导读
Guide
2019年12月6日，法国央行行长Francois Villeroy de Galhau宣布，法国将很快开始测试提供给金融机构的央行数字货币（CBDC），并计划在2020第一季度结束之前启动项目。
On December 6, 2019, the President of the Central Bank of France, François Villaroy de Galhau, announced that France would soon begin testing the central bank's digital currency (CBDC) available to financial institutions and plan to launch the project before the end of the first quarter of 2020.
摘要
summary
专题：法国打响货币主权保卫战。Libra利用了区块链技术，锚定多国法定货币，想要实现的是全球支付系统，但这严重威胁了国家的货币主权。法国一方面联合欧元区国家对Libra进行抵制，另一方面加紧对区块链技术的研究与运用，试图通过发行CBDC来抵制Libra带来的冲击。CBDC的推出能够为欧元区带来新的经济活力和金融助力，同时也有助于扩大欧元的国际影响力。作为有望首个推出CBDC的国家，法国有望在未来数字化经济战中抢占先机。至于法国能否凭借CBDC突出重围，尚需时间证明。
France, on the one hand, joins the eurozone countries in boycotting Libra, and, on the other hand, intensifys its research and application of block-chain technology in an attempt to counter the impact of Libra by issuing the CBDC. The launch of the CBDC can bring new economic dynamism and financial support to the eurozone and help to increase the international impact of the euro. As the first country to launch the CBDC, France is expected to take the lead in the future digital economy war.
行情：震荡下行，构筑底部。本周ChaiNext数字资产100指数收于657.31点，下跌0.88%。ChaiNext数字资产100X指数收于1663.27点，下跌2.06%。本周数字通证总市值为2052.7亿美元，跌幅约0.5%；日均成交量为622.5亿美元，下降28.3%。BTC现价7448美元，周跌幅为0.2%，日均成交量为183亿美元。ETH现价149.25美元，周跌幅为1.6%，日均成交量为70亿美元。本周交易所BTC余额为82.61万个，较上周减少6111个。交易所ETH余额为848.9万个，较上周增加9.44万个。BICS二级行业中，零售电商市值占比上涨明显。
> (Bont > ) shows a drop of 0.88% in the current week's ChaiNext digital asset index 100 at 657.31 points. ChaiNext digital asset 100 at 1663.27 points, a decline of 2.06%. The total market value of the digital pass this week was $20.57 billion, a decline of about 0.5%; the average daily transaction was $62.25 billion, a decrease of 28.3%. BTC now costs $7448 per week, a decline of 0.2 per cent and a turnover of $18.3 billion a day. The current price of ETH is $149.25, a decline of 1.6 per cent, a decline of $7 billion a day. The balance of BTC on this week's exchange is 82.61 million, a decrease of 611 million compared to the previous week.
产出与热度：挖矿难度及关注度下降。BTC本周挖矿难度为12.88T，与上周相比，下降0.096T；本周日均算力为94.23EH/s，较上周上升3.12EH/s；ETH本周挖矿难度2492，较上周下降46.26，日均算力174.6TH/S，较上周下降2.02TH/S。
font' output and heat: mining difficulties and reduced interest. BTC mining difficulties this week were 12.88 T, a decrease of 0.096 T compared to last week; 94.23 EH/s on Sunday, an increase of 3.12 EH/s compared to last week; ETH mining difficulties this week were 2492, a decrease of 46.26 compared to last week, with an average daily strength of 174.6 TH/S, a decrease of 2.02 TH/S compared to last week.
行业：海南大力支持区块链发展。12月8日以太坊伊斯坦布尔升级完成；海南大力支持区块链产业，海南国际离岸创新创业（三亚）试验区正式揭牌；据韩国时报消息，韩国政府正在试图对虚拟资产所得征收资本利得税，相关法规或将在2020年反映在税收法中。
font > Industry: Hainan strongly supported block chain development. Upgraded on 8 December by Taiyo Istanbul; Hainan strongly supported block chain industry with the official opening of the Hainan International Offshore Innovative Enterprise (TIA) pilot area; according to the Korean Times, the Korean Government is attempting to tax capital gains from virtual assets and the relevant legislation will be reflected in the tax laws in 2020.
