2016-2

2016. 1

(Tel : 02-750-6640, E-mail : kimds@bok.or.kr)

.

. 1

. 3

. 13

. 29

. 34

i I

1. ( ) (Ledger)

3 (TTP: Trusted Third Party)

,

3 (TTP)

( ) (Distributed Ledger)

P2P(Peer-to-Peer)

(peer nodes) ,

P2P

ii

(update)

: Santander(2015)

(1) (Efficiency), (2) (Security), (3) (Resilience), (4) (Transparency)

(Consensus)

2. (1) (Blockchain) (2) (Proof

of Work) (3) (Incentive) (Double spending)

(10)

iii

( () )

: www.ybrikman.com : Global Investment Research

(1) , (2) , (3) , (4)

7 ( 45GB)

1. ( )

(Digital currency) (ECB, 2015)

(Virtual currency) (Crypto-currency)

iv

, ,

( ) , (e-money)

, 1:1

P2P -

-

-

( )

/, ,

(/) (Legal tender) ( )

() (commodity)

() ( )

v2. ( ) Litecoin, Dash

( 670)

1 US$ 6 90%

($)1) ($)1)

Bitcoin 6,347 ( 91.3) 422.55 2009 BTC Ripple 213 ( 3.1) 0.0063 2012 XRP Litecoin 152 ( 2.2) 3.47 2011 LTC , (2.5)Ethereum 64 ( 0.9) 0.84 2015 Ether (12)Dash 18 ( 0.3) 3.03 2014 DASH Xcoin, DarkcoinDogecoin 14 ( 0.2) 0.0001 2013 DOGE Peercoin 9 ( 0.1) 0.41 2012 PPC : 1) 2015.12.29 , ( ) (%): http://www.coinmarketcap.com

( )

, ,

, ,

3. ( ) -

vi

( ) , , ,

, ,

(- ) (critical mass)

, - , ,

( )

, ,

, ,

, ,

,

,

vii

(1) , (2) , (3)

, ,

,

,

1.

,

viii

(BIS, 2015)

2. ( )

,

( )

,

( )

(private consortium)

3.

(Ripple )

ix

2012 (Gateway) (XRP) 2015.10 2015.8 2015.6 2,500 2015.12 (SEC)

,

,

x ,

()

()

,

( )

, , ,

iI IT

(Distributed Ledger)

BIS

2

95

362

484

0

100

200

300

400

500

600

2012 2013 2014 2015

( )

: Coindesk

(Digital currency)

2015.12 400 ( )

2015 1)

100

200

300

400

500

1 2 3 4 5 6 7 8 9 10 1112

()

100

200

300

400

500

1 2 3 4 5 6 7 8 9 10 1112

()

: 1) : Blockchain.info

1/46

2/46

, ,

3/46

1.

.

(Ledger) (Record)

(M1)

,

, , -

,

: Santander(2015)

4/46

3 (TTP: Trusted Third Party)

IT

2014 (, , 155 ) IT 5.5 (66.2) 8.3% IT 9 (23) 3.8% (, 2014 )

3

.

(Distributed Ledger) P2P(Peer-to-Peer)

(peer nodes) ,

P2P

5/46

(update)

: Santander(2015)

( )

3

(Efficiency)

3

(Security)

6/46

(Resilience)

(single point of failure)

(Transparency)

(: Know Your Customer )

()

3

( ) (Consensus)

(Byzantine generals problem)#

#

(i) (ii) (iii)

7/46

2.

