Guangming Daily: Are you ready for the central bank's digital currency?

Recently, the advancement of the central bank's digital currency has accelerated. Yi Gang, governor of the People's Bank of China, said a few days ago that the central bank's digital currency project has made great progress. The 2020 national currency gold and silver and security work video conference held a few days ago pointed out that it is necessary to strengthen the top-level design and unswervingly promote the research and development of legal digital currency. It is reported that the central bank's digital currency will first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiong'an, Chengdu and future Winter Olympics scenes. What is a Central Bank Digital Currency? How is it different from traditional currencies? How will it affect people's lives?

Central bank digital currency is the digital form of banknotes

Recently, a photo of the central bank's digital currency being tested in the account of the Agricultural Bank of China was circulated on the Internet. Judging from the screenshots, the main functions displayed include "scan code payment", "remittance", "receipt and payment", "touch", etc., which are basically similar to the daily functions of bank electronic accounts. According to relevant media reports, the first application scenario of the central bank’s digital currency will be implemented in Xiangcheng District, Suzhou. The staff of some relevant units in Xiangcheng District will complete the installation of the central bank’s digital currency digital wallet in the near future, and part of the transportation subsidies in the salary will also be issued in the form of digital currency. .

Guangming Daily: Digital currency helps the efficient operation of the payment system: Guangming Daily published an article today stating that the application of digital currency will help reduce the cost of the payment system and improve efficiency. The issuance of digital currency can directly reduce the cost of currency printing and distribution. Due to the highly unified information flow and capital flow of digital currency, issuers such as the central bank can obtain transaction information directly and in real time, which can save many links such as background clearing, settlement, and reconciliation of commercial banks, and achieve the effect of point-to-point payment that is settlement, thereby Greatly improve payment efficiency. The application of digital currency also helps to improve the inclusiveness of financial services. Some characteristics of digital currency make it have natural advantages in inclusive services. Using digital currency to complete payment can break through the limitations of space, facilities and even bank accounts. [2020/11/15 20:51:11]

The Digital Currency Research Institute of the People's Bank of China recently stated that the current online information about the central bank's digital currency is the test content-ethexc in the process of technology research and development, which does not mean that the digital renminbi is officially issued. At present, the research and development of digital renminbi is steadily advancing, and the top-level design, standard formulation, function research and development, joint debugging and testing have been basically completed, and the principles of stability, safety, controllability, innovation, and practicality have been followed. Ann, Chengdu, and future Winter Olympics scenes will conduct internal closed pilot tests to continuously optimize and improve functions.

Guangming Daily: The scale of blockchain-related investment will reach tens of billions of yuan this year Urgent demand for blockchain talents: According to forecasts, this year's blockchain is one of the 14 areas of new infrastructure, and related investments will reach tens of billions of yuan . The rapid expansion of the market scale means that the demand for blockchain talents is becoming increasingly urgent. It is imperative to strengthen talent training so that more people can understand the blockchain, make good use of the blockchain, and take up jobs in the blockchain. (Guangming Daily) [2020/6/7]

According to reports, the central bank's digital currency has national credit and is equivalent to legal tender. "Its functional attributes are exactly the same as banknotes, but it is just a digital form."

"As long as two people have digital wallets in their mobile phones, as long as the mobile phones have power, there is no need for the Internet, and there is no need to bind bank cards. The two parties can conveniently complete the transfer or payment by touching their mobile phones." Dong Ximiao, chief researcher of Xinwang Bank, introduced .

The People's Bank of China proposed to accelerate the pace of research and development of my country's legal digital currency. As early as 2014, the People's Bank of China launched forward-looking research on digital currency; established a digital currency research institute in 2016; established a special working group in 2017 to start research and development experiments. According to Yi Gang, the goal of digital currency and electronic payment in the future is to replace part of cash. The framework is a two-tier operating system between the central bank and commercial banks, which does not change the current path and system of currency delivery; there is no preset technical route in research and development. Fair competition in the market is preferred to fully mobilize the enthusiasm of the market. It is understood that the two-tier operating system adopted by the central bank's digital currency, that is, the People's Bank of China first exchanges the digital currency to banks or other operating institutions, and then these institutions exchange it to the public, which can avoid excessive concentration of risks in a single institution.