风险提示：监管政策风险、市场趋势风险
Risk reminder: Regulatory policy risk, market trend risk
正文
Text
1专题：法国打响货币主权保卫战
1 > theme /font > /b> : France's battle for the defence of monetary sovereignty /font /font >
2019年12月6日，法国央行行长Francois Villeroy de Galhau宣布，法国将很快开始测试提供给金融机构的央行数字货币（CBDC），并计划在2020第一季度结束之前启动数字欧元项目。据报道，数字欧元试点将仅针对金融部门参与者，而不会涉及个人零售支付。
On December 6, 2019, the President of the Central Bank of France, François Villeroy de Galhau, announced that France would soon begin testing the central bank digital currency (CBDC) available to financial institutions and planned to launch the digital euro project by the end of the first quarter of 2020. It was reported that the digital euro pilot would target financial sector participants only and would not involve individual retail payments.
1.1Libra：战争的发起者
font> 1.1 >b> Libra /font font : initiator of the war /font
2019年6月18日，Facebook发布了全球性加密数字通证Libra的白皮书，白皮书中提到“Libra的使命是建立一套简单的、无国界的货币和为数十亿人服务的金融基础设施，为金融服务创新开创新的机遇。”由于采用了基于区块链的共识算法，Libra将具备交易高效、安全等特点，实现多中心的支付网络。
On June 18, 2019, Facebook released the White Paper of Libra, a global encrypted digital pass, which refers to the mission of Libra “Libra to create a simple, borderless currency and financial infrastructure for billions of people, opening new opportunities for innovation in financial services. ” as a result of a consensus algorithm based on block chains, Libra will have transaction efficiency, security, etc. to achieve a multi-centre payment network.
Libra对国家货币主权构成威胁，同时也存在着信用风险。尽管Libra是区块链技术发展的产物，但Libra锚定的是多国法定货币，要实现的是全球支付系统，其愿景是让全球任何国家的人都能轻松使用Libra支付交易，实现快速跨国转账。如果这些都得以实现，那极有可能威胁到各国的货币主权。对于政府信用和货币体系接近崩溃的国家，因为Libra的信用程度高于本国法币，大量的法币将会被抛售，Libra将会被更多地使用和储存起来，长此以往，货币主权将拱手相让。对于政府信用较好的国家来说，Libra的进入极可能扰乱市场稳定，也会影响到国家对经济的监管和调控。此外Libra本身的风险也不可忽视。尽管拥有巨大的潜在使用人数，但其本质上是各国法币的衍生物，缺乏国家主权信用背书，存在信用风险。
font Libra poses a threat to national monetary sovereignty, as well as a credit risk. Although Libra is the product of technological developments in the chain, Libra anchors a multi-country legal currency, with the vision of a global payment system that allows people in any country around the world to make easy use of Libra to pay transactions and achieve rapid cross-border transfers.
由于Libra涉及到货币主权和信息安全等敏感领域，Libra遭到了包括法国在内的众多国家的反对。为了应对Libra等超主权数字通证的冲击，法国将在2019年一季度结束前启动CBDC项目。
, because Libra is involved in sensitive areas such as monetary sovereignty and information security, Libra has been opposed by a large number of countries, including France. font>, in response to the impact of super-sovereign digital cryptography such as Libra, France will launch the CBDC project before the end of the first quarter of 2019. /b>
1.2CBDC：货币主权的捍卫者
font> 1.2/font>/b>font>b>CBDC: fontfont>b> the champion of monetary sovereigntyfont>b>
CBDC，是由国家中央银行发行，具有国家信用支持的法定数字加密通证，是一国法定货币的数字化形式。它是互联网发展和支付技术进步的产物，涉及到区块链、安全芯片、加密算法、移动支付等技术，但它仍然属于法定货币的范畴之内。CBDC锚定本国法币，不仅能够提高支付和跨境清算的效率，同时还可以捍卫国家的货币主权。
CBDC, a statutory digital cryptography pass issued by the Central Bank of the Nation and supported by State credit, is a form of digitization of a country's legal currency. It is a product of Internet development and technological progress in payment, involving technology such as block chains, secure chips, encryption algorithms, mobile payments, etc., but it still falls within the scope of the legal currency. The CBDC anchors the national currency, not only to improve the efficiency of payments and cross-border liquidations, but also to safeguard the country's monetary sovereignty.
