such as NFT (non-homogenized tokens) has also led to a sharp rise in demand for Coinbase’s ethereum trading.
Another virtual currency exchange, Binance, is reportedly being investigated by the U.S. Department of Justice and the IRS on suspicion of money laundering and tax avoidance. Binance responded that the company takes its legal obligations seriously and will cooperate with relevant regulatory and law enforcement authorities. The Department of Justice and the IRS declined to comment.
Virtual currencies are changing rapidly, and the official digital economy is catching up fast! Following the implementation of the U.S. study of a central bank digital currency to catch up with China, the United Kingdom is also considering the launch of an official digital currency. Foreign media reported that the Governor of the Bank of England Bailey is expected to have its own digital pound in a few years. However, he pointed out that the central bank digital currency will have a significant impact on the financial system and other areas, and there are certain concerns about privacy issues. Deputy Governor Clive also said that the epidemic has prompted people to gradually reduce the use of cash, but instead to switch to “private” money, if the innovation left to enterprises, may lead to one or two enterprises to dominate the entire payment market, so that the Bank of England should be issued digital pounds.
As for China, which has been piloting digital yuan for a long time, its digital economy has developed spectacularly and has become an important engine of economic growth. According to a blue paper published by the Academy of Social Sciences, the value added of the digital economy exceeded 19 trillion yuan (RMB‧the same below) last year, accounting for 18.8% of GDP, and it is expected that by 2025, the nominal value added of the digital economy will reach 32.67 trillion yuan, of which the value added of digital industrialization is about 15.52 trillion yuan and the value added of industrial digitalization is 17.15 trillion yuan.
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