格隆汇12月10日丨国投智能(300188.SZ)在互动平台表示，公司在电子数据取证、公共安全大数据、新 网络空间安全等领域的技术储备，可适配数字货币场景下的合规追溯、安全防护等需求。截至目前，公 司尚未形成直接应用于货币桥业务的独立产品。 ...

综合大众日报 智通财经 漫画：杨仕成 比特币的故事始于2008年，当时一个化名为中本聪（Satoshi Nakamoto）的人或团体发布了一篇名为《比特币：一种点对点的电子现金系统》的论文。这 篇论文提出了一种基于区块链技术的数字货币系统，旨在允许用户之间直接进行交易，无需中介机构。2009年，比特币网络正式启动，中本聪挖掘了创世 区块，标志着比特币的诞生。 1 与当下大多数货币不同，比特币不依靠特定货币机构（如政府）发行，依靠的是特定算法计算产生，这个算法平台依据分布式构架的程序产生构造解。 5 2 比特币其实是基于区块链技术的加密数据。打个比方，比特币的发行机制就是解一个数学方程组，方程组的解对应着一个比特币的代码。获取比特币的过 程就相当于解方程的过程，这意味着所有人都有机会参与发行比特币。而这个方程组的解（比特币总量）的总量恒定为2100万个。 3 中央民族大学法学院教授、中国科技金融法律研究会副会长邓建鹏称，银行之间转账是由银行来记录，银行是中心。在比特币的网络中，没有一个特定的 中心，而比特币奖励机制刺激全球的矿工（即拥有特殊计算机芯片的人）记录他们的交易信息。换句话说，挖矿的过程就是用利己利人的 ...

"稳定币和央行数字货币并非零和"，黄益平在 2025 夏季达沃斯访谈中提出，两者可在不同场景互补：CBDC 侧重法偿性与监管可控，适合大额、跨境及公 共支付；合规稳定币则依托市场机制，满足零售与链上生态需求。他建议，可在香港先行试点"盯住离岸人民币"的稳定币，既为境外人民币资产提供链上结 算工具，也为内地资本项目未完全开放留出"风险隔离墙"。 【邀请诺贝尔奖、图灵奖得主、两院院士、各行业专家，请联系五洲名家智库】 1957 年生于浙江的黄益平，拥有澳大利亚国立大学经济学博士，是北京大学国家发展研究院教授、院长，两度被任命为中国人民银行货币政策委员会委员 （2015—2018、2024—至今），并兼任中国金融四十人论坛学术委员会主席、北京大学数字金融研究中心主任。丰富的政策咨询与海外投行经历，使他对数 字货币、宏观金融与监管科技始终保持前沿视角。 数字货币：全球货币体系重构的"增量变量" 黄益平指出，数字货币并非短期风口，而是"正在改写支付、清算与储备资产规则"的增量变量。全球九成以上的虚拟资产交易已借助稳定币完成，而 90% 的稳定币与美元挂钩，"这相当于在现有跨境支付系统之外，再建一条由私营机构主导的美元清 ...

作者丨律新社研究员 李德胜 出品丨律新社研究中心 数字货币正成为犯罪新"蓝海"？ 数字货币网络诈骗正不断升级：高智商化、专业化、跨国化。虚拟货币交易链路难以追踪、跨境取证固证复杂、涉案财产查扣困难，数字货币一旦进入维 权纠纷，也往往成为法律服务的难点。 据区块链信息平台PANews发布的《2025年全球稳定币产业发展报告》显示，截至2025年7月，稳定币总市值突破2500亿美元，年转账额达36.3万亿美元， 已超越Visa与万事达的年交易总额。这一数据标志着一个历史性转折：数字货币正从极客圈的实验品跃升为主流金融工具。然而，技术与金融的碰撞往往 伴随风险的几何级数增长。 与此同时，全球监管框架加速成型。美国通过《GENIUS法案》、香港实施《稳定币条例》，中国内地检察机关推动USDT交易异常监测机制。监管与犯 罪的赛跑，催生了一片法律服务的蓝海，但这片海域并非风平浪静，而是暗流涌动。 律新社研究中心近日在调研中了解到，数字货币业务律师正在成为新业务"标签"，而能否在其中乘风破浪，取决于对趋势的洞察、对技术的理解，以及对 跨域合规的驾驭力。与此同时，多家律所已经布局"数字货币研究中心"，一场看不见硝烟的法律与金 ...