( )

(Double spending)

, 3 (TTP)

(Public key) (Private key)

(Bitcoin) (1) (Blockchain) (2) (Proof of Work) (3) (Incentive)

( 10) (block) (chain)

(Hash)

8/46

: www.ybrikman.com : Global Investment Research

(Longest Chain Rule)

( () )

1990 DDoS

(Hashing power)

(Mining)

25

9/46

( )

: IEEE(2015), (2015)

10% ( 6 ) 0.1%( )

1)

0%

20%

40%

60%

80%

100%

0 6 12 18 24

q=0.1 q=0.2

z

Pz

0.00%

0.05%

0.10%

0.15%

0 6 12 18 24 30 36 42 48

q=0.1 q=0.2 q=0.3

()

()

Pz

z

: 1) 2) , ,

2014, 2012 (, 2015)

10/46

50% (51% )

51%

2013 , (ASIC: Application Specific Integrated Circuit)

0

2

4

6

8

10

2013 2014 2015

(GH/s)

: Blockchain.info

2015.12 7 4GH/s( 944 PetaFLOPS) 51% 1 8

(NUDT Tianhe-2) 34PetaFLOPS 2015 1,200 BitMain AntMiner S7(4,860GH/s)

15 , ,

11/46

( )

2~40(TWh) (The Economist, 2015)

2014 478TWh

( 7) ( 45GB)

1,700

12/46

Nakamoto(2009) (double payment)

,

,

(joint distribution)

,

13/46

1. .

ECB(2015) Virtual Currency Scheme a further analysis, ECB(2015)

(a digital representation of value)

(in some circumstances, can be used as an alternative to money)

, , (not issued by a central bank, credit institution or e-money institution)

(Digital currency) (Virtual currency), (Crypto-currency)

Digital currency () : ECB, , BaFin, (e-money ), ,

Virtual currency () : BIS, FATF, G7, , SEC, IRS, FINCEN, , , , , Riksbank, , ,

(e-money) (prepaid payment instruments)

,

(e-money) (stored value facility)

14/46

: BIS(2015)

. , (e-money)

3(TTP)

, 1:1 ( )

(, , )

3 (Ledger)

P2P

15/46

, 3 (TTP)

3

()

1:1

, P2P

,

, 1:1

P2P -

-

-

16/46

.

(/) (Legal tender)

48

( )

, ,

, , , ,

, , ,

(IOU liability)

, , ,

()

(commodity)

, (digital commodity)

17/46

,

,

,

,

()

( )

() (Xapo )

()

() 2015.5 (Bitcoin Investment Trust) (OTCQX)

18/46

(, , , )

, 3

3 ... () , ( "" ) ,

,

,

2. . Litecoin, Dash

( 670)

Coinmarketcap.com

, ,

Ripple, Ethereum ,

19/46

2015.12 63 US$

1 US$ 6 90%

($)1) ($)1)

Bitcoin 6,347 ( 91.3) 422.55 2009 BTC Ripple 213 ( 3.1) 0.0063 2012 XRP Litecoin 152 ( 2.2) 3.47 2011 LTC , (2.5)Ethereum 64 ( 0.9) 0.84 2015 Ether (12)Dash 18 ( 0.3) 3.03 2014 DASH Xcoin, DarkcoinDogecoin 14 ( 0.2) 0.0001 2013 DOGE Peercoin 9 ( 0.1) 0.41 2012 PPC : 1) 2015.12.29 , ( ) (%): http://www.coinmarketcap.com

.

,

2015.1~11 12.5 (2015.1~10 3 7)

2BTC(840) 4 6

-

2015

50,000

100,000

150,000

200,000

250,000

1 2 3 4 5 6 7 8 9 10 11 12

()

: Blockchain.info

20/46

2015.12 7,400 ( 120 )

1)

: 1) 2015.12.29. : Coinmap.org, Bitchain.co.kr

PG(Payment Gateway) 1%

, Bitpay, Coinbase, Gocoin

, , (eGift, Gyft )

,

.

, ,

21/46

2013.10 FBI (Silk Road) ,

(US Marshals Service) Ulbricht ( 26,000BTC 144,000BTC) (2014.6, 12, 2015.3, 11)

,

(Europol)

The Internet Organized Crime Threat Assessment, 2015.9

(pre-mine)

2013.7 (SEC) 7% (SEC v. Shavers)

2015.10 (SEC) (Gemcoin) 370

(2015.3) ()

()

22/46

()

2015.3 (uToken) 2015.9 57

(1) , (2) , (3) , (4)

, , (coinmarketcap )

,

3

(5), (

) (5)

23/46

3. . ( )

-

, ,

, , -

-

, ,

- -

- ,

- ,

-

(1 )

- -

-

- - ,

,

24/46

(hoarding)

-

, ,

: Okcoin, Btcn, Bitstamp, Itbit, Bitfinex (: , ) : Bitpay, Coinbase, Gocoin : F2pool, Antpool, BTCchina, Bitfury, Slush

(critical mass)

, - , , -

-

-

- - -

IT

- ,

-

25/46

( )

, ,

- , , ,

.