法国央行希望能在欧元区建立一个基于区块链的支付系统，以解决在欧洲范围内存在的支付效率低、手续费昂贵等问题。
The Central Bank of France hopes to establish a block-based payment system in the euro area in order to to address the problems of inefficient payments and high transaction costs within Europe.
1.3欧元区：法国的坚实后盾
1.3 b> Eurozone: France's solid backup /font >
2019年12月5日，欧盟理事会和欧盟执委会联合发表声明，禁止任何一种“全球性稳定通证”在欧盟境内运作，直到“稳定通证对货币主权造成的风险”可以有效解决。但另一方面，欧洲央行和法国央行又在积极地为数字欧元进行着准备。针对目前欧元区支付系统存在的问题，欧洲中央银行和法国央行一样，积极尝试基于区块链的解决方案和资产的分布式储存和转移，以提高欧元的跨境支付与结算效率。
On 5 December 2019, the Council of the European Union and the Executive Council of the European Union issued a joint statement prohibiting any kind of “globally stable pass” from operating in the European Union until the risks posed by the “stable pass” to monetary sovereignty can be effectively addressed. On the other hand, the ECB and the Central Bank of France are also actively preparing the digital euro. font>, in response to the problems of the current eurozone payment system, the European Central Bank, like the Central Bank of France, is actively trying solutions based on block chains and distributed storage and transfer of assets to improve the efficiency of the euro's cross-border payments and settlements.
在现如今的数字经济时代，CBDC的推出能够为欧元区带来新的经济活力和金融助力，同时也有助于扩大欧元的国际影响力。作为有望首个推出CBDC的国家，法国有望在未来数字化经济战中抢占先机。至于法国能否凭借CBDC突出重围，尚需时间证明。
In today's digital economy, the launch of the CBDC can bring new economic dynamism and financial support to the eurozone, while also helping to increase the international influence of the euro. As the first country to launch the CBDC, France is expected to take the lead in the future digital economy war.
2行情：震荡下行，构筑底部
font>2 , building base .
2.1震荡下行，构筑底部
font> 2.1 > below the shock to construct the bottom /b>
本周ChaiNext数字资产100指数收于657.31点，下跌0.88%。ChaiNext数字资产100X（无BTC）指数收于1663.27点，下跌2.06%。主流通证走势略弱于BTC。
recorded a decrease of 0.88% in the ChaiNext 100 index of assets this week at 657.31 points. ChaiNext recorded a decrease of 2.06% in the 100X (no BTC) index of assets at 1663.27 points. The mainstream pass is slightly weaker than BTC.
