Participating in the digital currency research and development i
As of September 2019, the central bank's digital currency has not been issued
the development history of the central bank's digital currency is as follows
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues faced
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutionson August 2, 2019, the central bank said at the second half of 2019 work video conference that it would speed up the research and development of legal digital currency
on August 10, 2019, Mu Changchun, deputy director of the payment and Settlement Department of the central bank, said at the Yichun forum of 40 people of China finance that "the central bank's digital currency can be said to be ready"
on August 18, 2019, the CPC Central Committee and the State Council issued their opinions on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics, which mentioned supporting innovative applications such as digital currency research in Shenzhen
on August 21, 2019, the official micro blog of the people's Bank of China released two articles on digital currency. One is fan Yifei, vice president of the people's Bank of China, who was published in January 2018, talking about some considerations of digital currency of the people's Bank of China. The other is mu Changchun, deputy director of the Department of payment and settlement, who delivered a speech in Yichun on August 10
extended data:
practical significance
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate
can also become a new monetary policy tool. At the same time, the central bank can affect the bank's deposit and loan interest rate by adjusting the central bank's digital currency interest rate, and help break the zero interest rate lower limit
operation system
fan Yifei, vice governor of the people's Bank of China, said in the article that the digital currency of the people's Bank of China should adopt a two-tier operation system. This model does not change the relationship between creditor's rights and debt of currency in circulation, does not change the existing money supply system and al account structure, does not constitute a competition for commercial banks' deposit currency, and does not increase commercial banks' dependence on the interbank lending market
will not affect the lending ability of commercial banks, and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the pro cyclical effect under the pressure environment, and it can improve the convenience and security of payment, and it also has the credit advantage of central bank endorsement
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The digital currency of the central bank is DCEP
the name of the digital currency developed by the central bank is DCEP (digital currency electronic payment). DC is digital currency. EP is electronic payment. Payment transmits digital things through a certain way, not paper currency. Therefore, electronic payment itself has the attribute of digital currency
The characteristics of digital currency are: low transaction cost; Fast trading speed; Highly anonymous
extended data
Application of digital currency
I. fast, economic and safe payment and settlement
cross border payment helps RMB internationalization. In 2015, the settlement volume of cross-border payment involving current account is about 8 trillion yuan. To accelerate the internationalization of RMB, cross-border payment and settlement procts and solutions with low cost, high efficiency and low risk are needed
At present, there are still a lot of repetitive human work in the bank's electronic loan process and processing process, and as the basic support of loan issuance, many of the collateral has the situation of false pricing or multiple or even no collateral. We can consider using digital currency to price and track bank collateral:3. Bill finance and supply chain finance
in recent years, various bill market businesses based on commercial bills have grown rapidly, and bill financing procts have become a hot area of Internet financing. However, about 70% of the current bill businesses in China are still paper transactions, Supply chain finance is also highly dependent on labor costs
reference materials
network digital currency
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions
extended data:
benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
According to Caixin, the digital bill trading platform based on blockchain promoted by the central bank has been successfully tested, and the legal digital currency issued by the central bank has been put into trial operation on the platform, and the R & D center will be set up in the near future for continuous improvement; After the Spring Festival, the digital currency Research Institute of the central bank will also be officially listed. This means that in the world, the Central Bank of China will become the first central bank to issue digital currency and carry out real application, and take the lead in exploring the practical application of blockchain. The implementation of the project is a major financial technology achievement led by the central bank and independently innovated and developed. This shows that the people's Bank of China is closely following the international frontier trend of financial technology, striving to grasp the foresight and control of the application of financial technology, and its determination and efforts to explore and practice frontier financial services. The people's Bank of China has said that it will publish digital currency R & D talents on the official Internet, which is of great importance. Here I would like to remind you that the more formal and professional new things are, the more professional talents must be given to operate them
caixin.com: the prototype system of the central bank's digital bill trading platform has been successfully tested
http://finance.caixin.com/2017-01-25/101048999.html