(1)

, ,

, ,

, , , ,

26/46

(2) ,

,

,

(BIS, 2015)

,

(FMI)

(, 2015)

( )

( )

27/46

( )

, , (BIS, 2015)

(Banking) (, 2014)

(BIS, 2015 )

, (BIS, 2015 )

, ,

Woodford(2000) (Unit of account) (, 2014)

28/46

,

29/46

1.

,

The Economist(2015.10.30), Yermack(2013)

(BIS, 2015)

, 2022 150~200 IT (Santander, 2015)

, , ,

, ,

, (CSD), (SSS), (TR)

, , (Smart contract) (The Economist, 2015)

, ,

30/46

2.

.

,

, (dye) (Colu)

, (Everledger)

(Lighthouse)

.

,

Ethereum:

() - (IOT: Internet of Things)

- , ,

.

31/46

(public)

(private consortium)

3.

(Ripple )

. , , JP, UBS

R3 CEV

2014

R3 CEV 2015.9.15(9) Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan, Royal Bank of Scotland, State Street, UBS

2015.9.29(13)Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Skandinaviska Enskilda Banken, Socit Gnrale, Toronto-Dominion Bank

2015.10.28(3) Mizuho Bank, Nordea, UniCredit.2015.11.19(5) BNP Paribas, Wells Fargo, ING, MacQuarie, the Canadian Imperial Bank of Commerce

2015.12.17(12)BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp, Westpac Banking Corporation

32/46

,

RippleLabs (XRP)

2015.8 (Visa)

2015.9 , , Chain.com 3

2015.10

2015.6 Overstock 2,500 2015.12 (SEC)

2015.5 IT Factom ,

2015.12 (Linux Foundation) IT (Enterprise grade)

Accenture, ANZ Bank, Cisco, CLS, Credits, Deutsche Brse, Digital Asset Holdings, DTCC, Eris Industries, Fujitsu, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group, R3, State Street, SWIFT, VMware, Wells Fargo

33/46

.

,

, , - 15 ,

: (2015)

R3 CEV

.

2015

One Bank Research Agenda, Discussion Paper, 2015.2

Money in a Digital World, 2014.11

(ESMA; European Securities and Markets Authority) , , (ESMA, 2015)

34/46

,

,

()

()

,

35/46

( )

BIS (CPMI)

, , ,

BitLicense

36/46

< >

, 2015, , KB , KB 2015-91, 11

, 2015, , , , 2015-27, 11

, 2013, , , 2013-2, 12

, 2015,2014 , 7

Ali, Robleh, John Barrdear, Roger Clews, and James Southgate, 2014.Innovations in payment technologies and the emergence of digital currencies, Bank of England, Quarterly Bulletin, Vol. 54, No. 3, September

_______,The economics of digital currencies, Bank of England, Quarterly Bulletin, Vol. 54, No. 3, September

Bank for Internal Settlements Committee on Payments and Market Infrastructures(CPMI), 2015.Digital currencies, November

Bank of Canada, 2014.Money in a Digital World, Remarks by Carolyn Wilkins, Senior Deputy Governor, November

Bank of England, 2015.One Bank Research Agenda, Discussion paper, February

Bhme, Rainer, Nicolas Christin, Benjamin Edelman, and Tyler Moore, 2015.Bitcoin: Economics, Technology, and Governance, Journal of Economic Perspectives, Vol. 29, No. 2, Spring

Conference of State Bank Supervisors, 2015.State Regulatory Requirements for Virtual Currency Activities CSBS Model Regulatory Framework, September

