digital money：reading material
1. DeFi 101:The Case for Open Finance——a revolution about money
vedio from Youtube
- DeFi: financial system without banks，and is decentralized finance；
change the way we transact with others- without banks，is open to anyone, anywhere. everyone in the world can have access to this financial application, and keep full control on their own money.
2. China’s digital currency
news resources
- The introduction of central bank digital currencies could upend the global economic order.
- This technology could bring multiple benefits, such as more efficient trade, greater financial access for millions of people, and a reduction in crime.
- But there are still technological barriers to overcome, too.
- This digital currency could build a more sustainable global ecnomy
- destroy cash collected in high-risk environments.
- This is a tall order – but in a world where digitalization is already transforming our lives, it is by no means impossible. If the last century has taught us anything, it’s not to underestimate the transformative potential of technological innovation.
- the opportunities to strengthen fiscal management, transparency, and efficiency are significant
- What is clear is that the crisis of COVID-19 presents many challenges – but also a unique opportunity to rethink how money is managed and used in our society.
3. Central Bank Digital Currency: Central Banking for All?
- topics：digital money——central bank digital currency
- derive as equivalence result that that shows that absent a banking panic, the set of allocations achieved with private financial intermediation will also be achieved with a CBDC（central bank digital currency）
- Besides its potential role in eliminating physical cash, a CBDC will allow the
central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits (and, likely, engaging in some form of lending of those deposits)
My confusion：
- central bank，investment bank，
Language accumulation：
- derive an equivalence result that…
- open the door to the widespread use of digital currencies
- issue their own digital currencies
- amount to doing （等同于，接近）
- refer to 查阅，提到
- national-currency-denominated：国家货币 （denominate：为（某种货币为单位，以…命名））
- discourteous不礼貌的
- hand over to somebody：转交给某人处理
- sustainable development 可持续发展
- ramp up +n. 提升，加强
- transform 转型
- a tall order 一个很高的要求
- disruption 中断，混乱，replicate复制
How do we manage the disruption a CBDC could create by replicating, and potentially cannibalising拆用，同类相食, the current banking structure? What new power imbalances may result?
- fiscal management 财政管理