Securities Times Front Page Comment: Central Bank Digital Currency in the Fog

The pilot scope of the digital renminbi may expand, and the entire concept sector of A shares is boiling.

The market’s vision is bright, and the popularization of digital currency will benefit related industry chains and benefit listed companies. But unfortunately, most people ignore the details of the document. The Ministry of Commerce notice clearly stated that the current pilot scope of the digital renminbi is Shenzhen, Chengdu, Suzhou, Xiongan New Area and the future Winter Olympics scene. After these places mature, they will be expanded to other regions as appropriate.

Securities Times: Digital currency stocks may usher in opportunities due to the promotion of the central bank’s digital currency: The Central Bank’s Digital Currency Research Institute formally reached a strategic cooperation agreement with Didi Chuxing yesterday (July 8) to promote the platform ecology of digital renminbi in diversified travel scenarios building. In the future, the central bank's digital currency may rewrite the profit sharing rules of the payment industry chain. In the early stage, it is more promoted from top to bottom, and the profit sharing rules of the current payment industry chain can also be changed from "bottom to top", so that leading Internet institutions, banks, clearing institutions, and acquirers can be motivated to advance. The Securities Times believes that with the orderly advancement of the central bank's digital currency, related stocks including Xinhu Zhongbao, Shenzhou Information, and Radio and Television Express will usher in opportunities. [2020/7/9]

Judging from the sporadic pilot information that can be seen at present, the main application scenarios of digital renminbi in the future should be concentrated online, not offline. According to the reporter's understanding, there is a high probability that users will download the digital currency APP launched by the central bank on their mobile phones, and the acquisition and use of digital currency will be realized on this platform. The experience of using digital currency should not be much different from the third-party payment software we are used to. The difference is that Alipay and WeChat Pay are enterprise products, while the digital currency APP is a payment service provided by the central bank. This is also in line with the central bank's definition of the application scope of digital currency, that is, it mainly realizes the replacement of M0, that is, cash in circulation, and cash is the payment tool directly issued by the central bank.

Voice | Securities Times: Blockchain projects are mixed, investors should not chase after the end: July 10 news, the Securities Times issued an article today stating that after the blockchain technology is packaged by the currency circle, it has become a new pyramid scheme scam. The entry of speculative capital has made blockchain projects a mixed bag, and the hype of crazy concepts has become increasingly rampant, grabbing a lot of wealth. What investors need is the "base" of the blockchain, not the "end" of virtual currency hype. Investors must keep their eyes open, and do not blindly listen to the so-called "Internet celebrities". Behind any investment with abnormally high yields and dreams of getting rich overnight, there may be a scam to steal the principal. [2018/7/10]

Of course, we know that in order to expand the scope of application of third-party payment software, it has spent a lot of money to implement local promotion in the offline acquiring environment to ensure a good user experience. This is also the core of market expectations for the future digital currency industry chain. But the reporter believes that although the digital currency APP led by the central bank also needs to invest resources to connect online and offline, the most essential difference between it and enterprise payment products is that the central bank, as the manager of the payment market, can mobilize existing resources to match demand. What's more, the central bank has long made it clear that digital currency, like cash, is also legal tender, and is a product that is obliged to support in any payment scenario. Therefore, the business opportunities brought about by the application of digital currency may not be as high as expected by the market.

Securities Times: The regulatory authorities will strictly investigate institutions that provide payment for over-the-counter transactions: "Securities Times" issued an article tonight stating that the regulatory authorities are working hard to rectify the virtual currency market from multiple dimensions. In addition to starting from the transaction link, at the end of last year The central bank led a multi-departmental meeting, and another important part of the meeting was to standardize and rectify bitcoin mining farms and guide related companies to exit in an orderly manner. In addition, for payment institutions that violate regulations to provide payment services for virtual currency over-the-counter transactions, they will also be strictly investigated and punished more severely. [2018/1/17]

The question that reporters are most concerned about is what challenges will digital currency bring to the dual banking system of "central bank-commercial banks"? Is downloading a digital currency app equivalent to opening an account directly with the central bank? If it is rolled out on a large scale, will it affect the central bank's balance sheet and the effectiveness of monetary policy transmission? These issues are the ones that really need to be seriously considered before the advent of digital currency.

Tags：

NEAR