本周数字通证总市值为2052.7亿美元，较上周下降9.28亿美元，跌幅约0.5%。
本周数字通证日均成交量为622.5亿美元，较上周下降28.3%，日均换手率为30.3%，较上周下降12.8%。本周市场持续阴跌，反弹较弱，成交量严重缩减，处于探底阶段。
本周交易所BTC余额为82.61万个，较上周减少6111个。交易所ETH余额为848.9万个，较上周增加9.44万个。交易所BTC余额出现小幅下降，ETH余额出现小幅上升，场内抛压有所加重。 This week's BTC balance on the exchange was 82.61 million, a decrease of 6111 from last week. The ETH balance on the exchange was 8.489,000, an increase of 944,000 from last week. The BTC balance on the exchange fell slightly, the ETH balance rose slightly, and the pressure on the field increased. USDT市值为41.49亿美元，较上周增加2461.40万美元。USDT溢价率小幅降低。 USDT market value was $4.149 billion, an increase of $24.61.4 million over last week. The USDT premium rate was slightly lower. 2.2 ?核心通证：主流通证较为抗跌 2.2? Core pass: /font> mainstream pass is more resistant BTC现价7448美元，周跌幅为0.2%，月跌幅为20.3%。本周BTC日均成交量为183亿美元，日均换手率为13.6%。BTC本周持续阴跌，反弹较弱，可能再次试探7300美元支撑，逐步筑底。 The current price of BTC is $7448, with a 0.2 per cent drop in weeks and a 20.3 per cent monthly decline in the current week. >font's average daily turnover this week was $18.3 billion, with an average daily exchange rate of 13.6 per cent. BTC continued its slump this week, with a weak rebound, and may try again $7,300 to support it and build it gradually. ETH现价149.25美元，周跌幅为1.6%，月跌幅为21.2%。本周ETH日均成交量为70亿美元，日均换手率42.5%。ETH本周持续阴跌，跌幅略高于BTC。 The current price of ETH is $149.25, with a weekly drop of 1.6 per cent and a monthly decline of 21.2 per cent. has an average of $7 billion and an average daily rate of 42.5 per cent for this week's ETH day. ETH has continued its slump this week, slightly higher than BTC. EOS现价2.7美元，周涨幅2.3%，月跌幅25.4%。本周EOS日均成交量为16.7亿美元，日均换手率64.9%。EOS随着BTC持续下行。 The current price of EOS is US$ 2.7, with a 2.3 per cent increase per week and a 25.4 per cent decrease per month > > > an average of US$ 1.67 billion per day for this week's EOS exchange rate of 64.9 per cent. EOS continues to go down with BTC. /font > XRP现价0.223美元，周跌幅为0.7%，月跌幅为26%。本周XRP日均成交量为12.46亿美元，日均换手率12.9%。XRP走势较弱。 XRP current price of $0.223, with a 0.7 per cent weekly drop and a 26 per cent monthly decline. > averaged $1.246 billion on XRP days this week, with an average daily turnover rate of 12.9 per cent. XRP movements are weak. BTC月波动率为13.72%，较上周上升1%；ETH月波动率为15.65%，较上周下降0.1%；EOS月波动率为21.0%，较上周下降0.5%；XRP月波动率为13.9%，较上周上升0.3%。 BTC monthly fluctuations were 13.72 per cent, an increase of 1 per cent from last week; ETH monthly fluctuations were 15.65 per cent, a decrease of 0.1 per cent from last week; EOS monthly fluctuations were 21.0 per cent, a decrease of 0.5 per cent from last week; XRP monthly fluctuations were 13.9 per cent, an increase of 0.3 per cent from last week. 2.3 ?BICS行业：零售电商市值占比上涨明显 2.3? BICS industry: market value increases for retailers are evident /font > 在市值排名前五位的BICS（Blockchain Industry Classification Standard，区块链行业分类标准）二级行业中，支付结算行业市值从72.5%降至72.3%，从市值占比变化率看，零售电商、实物资产市值占比上涨明显，专业服务与媒体内容市值占比下降较大。 本周通证数量增长较为明显的BICS二级行业为银行服务，下降较为明显的为专业服务。 The more significant increase in the number of circulars this week is in the BICS Level II sector for banking and the more pronounced decline in professional services. 2.4 ?市场观点：持续下行，市场表现萎靡 2.4. Market views: /font> continued down and market performance was weak /font > 本周BTC持续下行，周中最低跌破7000美元。目前期货市场多空比较低，市场对未来走向不乐观。在周中出现的“画门”行情仍未引起交易量的大幅波动，市场表现萎靡。现BTC持续在7300美元至7500美元震荡，或为构筑底部区间。多空双方博弈势均力敌，主流通证或许还将持续震荡一段时间。 BTC低位可逐步加仓。从长期看，优质通证有较大的想象空间，目前尚在牛市初期，回调均为难得的加仓机会，投资者可以结合自身情况做好资产配置。 