Core Insights - The recent launch of the multilateral digital currency bridge project has sparked significant interest in digital currencies, positioning them as a focal point in the financial sector [1] Group 1: Expert Opinions - Huang Yiping emphasizes the need to clearly distinguish between central bank digital currencies (CBDCs) and digital assets like Bitcoin, highlighting that the digital yuan is a sovereign-backed legal currency with inherent value, unlike the volatile Bitcoin [3] - Ouyang Weimin stresses the importance of adhering to fundamental principles in digital currency innovation, warning against "pseudo-innovation" that detaches from practical realities, and advocating for deep integration with the real economy [3] - Wu Xiaoqiu presents a perspective that prioritizes financial openness and the internationalization of the renminbi, suggesting that while digital currencies are important, they should not distract from broader strategic financial reforms [3] Group 2: Digital Currency Advantages - Digital currencies have demonstrated efficiency and low costs in cross-border payments, with the multilateral digital currency bridge enabling interbank settlements among multiple countries [4] - The consensus among the experts points towards a core direction of "compliance innovation and serving the real economy," which is essential for understanding the development logic of digital currencies [4]

每经AI快讯，12月7日，比特币向下跌破88000美元，过去24小时内下跌2.06%。 每经AI快讯，12月7日，比特币向下跌破88000美元，过去24小时内下跌2.06%。 ...

Group 1: Digital Currency Regulations - The U.S. White House has established a presidential task force on digital asset markets while banning the development of central bank digital currencies (CBDCs) within the U.S. [1] - China has intensified its crackdown on virtual currencies, with over 150 cases of money laundering related to virtual currencies reported since 2025, involving amounts exceeding 10 billion RMB [3]. - The People's Bank of China has identified stablecoins as a significant risk, with global cryptocurrency market volatility exceeding 70% in 2025, raising concerns about the transparency and safety of the underlying assets of stablecoins [3]. Group 2: U.S. Debt and Stablecoins - The U.S. federal debt is growing at nearly $2 trillion annually, surpassing $37.2 trillion, with stablecoins being seen as a new anchor for the dollar [4]. - Currently, the global stablecoin market is approximately $267.4 billion, with 95% being dollar-pegged stablecoins, which are heavily invested in short-term U.S. Treasury bonds [4]. - The "Payment Stablecoin Act" mandates that stablecoin issuers must invest 100% of their reserves in U.S. cash or short-term Treasury bonds, creating a mechanism for debt absorption that links stablecoin growth to U.S. debt demand [4]. Group 3: Historical Context and Future Outlook - The evolution of the dollar's anchoring mechanisms has transitioned from the gold standard established in 1944 to the current reliance on stablecoins, with over 98% of stablecoin market value pegged to the dollar [5]. - The U.S. is working on establishing a "digital dollar anchor," as emerging digital economic scenarios increasingly depend on this framework [5]. - The competition between the U.S. and China in the digital currency space is expected to deepen over the next five years as dollar stablecoins approach the trillion-dollar mark [8]. Group 4: Strategic Considerations for China - China's recent actions to strengthen its defenses against virtual currencies reflect strategic considerations, including the potential financial risks associated with the deep integration of U.S. stablecoins and Treasury bonds [6]. - Cross-border capital flows through virtual currencies have increased by 150% in 2024, posing new challenges for traditional regulatory measures [6]. - The internationalization of the renminbi is at a critical stage, with cross-border trade settlements in renminbi surpassing 31.5% in Q3 2024, necessitating measures to prevent stablecoin systems from creating barriers to this process [6]. Group 5: Digital Currency Initiatives in China - The pilot program for China's digital currency has expanded to 26 regions, covering various scenarios such as cross-border trade and supply chain finance [7]. - China is actively participating in the formulation of international digital currency regulations while balancing risk management and cooperation [7]. - The approval of 16 virtual asset service providers in Hong Kong since 2023 supports China's differentiated strategy of strict domestic regulation while piloting overseas [7].

Core Viewpoint - Tianyang Technology's stock has experienced fluctuations, with a year-to-date increase of 21.53% but a recent decline in the last 5, 20, and 60 trading days [1][2] Group 1: Stock Performance - As of December 3, Tianyang Technology's stock price is 19.08 CNY per share, with a market capitalization of 9.313 billion CNY [1] - The stock has seen a net outflow of 7.8119 million CNY in principal funds, with significant selling pressure in large orders [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 231 million CNY on June 16 [1] Group 2: Financial Performance - For the period from January to September 2025, Tianyang Technology reported revenue of 1.516 billion CNY, a year-on-year increase of 8.11%, while net profit attributable to shareholders decreased by 32.25% to 57.7671 million CNY [2] - The company's main business revenue composition includes 69.43% from technology development, 28.56% from technology services, 1.40% from consulting services, and 0.47% from system integration [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders is 49,500, a decrease of 24.01%, while the average circulating shares per person increased by 36.27% to 8,526 shares [2] - The company has distributed a total of 110 million CNY in dividends since its A-share listing, with 42.7816 million CNY distributed in the last three years [3] - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF holds 6.4686 million shares, an increase of 3.2689 million shares compared to the previous period [3]