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for example, Internet of things digital currency / national cause (charity) wechat group fraud backbone [Wang Sulan] [Cai Yongming] [Xue gendi] [Du Kaiju] [Liu Yanfei] [Wang Jufang], [Tian Genmin], [Li qiuqiong], [Fu Yunjuan], [sun Qing], [Wang Yanyan], [Qu Fengtao], [Li MEIXIA], [Wu Juzhen], [Lin Baihe], [Li Jianhua], [Xu Tao], [Li Yingchun] and others have painstakingly created [a learning group from Lei Feng], [accurate poverty support and pay group], [b33651 group in ten districts], [Wang Sulan, Cai Yongming new project report group], [Shanghai Learn from Lei Feng core group, work together and help each other group, Shanghai Xue gendi team, learning group (Shanghai), positive energy 605 group, charity 128 group-1, 4 detachment 158 group, 2128 brigade, charity love harmony 87 group, Internet of things 133-9 group, China Internet of things digital currency, 68 District 172 group, Third Bureau, independent special zone of Internet of things, Qian Shuai 16, Li Jianhua, China Internet of things digital currency In order to avoid the attack of network security, we need to change the group name from time to time, and so on. These fraud groups are all advocating various high return projects under the guise of patriotism ([Cai Baiping Asian investment bank project], [169 yuan project], [958 group benefiting the country and the people project (charity enriching Chen Yuying team project)], [charity enriching the people (958 group 51 single) project table 22 yuan, supplementary payment 20 yuan], [2 Yuan Li Yunlong (love) China Chen Yuying foundation project], [10 yuan silver fund fee - 958 group], [Ministry of finance project charity enriching the people Chen Yuying team (100 yuan) project] [18 new projects E-form charity enriching Chen Yuying team on April 9, 2017], [Chen Yuying 200000 Lika project pay 17 yuan - Li qiuqiong], [ABC card 10 yuan silver fund charity enriching Chen Yuying team Jintan Wang Jufang Shanghai Xue gendi team], [State Council's notice and declaration form on the state's welfare for meritorious persons], [State Council's notice and declaration form on the state's welfare for meritorious persons] [3 platform reward form, March 29, 2017], [Dutch crowdfunding project], [International Plum Blossom Association salary payment project], [ease fund settlement fee payment project], [Chinese national welfare fund 60 yuan project], [Guanghua Foundation (20 + 116 yuan) love fund settlement fee payment project], [harmonious home Shanghai team 9.9 yuan project], [China national welfare fund 60 yuan project], [Guanghua Foundation (20 + 116 yuan) love fund settlement fee payment project], [harmonious home Shanghai team 9.9 yuan project] [key meeting card fee for unfreezing national assets of bird's nest on April 25, 2017], [US dollar unfreezing (19667 + Xinbao 170) project], [platform reward fund project], [37 group project of four southwest teams of targeted poverty alleviation], [38 group project of four southwest teams of targeted poverty alleviation], [20 yuan tax paid for 16 yuan Chen Yuying project - 958 group], [investigation on targeted poverty alleviation of General Office of the State Council], [investigation on targeted poverty alleviation of General Office of the State Council] [Ningbo team Ministry of Finance and Red Cross donation project], [218 yuan project], [55 yuan project], [668 yuan project], [1680 yuan project], [35 + 23 yuan project of Sanfeng foundation of guoyuhuan East China Bureau], [Shanghai group of 958 national charity fund members], [20 yuan project of 958 group charity enriching people], [20 yuan project of guoyuhuan East China Bureau] [1000 yuan people's livelihood membership card]... And so on, Semi militarized management was adopted to incite nationalist sentiment. Everyone was required to change the background of their head portraits to red and take formal photos. Moreover, the flag was raised every morning, and activities were held at night when they went to bed. Everyone also had to sing together. In addition, ordinary members are not allowed to talk or pull people into the group at will. All kinds of so-called high return project report documents in the group, brainwashing MP3 lecture recordings of backbone members (such as voice content of CAI Baiping's speech, which was exposed by the Ministry of civil affairs of the people's Republic of China on December 16, 2016 pretending to be vice mayor of Nanjing and national executive president of aiib) (such as propaganda of Qi Lihua 169 project), photos of national leaders of PS presiding over the charity fund distribution meeting All kinds of fake central red head documents emerge one after another. Every night, there are propagandists to organize lectures. In addition to participating in these activities within the group, people in the group also need to sign a letter of commitment, resolutely follow the group leader, make rational use of donations, refuse to buy foreign procts, be willing and bear legal responsibility. In the context of swindlers, the old people are making contributions to the national rejuvenation. Deception not only brings persecution to the victims' families economically, but also some people are stubborn and even threaten to sever their relationship with their close relatives in order to accomplish their "great cause". Very bad nature (similar to MLM brainwashing money)! The consequences are very serious (property lost, family broken)! Extremely corrupt morality (cheating with patriotic feelings)
according to the news on August 10, Mu Changchun, deputy director general of the payment and Settlement Department of the people's Bank of China, said at the third China finance forum that the central bank's digital currency will soon be launched and will adopt a two-tier operation system, that is, the people's Bank of China will be the upper tier and commercial institutions will be the second tier< As for why the central bank's digital currency chooses the "two-tier operation system", Mu Changchun explained:
1. The central bank's digital currency is bound to face the retail scene and the public, while the performance of bitcoin and Libra can not meet the high concurrency. After a period of research, it is decided to adopt the two-tier system