BTC low position allows for progressive siloing. in the long term, high-quality passes have greater imagination and are still in the early stages of the cattle market, and returns are rare opportunities for siloing and investors can make asset allocation in their own right. 3产出与热度：挖矿难度及关注度下降 3 > output and heat: > > > > > > > > /font > > >. BTC及ETH挖矿难度下降。BTC本周挖矿难度为12.88T，与上周相比，下降0.096T；本周日均算力为94.23EH/s，较上周上升3.12EH/s；ETH本周挖矿难度2492，较上周下降46.26，日均算力174.6TH/S，较上周下降2.02TH/S。 BTC and ETH are less difficult to dig this week. BTC is less difficult to dig this week by 12.88 T, a decrease of 0.096 T compared to last week; this Sunday averages 94.23 EH/s, an increase of 3.12 EH/s compared to last week; ETH is less difficult this week by 2492, a decrease of 46.26 compared to last week, with an average daily strength of 174.6 TH/S, a decrease of 2.02 TH/S compared to last week. 本周，Google Trends统计的Bitcoin词条搜索热度为9，Ethereum词条搜索热度为6，均比上周减少1。 This week, Google Trends's bitcoin line search is 9 and Etheium is 6 less than last week. 4行业要闻：海南大力支持区块链发展 font>4 industry highlights /b>font>: Hainan strongly supports block chain development /b> 4.1以太坊伊斯坦布尔升级已完成 font> 4.1 /font> b >. /font . >........................................................................................................................................................................................ 以太坊已到达升级指定区块高度，网络出块稳定，伊斯坦布尔升级完成。另外，以太坊开发者还提议在区块高度9,200,000进行硬分叉以移除逐渐显现的难度炸弹，预计发生在1月6日前后。在移除难度炸弹之前，区块生成时间将一直保持增长，到1月6日左右可能会达到25至30秒时间。 The ETA has reached the height of the upgraded block, the network has stabilized, and the Istanbul upgrade has been completed. In addition, the ETA developers have proposed a hard split at a height of 9,200,000 to remove the difficulty bombs that are becoming apparent, which is expected to take place around 6 January. The block generation time will continue to grow until about 6 January. 4.2海南大力支持区块链发展 oft> 4.2 /font> b> Hainan strongly supports the development of block chains /font 12月1日，“海南国际离岸创新创业示范区建设暨区块链·数字资产交易技术创新高端论坛”在海南三亚举行，同日，海南国际离岸创新创业（三亚）试验区正式揭牌，成为海南省推进国际离岸创新创业示范区建设以来首个挂牌的试验区。 , 1 December, High-level Forum on Technological Innovations in Digital Assets Trading, Hainan International Offshore Innovative Entrepreneurship Model Zone, held in Hainan Sanya, the same day, the Hainan International Offshore Innovative Entrepreneurship (TIA) pilot area was officially inaugurated as the first one to be listed since the construction of the Hainan International Innovative Enterprise Demonstration Area to advance international offshore innovation in Hainan Province. 4.3韩国政府或将对虚拟通证征税 font> 4.3 > /b> the Korean Government may or will levy a tax on virtual pass /font 据韩国时报消息，韩国政府人士透露，韩国政府正在试图对虚拟资产所得征收资本利得税，相关法规或将在2020年反映在税收法中。 According to the Korean Times, Korean government sources have revealed that the Korean government is attempting to tax capital gains from virtual assets and that the relevant legislation may be reflected in the tax laws in 2020. 附注： note: 因一些原因，本文中的一些名词标注并不是十分精准，主要如：通证、数字通证、数字currency、货币、token、Crowdsale等，读者如有疑问，可来电来函共同探讨。 For a number of reasons, some of the terminologies in this paper are not very precise, notably: pass, digital translator, digital curency, currency, token, Crowdsale, etc., if the reader has questions, it can be discussed by calling together. 报告原文请见【通证通研究】发布的研究报告：《法国打响货币主权保卫战——区块链周报 1208》 For the original text of the report, see the study published by the [passport study]: “France’s Ringing of the Battle for the Defence of Monetary Sovereignty — A Weekly Circular of Block Chains 1208 
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