Cryptocurrency technology was unveiled in the 90s as an emerging phenomenon in the virtual world. No specific person or individuals or legal entities have been identified as the main owner of this idea, although the names of some famous people in the virtual world are the originators of those languages, the economic crisis of the first decade of the 21st century convinced many groups to solve economic problems and Establishing monetary stability in the world markets and also taking measures to leave the single currency of some world currencies. In the meantime, a person or persons under the name of Satoshi, who is now known as the most famous creator of cryptocurrencies, tried to fertilize his idea on this platform. At the beginning and considering the insignificant value of the cryptocurrency produced by him, it was not imagined that one day the cryptocurrency would become part of the wealth of the world’s wealth owners because their legal value depends only on the credit yard of the people who share in it. It should be acknowledged that cryptocurrencies can have a very significant difference in value at the same time and in two separate places, this difference is due to the fact that there is actually no money and only a name that has gained credibility based on the credibility of the speaker, this Credibility can create unimaginable value for a cryptocurrency within a day when it is worth nothing.
In the not-so-distant past, after the era of commodity-for-commodity exchanges and the replacement of Chinese-invented musukakut and banknotes, every object that was exchanged for a commodity had to obtain its credit from a source, this credit was generally valuable assets such as gold and jewelry. Governments or military power. Due to the low speed of changes in the support of the governments, the money was less likely to decrease or increase in value, but in the early 19th century and the significant increase in the speed of production and the value of production exceeding the wealth accumulated in the treasury, the power of production, the basis of the credibility of the national currency of the countries And it replaced precious metals and now this index determines the value of the national currency of countries.
With a decrease in production, the value of money also decreases, and this effect shows its effect on the economy of a country quickly, so that the rate of fluctuation of the value of the country’s currency increases, and as a short-term solution, printing money without backing to The purpose of creating a monetary balance in financial statements is to show the balance of budget operations in its best state, while in principle and in the medium term, in order to set a reasonable balance, it is necessary to adopt an arrangement that the value of national production To do this, banks increase credit for a certain period and reduce the interest rate, but this increase in credit itself is an inflationary matter, and in order to curb it, the financial and monetary systems of countries adopt favorable policies and The timing of the contractionary policy along with the application of financial methods in terms of cost management, reduce money in circulation.
In our country, in the form of financial and monetary policies, there has been an attempt to create a false power in the purchasing power of the people by printing and producing money, which has caused disproportion and upsets the balance between supply and demand. It has been said that the end result has been unbridled inflation.
The clear and obvious background above was stated in order to explain the relationship between money and its credit power, now we can see the void of this value system in cryptocurrencies; From this point of view, it can be asked why the money, which has no authority or organizational body that has no strict supervision and control over its market, has received the attention of the country’s monetary planning system and how this tool can provide the necessary flexibility in economic challenges. manifest itself.
It is not clear how the concept of cryptocurrency entered the structure of the country’s monetary and financial governance and why the central bank is looking to create a virtual currency called Rial code or possibly virtual Rial. So far, no country has officially involved its monetary and financial issues in cryptocurrencies. and despite the fact that cryptocurrencies such as Tether and… are scaled with the value of dollars in global exchanges, no central bank has registered its monetary assets even at a very low percentage with Tether or a similar currency, how can the country’s central bank We seek to create and create the Rial code in the form of a currency code. If this issue is based on the knowledge of the Chinese, it should be understood that the central bank or any financial and monetary institution that is in charge of this is facing a very dangerous and extreme scale. It will involve what is. The problems of the national currency and its interactions with related international institutions in the field of its global valid currencies are extremely wide, and the implementation of this measure without paying attention to its requirements, which include cleaning the flow of national production, as well as creating international interactions and creating a platform for attracting foreign investment, is very risky. It will be interesting, because currently the determination of the decision-makers to create the necessary platforms is not seen in a serious way, nor will it be achieved in a short time, now with all these problems, we are looking for the creation of a currency called Rial code?! In this regard, the only thing that comes to mind is the existence of financial and monetary problems of the government or the executive system of the country and the creation of new methods of getting money from people’s pockets to solve the problems of running the country for a while, obviously by formalizing the From a structural point of view, this money must be managed in an environment outside the system and executive bodies, which is also a possible opportunity for some seniors who enjoy rent and the relationship between the government and the government in the form of Rial crypto financial institutions, an idea opportunity. It is possible to create a black hole called the Rial code to pull the people’s pockets to itself and on the other hand, with part of the financial assets resulting from the gaps in this black hole, increase the suffering of this country’s economy, as We saw it in the gold, coin and currency market. If this happens, the loss resulting from this financial and monetary process will be directed towards the government and the central bank in the end, and its costs will be paid from the people’s pockets.
What has gone is the story of the financial and monetary institutions of the country with a different name and code of Rial, which has not yet been accepted in any international monetary and financial system, or in other words, it has no link to the official financial and monetary system. Imagine a currency that falls by 80% of its value within a week, what a great risk it poses to the country’s population of 80 million people. How the described risk is resolved in the minds of the banking experts who propose the Rial code, perhaps we should look for it in the Iranian stock market. This is also one of the advantages of governments that have a plan to solve problems in a short period of time based on virtual imaginations, while 40-year-old problems require an expert look at the depth of 40 years. To have the currency of the country, this is important through the channel of paying attention to macroeconomic policies and improving and strengthening international interactions.
Author: Seyed Hossein Ghasemi, economic expert
Financial News Quarterly, No. 32, pp. 26 and 27