2. It is a complex system engineering for big countries to issue central bank digital currency
3. The IT infrastructure application and service system of commercial banks and other institutions have been relatively mature, the user base is huge, and the service habit has been formed; There are plenty of talents and it experts; The system has strong processing ability, and has accumulated some experience in the application of financial technology
4. Through the design of two-tier operation, risk can be avoided to concentrate on a single indivial
5. Single layer investment will lead to "financial disintermediation". If the central bank directly releases digital money to the public, it will crowd out the deposits of commercial banks and affect the loan delivery ability of commercial banks; In extreme cases, it will also subvert the existing financial system, leading to the "grand unification" of the central bank
6; It will not affect the existing monetary policy transmission mechanism
7. The central bank will not preset the technology route, any advanced technology may be used in the research and development of the central bank's digital currency; The boundary between electronic payment and central bank digital currency is fuzzy; It can fully mobilize market forces and realize system optimization through competition
it can be seen that the central bank has recognized the legitimacy of bitcoin and Ethernet in disguised form. However, the central bank's digital currency is different from the traditional blockchain digital currency. It is 1:1 anchored RMB. I regard it as RMB digitization. The central bank's digital currency, paper money, coins and bonds exist at the same time, but in different ways. It is a kind of stable currency, and there is no room for speculation
at the beginning of this year, the most influential event of digital currency is Facebook's upcoming launch of digital currency Libra. If successful, it will bring 3 billion Facebook users into digital currency. However, Libra has not included the RMB in its basket of currencies. Coupled with the sweater war and exchange rate war with the United States, this may be the reason why the central bank urgently launched the central bank's digital currency. It is said that Wal Mart will also launch digital currency. With JPMorgan's issuing currency before, it can be predicted that traditional business giants will enter the era of blockchain digital currency one after another
the issuance of digital currency by the central bank may be a great benefit to the users of China's currency circle. Due to some policy reasons, the users' access to the digital currency world is not very smooth, which is the problem of difficult access to money. The most common stable currency, usdt, does not seem to be very stable and over issued seriously. In addition, the attorney general's office in New York investigates TEDA and other reasons, There may be a risk of thunderstorm at any time. According to statistics, about 80% of the users who use usdt are Chinese users, while the United States uses USD directly, and a few will use usdt. If the central bank introces digital currency, it will greatly facilitate digital currency users
finally, the other role of the central bank's digital currency is cross-border trade settlement. If it is combined with Alipay and WeChat payment, it will compete abroad and compete with Libra internationally.
what we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment instruments"
the center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
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the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
there is no unified concept of legal digital currency. The Bank of England defines "digital currency" as "a payment method existing only by electronic means... Which can be used to purchase physical goods and services"... Including "private digital currency" and "digital currency issued by the central bank". Further than the Bank of England, Yao Qian, director of the digital currency Research Institute of the people's Bank of China, made clear the multiple connotations of the central bank's legal digital currency in several public speeches: legal and encrypted credit currency, adopted a series of algorithms, and derived more intelligent functions in the payment function
to this end, the central bank has designed a system architecture of "one currency, two warehouses and three centers", that is, taking digital currency as the center, designing the issuing library and deposit library, matching the certification center, big data analysis center and registration center. The central bank's digital currency is issued by the central bank and circulated in the commercial bank's account. The issuing inventory is put into the people's Bank of China to deposit the digital currency. The deposit bank is the database of the commercial bank to deposit the central bank's digital currency. The authentication center manages the identity of institutions and users in a centralized way; The registration center completes the whole life cycle and ownership registration of the central bank's digital currency; The big data analysis center achieves the goals of anti money laundering, anti terrorist financing, index detection and analysis