Core Viewpoint - The establishment of the Digital Intelligence Alliance marks a strategic response to the accelerating global digital economy and the restructuring of the international financial system, positioning itself as a key player in building digital financial infrastructure for the future [1][14]. Group 1: Global Trends in Digital Economy - The global financial technology competition has entered a new phase, with digital currencies becoming a crucial focus for international finance [1]. - Asset tokenization is emerging as a new standard in the financial industry, ensuring data credibility, transparency, and immutability [2]. - Intelligent regulation is evolving as a key direction for global regulatory systems, emphasizing risk warning, cross-border compliance, and data traceability [3]. - These trends are collectively driving a reconstruction window for global digital financial infrastructure [4]. Group 2: Core Positioning of the Digital Intelligence Alliance - The Digital Intelligence Alliance aims to be a participant and builder of global digital asset infrastructure, focusing on four main areas: asset rights confirmation, payment settlement, on-chain governance, and inclusive finance [6][7]. - Key initiatives include the establishment of a unified, trustworthy, and verifiable digital asset custody platform, which will cover asset ownership registration, digital certificate generation, data storage, and cross-border asset recognition [8]. - The alliance will promote a traceable and auditable governance system for digital assets, achieving full data transparency, automated compliance checks, intelligent risk monitoring, and verifiable transaction paths [9]. - The construction of a cross-border payment and settlement system for the digital yuan will expand its application in international trade and supply chain finance [10][11]. - The alliance will assist in the digital upgrade of international trade and supply chain finance, focusing on the digitization of trade certificates and the on-chain confirmation of orders and receivables [12][13]. Group 3: Building International Digital Financial Standards - The Digital Intelligence Alliance will transition from a single platform to a participant in international digital financial standards, focusing on the standardization of international digital asset management rules and the formulation of cross-border usage norms for the digital yuan [6][7]. - Collaboration mechanisms with overseas nodes and international organizations will be established to support the internationalization of the renminbi [13]. Group 4: Contribution to Global Financial Order - The official launch of the Digital Intelligence Alliance represents a significant step in upgrading China's digital financial system and is a product of the new phase of the global digital economy [14]. - By constructing an open, compliant, and sustainable digital financial infrastructure, the alliance aims to provide long-term value for national strategies, international trade, and public users [14].

Core Viewpoint - The digital RMB, or DCEP, is a state-issued digital currency that aims to modernize payment systems but faces challenges in user adoption and market penetration [1][4][7]. Group 1: Definition and Features - Digital RMB is a digital version of the Chinese yuan, allowing users to make payments via a mobile app or a chip on a bank card [1]. - It is a legal tender issued by the state, offering higher security compared to private payment platforms like WeChat Pay and Alipay [3]. - Digital RMB can be used offline, providing a unique advantage in situations where internet access is unavailable [3]. Group 2: User and Merchant Perspectives - Users lack motivation to adopt digital RMB due to the convenience of existing platforms like WeChat Pay and Alipay, which offer faster payment processes [4]. - Digital RMB does not provide significant incentives or rewards for users, unlike its competitors that offer cashback and points [4]. - Merchants are hesitant to support digital RMB due to the additional costs of new payment equipment and employee training, especially when existing systems are already in place [4][5]. Group 3: Technical and Usage Limitations - The payment network for digital RMB is not fully developed, leading to slower transaction speeds and less stability compared to established platforms [5]. - The limited acceptance of digital RMB in various retail environments restricts its practical use, as many merchants do not support it [5]. - Users are accustomed to existing payment methods, making it difficult to shift their habits even if digital RMB has advantages [5]. Group 4: Initial Expectations vs. Reality - Initial media coverage created high expectations for digital RMB, suggesting it would replace WeChat Pay and Alipay, which has not materialized [7]. - The gap between expectations and actual adoption has led to decreased interest in digital RMB [7]. Group 5: Future Outlook - Digital RMB is expected to coexist with existing payment systems rather than replace them, serving as a supplementary tool in the payment ecosystem [14]. - Its primary value may lie in enhancing national financial management and policy implementation rather than everyday transactions [14][15].