Voice | Deputy Editor-in-Chief of Guangming Daily: The rapid development of blockchain and other media integration has become an urgent issue: According to Guangming Daily, on July 23, the 6th Political and Legal System New Media Application Case Selection Event hosted by Guangming.com At the awards ceremony and seminar, Lu Xiangao, deputy editor-in-chief of Guangming Daily, expressed that at present, 5G, AI, blockchain and other technologies are changing and developing rapidly, and the development of media integration in the all-media era has become an urgent issue. [2019/7/25]

In recent years, with the rapid development of Internet payment, the digital economy has stepped into the fast lane, and the deep integration of finance and technology has become the general trend, which will inevitably put forward higher requirements for the research and development of digital currency. The People's Bank of China proposed that in the future, it will pay more attention to the use of modern information technologies such as artificial intelligence, the Internet, and big data to improve the central bank's ability to perform its duties. Yi Gang also said, "We will continue to study how to strengthen the risk management of the central bank's digital currency."

What is the difference between the central bank's digital currency and WeChat and Alipay?

So, when the central bank's digital currency really lands, how will it affect our lives?

Voice | Guangming Daily: Support blockchain and other technological innovations in the credit field to promote credit product innovation and credit service market development: On July 7, Guangming Daily published an article "Creating a World-Class Business Environment with Credit Construction as the Focus", the article pointed out, To comprehensively promote the building of creditworthiness and achieve high-quality economic development, we must accelerate the construction of a social credit system. These include strengthening the sharing of credit information and vigorously developing the credit service industry. Promote the collection of various types of government credit data, carry out pilot demonstrations of credit big data, and realize the joint construction, sharing and sharing of public credit information and social third-party credit information. Introduce policies to promote innovation and development of the credit service industry, cultivate comprehensive credit service institutions with strong market credibility and international influence, accelerate the integration and opening up of government data and market entity data, and support technologies such as big data, blockchain, and artificial intelligence in the credit field Innovation, promote the innovation of credit products and the development of the credit service market. [2019/7/7]

Dong Ximiao said that the central bank's digital currency is a legal currency and has the same effect as cash, and no individual or institution can refuse to use it.

"With the application of the central bank's digital currency in the future, consumers will have richer payment options and more convenient and quicker options. Digital currency will help reduce transaction costs, improve financial operation efficiency, and help prevent illegal transactions such as money laundering." Dong Ximiao believes Therefore, it is impossible for digital currency to completely replace banknotes, which will exist for a long time. Users have different consumption habits, and cash payment and non-cash payment will coexist for a long time.

Regarding the relationship between the central bank's digital currency and WeChat or Alipay, Dong Ximiao believes that the central bank's digital currency is legal tender, while WeChat Pay and Alipay are just payment methods, and their effects are different. The central bank's digital currency has no impact on Alipay or WeChat. "Actually, users will use whichever is more useful, convenient, and safe."

It is understood that the central bank's digital currency adopts the form of loose coupling of accounts, which greatly reduces the dependence of the transaction link on accounts. It can be as easy to circulate as cash, and can achieve controllable anonymity. Digital currency holders can directly apply it to small, retail, and high-frequency business scenarios. In fact, at present, both traditional bank cards and Internet payments are based on a tightly coupled account model, which cannot fully meet the public's needs for easy-to-use and anonymous payment services. The central bank's digital currency maintains the attributes of cash and meets the needs of portability and anonymity. It will be a better tool to replace cash.

Fan Yifei, deputy governor of the People's Bank of China, stated that digital currency will not change the existing currency delivery system and binary account structure, will not constitute competition for commercial bank deposit currencies, will not affect the lending capabilities of commercial banks, and will not affect entities. The economy has a negative impact; at the same time, it is conducive to the public's demand for encrypted assets and the consolidation of national currency sovereignty.

The world may accelerate the development of digital currency

Since the beginning of this year, the development of digital currencies of central banks in many countries has begun to accelerate. After the Swedish central bank took the lead in testing its central bank digital currency e-krona in February, France, South Korea and more countries began to announce their central bank digital currency test plans or programs.

In recent years, the central banks and monetary authorities of major countries and regions have conducted research on the issuance of digital currencies. The Brookings Institution of the United States previously released a research report stating that many countries have made substantial progress in the research and development of "central bank digital currency" or intend to issue "central bank digital currency", including France, Sweden, Saudi Arabia, Thailand, Turkey, and the Bahamas. , Barbados, Uruguay, etc. A survey of 23 central banks around the world conducted by IBM Corporation of the United States and the "Official Monetary and Financial Institutions Forum", a British think tank, shows that many central banks are considering researching and issuing "central bank digital currency", which can be used by consumers. Available within the next five years.

According to expert analysis, the COVID-19 epidemic has led to rapid development of e-commerce and other digital economy formats in many countries. For the sake of health, safety and efficiency, it is expected that the research and development process of central bank digital currencies will also be accelerated accordingly.

It can be expected that digital currency will build a more secure, reliable, and intelligent new payment system for global trade, thereby driving the intelligent transformation of the industry.

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Author | Wen Yuan

Source | Guangming Daily

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