여보세요, 전 세계에서 온 친구들. 경제학자를 위한 영어 팟캐스트에 오신 것을 환영합니다. 팟캐스트 번호입니다 63. 저는 Alan Robert이고 오늘 저와 함께하게 되어 매우 기쁩니다.. 지원해 주셔서 감사합니다.. 1월 24일입니다, 2023, and today our topic deals with the vocabulary of digital currencies, and more specifically, Central Bank Digital Currencies (CBDC) and stablecoins.
Stay tuned, following this brief English vocabulary lesson, I will cover some words that are difficult to pronounce. Afterward, I will share a useful idiomatic phrase in English to describe the wasteful use of money.
Let’s get started with our new vocabulary. 이 제목을 들어보세요, which was published on January 5th in the Coin Telegraph, and see if you understand what they are trying to say:
“Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi”
What does CBDC stand for? CBDC stands for Central Bank Digital Currency. It is a digital representation of a country’s fiat currency, issued and backed by the country’s central bank. It is intended to provide a digital alternative to physical cash and can be used for transactions between individuals or businesses.
What does ‘스테이블코인' 평균?
스테이블코인: ㅏ stablecoin is a type of cryptocurrency that is pegged to the value of a fiat currency, or a basket of fiat currencies, or another asset in order to maintain a stable value. 스테이블코인 can be issued by various entities, including centralized organizations such as companies and financial institutions.
And what does ‘디파이' 평균? 디파이 ~을 의미하다 “탈중앙화 금융“, it refers to an ecosystem of financial services built on blockchain technology that aims to provide an open and accessible financial system, through direct transactions between parties. 다시 말해, it empowers peer-to-peer transactions. 다시 말해, it enables various financial activities, such as lending, trading, and investment, without the need for traditional intermediaries, like banks for example.
지금, I want to teach you a phrase that has a strong relationship with decentralized finance, 또는 ‘DeFi’. It is the phrase Web3. And it refers to the next generation of the internet. It is this new internet that will be the natural environment for 디파이 products.
The article I took the headline from goes on to explain how an official in Hong Kong has argued for CBDC in the form of a stablecoin, because this would make it easier for users of the central bank digital currency to access financial products offered in the so-called ‘Web3'.
Here is the headline one last time: “Hong Kong lawmaker wants to turn CBDC into stablecoin featuring 디파이“
괜찮아, 발음 섹션으로 이동하기 전에, I wanted to remind you that you can now access the 70-minute video seminar “영어로 멋진 프레젠테이션을 하는 방법, Even if your English Isn’t Great“. It is perfect for adult professionals who are not comfortable with their level of English, they know they need to improve and become more fluent, but they still need to give presentations in English at work. If this is you, check out this course. It’s really helpful.
발음
괜찮은, let’s move to pronunciation and after that, you’ll learn a new idiom.
Listen and repeat these words that often get mispronounced:
| Scenario |
| Vulnerable |
| Category |
| Migration |
| Poll |
Just in case you didn’t recognize that last word ‘Poll', it is a verb and a noun. As a verb, ‘To Poll’ means to count someone’s opinion on something. 예를 들어, “They took a poll before the election to see how the citizens intended to vote”.
I wanted to teach you something extra today. It is a helpful idiom for economists or anyone who needs to deal with investments. Maybe you have heard it before. The expression is to ‘Throw good money after bad'.
“Throw good money after bad” means to keep investing in a losing venture, instead of cutting losses.
Example: “He kept investing more money in his failing business, throwing good money after bad.”
It’s similar to the phrase “pouring money down the drain”
결론
지금은 여기까지입니다. If you’re interested in more cryptocurrency-related vocabulary, make sure to check out our lesson on Cryptocurrency Worries. Remember to share these lessons with your colleagues who are on the same journey as you are learning English for economics. Sharing is Caring! 곧 다른 수업으로 돌아올게요.
This is Alan Robert at englishforeconomists.com. Take care.
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Supplemental Vocabulary and Sample Sentences
- Backdoor CBDC: A digital currency that is indirectly backed by a stablecoin issuer’s cash held at the central bank, rather than having a direct account with the central bank.
- The Bank Policy Institute claims that the use of the Federal Reserve’s reverse repo facility by the Circle Reserve Fund could be seen as a backdoor CBDC.
- The Bank Policy Institute claims that the use of the Federal Reserve’s reverse repo facility by the Circle Reserve Fund could be seen as a backdoor CBDC.
- Network effect: The phenomenon where a product or service becomes more valuable as more people use it.
- The stablecoin with the highest network effect is likely to become the dominant stablecoin in the market.
- The stablecoin with the highest network effect is likely to become the dominant stablecoin in the market.
- Counterparty: A company or person with whom a financial contract is made, and who may be required to fulfill the terms of the contract.
- The use of the Federal Reserve as a counterparty 에서 reverse repo facility significantly reduces the risk profile of the USDC stablecoin.
- The use of the Federal Reserve as a counterparty 에서 reverse repo facility significantly reduces the risk profile of the USDC stablecoin.
- AML: Anti-money laundering regulations and procedures designed to prevent, detect, and report money laundering activities.
- The Circle Reserve Fund may face compliance issues when applying for access to the Federal Reserve’s reverse repo facility due to its status as a sole shareholder in a high-risk sector from an AML perspective.
- 디파이: Decentralized finance, a financial system built on blockchain technology that allows for peer-to-peer transactions without the need for intermediaries.
- Circle, the issuer of the USDC stablecoin, has a strong presence in the 디파이 space.
- Stablecoin issuer: A company that issues a stablecoin, a cryptocurrency that is pegged to the value of a fiat currency or asset.
- BlackRock has been managing a large portion of the reserve assets of the USDC stablecoin on behalf of the stablecoin issuer, Circle.
- Risk profile: A summary of the potential risks associated with an investment or financial product.
- The use of the Federal Reserve’s reverse repo facility by the Circle Reserve Fund would considerably improve the risk profile of the USDC stablecoin.
- Sole shareholder: A shareholder who owns all of the shares in a company.
- The Circle Reserve Fund may face compliance issues when applying for access to the Federal Reserve’s reverse repo facility due to its status as a sole shareholder in a high-risk sector from an AML perspective.
- Flight to quality: The tendency of investors to sell risky assets and move their money into safer investments during times of economic uncertainty.
- If a proportion of the USDC stablecoin reserves were allowed to be parked at the Federal Reserve, it could result in a flight to quality and a potential bank run into the stablecoin.
_____________________________________________________________________________________________________________________Photo credit: FamZoo | 크리에이티브 커먼즈 저작자표시-동일조건변경허용 2.0 |Digital Coded Money
부인 성명: Some of the vocabulary definitions were written by Assistant, OpenAI에서 훈련된 대규모 언어 모델. The author has proofread. (https://openai.com/blog/openai-assistant/) 어시스턴트에서 사용하는 글은 반드시 OpenAI의 견해나 의견을 반영하는 것은 아닙니다..
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