Dowd, Kevin and Martin Hutchinson, 2015.Bitcoin will bite the dust, Cato Journal, Vol. 35, No. 2, June

37/46

European Central Bank, 2012.Virtual currency schemes, December

_______, 2015.Virtual currency schemes a further analysis, February

European Securities and Markets Authority, 2015.Call for evidence Investment using virtual currency or distributed ledger technology, April

Europol, 2015.The Internet Organizaed Crime Threat Assessment (IOCTA) 2015, September

Financial Action Task Force, 2014.Virtual currencies Key Definitions and Potential AML/CFT Risks, FATF Report, June

Goldman Sachs, 2015.What if I Told You..., Emerging Theme Radar, December

Lo, Stephanie and J. Christina Wang, 2014.Bitcoin as Money?, Currenty Policy Perspectives, Federal Reserve Bank of Boston, No. 14-4, September

Nakamoto, Satoshi, 2008.Bitcoin: A Peer-to-Peer Electronic Cash System, November

Santander Innoventures, Oliver Wyman, and Anthemis group, 2015. The Fintech 2.0 paper rebooting financial service, June

The Economist, 2011.Virtual currency Bits and Bob, June 13

_______, 2015.The Promise of the Blockchain the Trust Machine, October 30

Virtual Currency Today, 2015.Regulation of Virtual Currencies A Global Overview, February

Woodford, Michael, 2000. Monetary Policy in a World Without Money, NBER working paper, No. 7853, August

Yermack, David, 2013.Is Bitcoin a Real Currency? An Economic Appraisal, NBER working paper, No. 19747, December

38/46

( )

0.0001BTC( 50)

1%

1%

() ,

(, ) , , ,

(pseudonymity)

(Mixing service) (Dash )

, (AML/CFT)

39/46

( ) , ,

( ) 7.68%(2015.2/4 )

(World Bank, Remittance Prices Worldwide)

( )

51% ( 1 )

10 (2 30), Ethereum(12)

(-)

2013.12 30 ( )

(nerd)

( )

2015.1~12 (- ) 4.1% 10% 24(6.6%)

40/46

0

5

10

15

20

25

30

100

200

300

400

500

1 2 3 4 5 6 7 8 9 10 11 12

,

(1/),(%)

: Coindesk

( ), , , ,

,

( ) ,

PC

(mining pool)

(USD/BTC)

41/46

(, ) ,

PC

,

( ) 7(10 4,200

1 60)

1,700 (The Economist, 2015)

45GB

(- )

IT

,

-

( )

2~40(TWh) (The Economist, 2015)

2014 478TWh

42/46

(, 2014)

(Proof of work) (brute-force)

(increasing return to scale)

(negative externality) (over-investment)

( )

F2POOL22%

AntPool21%

BTCCPool13%

BitFury11%

BW.COM8%

Slush6%

KnCMiner5%

21Inc3%

Eligius2%

Ghash.IO1%

8%

: 1) 2015.11.28.~2015.12.4 : Bitcoinchain.com

51%

51%

43/46

2013 ,

BIS, , ECB,

(FATF)

BIS CPMI - Retail Working Group

* * Digital currencies, 2015.11

- * BIS CPMI

* Virtual currencies: the legal and regulatory challenges 2013.6

Virtual currencies: legal, regulatory and policy implications 2014.5

ECB - * Virtual currency schemes 2012.10 Virtual currency schemes a further analysis, 2015.2

- * (future of money)

* The economics of digital currencies, 2015.3/4 Innovations in payment technologies and the emergence

of digital currencies,2015.3/4

- * Understanding platform-based digital currencies 2014.5 Competition in the cryptocurrency market 2014.8 Some economics of private digital currency 2013.11 Government and private e-money-like systems: Federal

Reserve notes and national bank notes 2015.6 The efficiency of private e-money-like systems: the US

experience with state bank notes, 2015.1 FATF -

* Virtual Currencies Key Definitions and Potential AML/CFT Risks, 2014.6

44/46

( )

