Business Insider reported that HSBC Bank of the United Kingdom is discussing the possibility of the central bank launching a digital currency system based on blockchain technology to take advantage of its high transparency in transactions and create a highly transparent national financial system. Cash can be injected into the real economy through deposits in consumer bank accounts and tax refunds. Supporters of the concept (helicopter drops ) say it can inject money into the real economy much faster than the private credit sector. Contemporary economist Milton Friedman famously said: Flying over a town, helicopters drop money. HSBC BI file description: “ If we develop a system that records all transactions in real time on blockchain technology, it will not look too much like the systems of the e-commerce giants that are all over the world. ” Online stores can issue unsecured loans to merchants because from the merchant's perspective, they know all the merchant's traffic. How many people browsed the merchant's webpage and what the traffic purchase conversion rate was. HSBC went on to point out that a modern currency circulation system, based on real big data analysis of blockchain, can allow the government to balance the economy more efficiently and systematically. In theory, this transparent system can let the central bank know the changes in the social demand for currency and help the central bank formulate a reasonable monetary policy. BI pointed out that too much paper money entering the social circulation field will lead to serious inflation, and the transparency of blockchain technology can solve this problem. HSBC outlines the trust problem with helicopter money - in short, people rightly question whether the central bank is issuing the right amount of money to keep the economy going. If too much is issued, helicopter money could lead to severe inflation, BI reports . Representatives for the bank were not immediately available for comment. |
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