[20180207]IF10824_金融创新：“加密货币”.pdf

https:/crsreports.congress.gov Updated February 7, 2018Financial Innovation: “Cryptocurrencies”A “cryptocurrency” (sometimes referred to as virtual currency, a term that can also refer to a broader class of electronic money) acts as money in an electronic payment system in which transactions are validated by a decentralized network of computers rather than a third-party intermediary, such as a bank. The use of this financial technology (or fintech) potentially creates certain benefits, poses certain risks, and raises a number of questions for policymakers. This In Focus examines cryptocurrencies and related policy issues. Background A central difficulty with sending payments electronically is the “double spending problem.” Sending an electronic message or digital file directly from a payer to a payee in the hopes that it will act as a transfer of value is problematic, because payees cannot confirm that a payer has not sent that same message or file to multiple other payees. Because money in such a system can be double (or any number of times) spent, it would not retain its value. Traditionally, this problem has been resolved by involving at least one centralized, trusted intermedi