(SEC) ,

,

ECB

, , , ,

(SEC) Investor Alert - Ponzi schemes Using Virtual

Currencies, 2013.7Investor Alert: Bitcoin and other Virtual Currency-related Investments 2014.5

(CFPB) Risks to consumers posed by virtual currencies 2014.8

(BaFin) Bitcoins: Supervisory assessment and risks to users 2014.2

Les dangers lis au dveloppement des monnaies virtuelles : lexemple du bitcoin, 2013.12

(FSMA)

Be careful with virtual money, such as bitcoin, 2014.1

DNB waarschuwt banken en betaalinstellingen voor integriteitsrisicos bij virtuele valutas 2014.6

2014.9( ) (IRS)

(IRS-2014-36)

, ,

45/46

, , , , ,

2015.10 (European Court of Justice)

2014 (GST: Goods and Services Tax)

IRS HMRC CRA ATO IRAS 2014.3 2014.3 2013.11,12 2014.8 2014.1

(property)(private

currency)

(commodity)

(asset) (services)

, , ,

1)

() x2) x x x

x x x ()

: 1) 2)

2015.6 (NYDFS) ,

(BitLicense)

, ,

46/46

45 2015.8.11 22 2015.9 Circle Internet Financial BitLicense

2015.9 (CSBS: Conference of State Bank Supervisors) (Model Regulatory Framework)

State Regulatory Requirements for Virtual Currency Activities CSBS Model Regulatory Framework, 2015.9

2015.9 (CFTC) (commodity)

CFTC (Commodity Exchange Act, CFTC Regulations)

2016

,

,

(2013.12) (2014.1) , ,

(dubious transaction)

:

()

1996.11 (G-10) 1996.12

1997.12 (RTGS)

1998. 2 1998.10 1998.12

1999.12

2000. 5 2000. 6 Payment Systems in Korea 2000.12 BIS

2001. 1 2001. 1 2001. 3

2002. 2 2002. 2 2002. 3 2002. 5 2002. 6 : 2002. 9 2002. 9 2002. 9 2002.11 2002.12

2003. 7 (BM) 2003. 9 2003.12

2004. 2 2004. 3 2004. 3 2004. 3 2004. 6 ( ) 2004.12

2005. 3 2005. 4 2005. 6 ( ) 2005. 6 2005. 9 2005.10 2005.11 Payment Systems in Korea 2005.11 2005.12 2005.12

2006. 5 ( ) 2006. 6 2006. 7 2006. 8 2006. 8 2006. 8 2006. 9 2006.10 2006.11 2006.12

2007. 1 2007. 6 ( ) 2007. 9 2007. 9

2008. 1 ECB 2008. 2 : 2008. 2 2008. 2 2008. 4 2008. 5 2008. 6 - 2008. 7 2008. 7 2008. 8 2008. 8 2008.11 2008.12 EDI

2009. 1 2009. 5 2009. 6 2009. 8 ( ) 2009. 9 2009.12 (2009 )

2010. 6 2010. 8 2010. 9 ( ) 2010. 9 CCP CCP 2010. 9 2010.10 Repo 2010.10 Payment Systems in Korea 2010.11 2010.12

2011. 1 2011. 2 2011. 4 (UN CUECIC) 2011. 4 2011. 4 2011. 6

2012. 6 2012. 7 RP 2012. 9 2012.10 2012.12 2012.12 Cashless society

2013. 4 RP CCP 2013. 5 2013. 5 2013. 9 RP 2013.11 2013.12

2014. 3 TR 2014. 6 CMS 2014. 6 2014. 6 2014. 7 2014. 8 2014.10 2014.11 2014.12 ASEAN+3 2014.12 CCP :

2015. 1 2014 2015. 4 2015.12

2016. 1 2015 2016. 1

39www.bok.or.kr

2016 1 5 ()

Copyright THE BANK OF KOREA, All Rights Reserved

/ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False

/Description > /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ > /FormElements false /GenerateStructure true /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles true /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /NA /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /LeaveUntagged /UseDocumentBleed false >> ]>> setdistillerparams> setpagedevice