R82 练习: 数字资产导论
考纲范围
- describe financial applications of distributed ledger technology
- explain investment features of digital assets and contrast them with other asset classes
- describe investment forms and vehicles used in digital asset investments
Q1.
Which of the following statements is not a benefit of distributed ledger technology (DLT) using in the investment industry?
A. Streamlining of current post-trade processes
B. Breaches in privacy and data protection
C. Greater accuracy, transparency, and security in record keeping
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答案：B
解析：隐私和数据保护的泄露（breaches in privacy and data protection）是DLT的风险/挑战，不是好处。DLT的好处包括简化交易后流程和提高记录的准确性、透明度和安全性。
选项 判断 解析 A ✗ 正确，简化交易后流程是DLT的好处 B ✓ 隐私泄露是DLT的风险，不是好处 C ✗ 正确，提高准确性和安全性是DLT的好处
Q2.
Which of the followings is least correct regarding the feature of digital assets?
A. A digital asset can only represent virtual assets, such as computer storage space.
B. Digital assets have a varied set of features and applications that touch a range of regulatory domains.
C. The digital asset may have different characteristics based on its design and function.
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答案：A
解析：数字资产不仅可以代表虚拟资产，还可以代表实物资产（如通过代币化代表房地产、艺术品等）。“只能代表虚拟资产”的说法是错误的。
选项 判断 解析 A ✓ 错误，数字资产可以代表虚拟资产和实物资产 B ✗ 正确，数字资产具有多样的特征和应用 C ✗ 正确，数字资产特征取决于其设计和功能
Q3.
Which of the followings is least correct about the difference between digital assets and virtual currencies?
A. Compared to virtual currencies, digital asset is a narrow term.
B. Digital token could serve a variety of functions beyond virtual currency.
C. Virtual currencies could serve as a medium of exchange.
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答案：A
解析：数字资产（digital asset）是比虚拟货币（virtual currency）更广泛的概念，不是更狭窄的。数字资产包括虚拟货币、代币、NFT等多种形式。
选项 判断 解析 A ✓ 错误，数字资产是更广泛的概念，不是更狭窄 B ✗ 正确，数字代币有虚拟货币以外的多种功能 C ✗ 正确，虚拟货币可作为交换媒介
Q4.
Which of the following DLT applications has underlying physical assets?
A. Cryptocurrencies
B. Digital currency
C. Tokenization
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答案：C
解析：Tokenization（代币化）是将实物资产（如房地产、艺术品、大宗商品）转化为区块链上的数字代币，因此有底层实物资产。加密货币和数字货币本身没有底层实物资产。
选项 判断 解析 A ✗ 加密货币没有底层实物资产 B ✗ 数字货币本身不代表实物资产 C ✓ 代币化将实物资产数字化，有底层实物资产
Q5.
Which of the following statements is most correct?
A. Digital assets do not have fundamental value or future cash flow generation.
B. Digital assets are generally recorded in private ledgers maintained by central intermediaries.
C. Legal and regulatory standards for digital assets and trading are well developed and are often comparable across national borders.
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答案：A
解析：大多数数字资产（如加密货币）确实没有基本面价值或未来现金流。它们的价值主要基于市场供需和投资者预期。数字资产记录在分布式账本上（非私人中心化账本），各国监管标准差异很大（并不统一）。
选项 判断 解析 A ✓ 大多数数字资产没有基本面价值或现金流 B ✗ 数字资产记录在分布式账本上，非中心化私人账本 C ✗ 各国数字资产监管标准差异很大，远未统一
Q6.
Which factor will influence the market value of a digital asset?
A. The price of underlying asset.
B. Investors’ expectation of the price in the future.
C. The future cash flow such as interest or dividend earned from the assets.
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答案：B
解析：数字资产的市场价值主要受投资者对未来价格预期的影响，因为大多数数字资产没有底层实物资产（A不适用）也不产生利息或股息（C不适用）。投资者预期和市场情绪是主要驱动因素。
选项 判断 解析 A ✗ 大多数数字资产没有底层实物资产定价 B ✓ 投资者预期是数字资产价值的主要驱动力 C ✗ 数字资产通常不产生利息或股息
Q7.
Which statement about centralized exchanges and decentralized exchanges is least likely correct?
A. Centralized exchanges trading does not have any intermediate dealer or broker, so the trading is direct.
B. Centralized exchanges is less vulnerable to a computer security hack than decentralized exchanges.
C. Decentralized exchanges are generally allowing for potentially illegal activity.
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答案：B
解析：中心化交易所实际上更容易遭受黑客攻击（more vulnerable），因为它们集中保管大量资产，是黑客的重点目标。去中心化交易所由于没有中央保管点，安全性在某些方面反而更好。A描述也有误（中心化交易所有中介），但B是最不正确的。
选项 判断 解析 A ✗ 实际上去中心化交易所才是直接交易 B ✓ 错误，中心化交易所更容易被黑客攻击 C ✗ 去中心化交易所由于匿名性确实可能被用于非法活动
Q8.
An investor who wants to invest digital assets indirectly can choose the following tools except:
A. cryptocurrency futures
B. cryptocurrency coin trusts
C. a newly created cryptocurrency
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答案：C
解析：直接购买新创建的加密货币属于直接投资，不是间接投资。加密货币期货和加密货币信托（coin trusts）都是间接投资数字资产的工具。
选项 判断 解析 A ✗ 加密货币期货是间接投资工具 B ✗ 加密货币信托是间接投资工具 C ✓ 直接购买加密货币是直接投资，不是间接投资