as an important node in the framework of legal digital currency, commercial banks play an important role in the circulation of central bank's digital currency. In the case that China's non bank payment institutions have occupied a certain market share, it is a better choice for non bank payment institutions to participate in the framework of digital currency operation as a supplement to commercial banks. The reasons are as follows: first, third-party payment institutions can help commercial banks realize the promotion of legal digital currency. Within commercial banks, there is a competitive relationship between legal digital currency and physical currency. The public tends to convert the digital currency in cash account into traditional currency in exchange for income, so it is difficult to achieve the goal of promoting digital currency by commercial banks; Second, the third-party payment institutions can avoid the repeated construction of payment application scenarios by commercial banks. Different from non bank payment institutions, the current payment scenarios of commercial banks are relatively lack of diversification, which will lead to a waste of resources and the rich experience accumulated by non bank payment institutions; Third, the third-party payment institutions can appropriately rece the operating costs of commercial banks. On the one hand, commercial banks need to upgrade the necessary software and hardware for the central bank's digital money service; On the other hand, we should continue to do a good job in traditional RMB deposit and withdrawal services. The simultaneous operation of the two systems will increase a lot of human and material costs. Fourth, the third-party payment institutions can promote the construction of payment instruments and channel integration of commercial banks. In the framework of legal digital currency, the single payment instruments and complex payment channels provided by commercial banks may rece the enthusiasm of the public to use legal digital currency
2 the emergence of legal digital currency reshapes the role of non bank payment institutions
in the process of cooperation with commercial banks, all kinds of non bank payment institutions play four roles. The first is the role of account manager. Non bank payment institutions can not operate deposit and loan business, and the amount in their payment account is not a deposit, so it is easier for the public to accept the role of non bank payment institutions as "digital wallet". At the same time, non bank payment institutions have rich experience in the development and operation of digital currency wallets and their terminals, which is concive to the smooth management and use of central bank's digital currency, and there is no need to worry about the risk of misappropriation of funds by non bank payment institutions. The second is the role of payment service provider. Non bank payment institutions have a lot of experience in scenario development and operation, including mobile payment, cross-border payment and rural payment, and relatively large market share of scenario based payment. On the one hand, powerful non bank payment institutions can develop a variety of procts based on Intelligent legal digital currency to meet the needs of users' exchange, payment, storage and related derivatives; On the other hand, non bank payment institutions can make use of various scenarios to promote the use of legal digital currency. For example, when consumers want to invest through the central bank's digital currency, non bank payment institutions, with the experience of traditional currency investment and payment services and upgraded digital wallet, can be fully competent as the special payment service provider of digital currency investment. Third, the role of system construction service provider. NPC, the core of national payment and settlement system, and CCPC, the core of provincial payment and settlement system, will continue to play an important role in the framework of legal digital currency. In the long-term coexistence of legal digital currency and traditional currency, NPC and CCPC will be double important nodes. Non bank payment institutions with strong technical ability can be used as secondary verification nodes under the framework of legal digital currency to supplement the multi center and distributed system architecture and continue to dock with NPC and CCPC
3 technical connection between non bank payment institutions and legal digital currency system
the innovation of non bank payment institutions is accompanied by the connection with legal digital currency system, covering the whole process of digital currency generation, storage, use and withdrawal. In this process, the first thing to solve is the docking of basic layer technology and transaction mole. The docking of basic layer technology is reflected in three aspects. First, in terms of basic security technology, non bank payment institutions, as providers of mobile terminal transaction forms, need to apply terminal security mole technology, dock with unified encryption and decryption system, provide carriers for secure storage and encryption and decryption operations, and provide effective basic security protection for digital currency. Secondly, in the aspect of data security technology, non bank payment institutions, as a part of the whole payment system, should adopt the official unified ciphertext + MAC / ciphertext + hash technology to transmit digital currency information, so as to ensure the confidentiality, security and non tamperability of the information. Thirdly, in the aspect of transaction security technology, non bank payment institutions, as the advanced nodes participating in bookkeeping, adopt blind signature technology to ensure the controllable anonymity of digital currency in the process of transaction, and eliminate the possibility of repeated payment through serial number, time stamp and other ways; And through encryption and decryption, digital signature, identity authentication and other anti-counterfeiting ways to ensure the authenticity of the transaction
when docking with the transaction mole, non bank payment institutions should do the following: first, docking with the certification center to obtain relevant digital certificates and user identity information; Second, connect with the trusted service management mole to obtain the use function of digital currency; Third, connect with the issuing system and storage system, and apply for and exchange digital currency through the bank treasury; Fourth, connect with the transaction communication mole to ensure that users can realize online payment through the transaction network in the intelligent terminal based on online transaction communication; Fifth, connect with the registration center, notify and record the flow of digital currency transactions, so as to complete the registration of the central bank's digital currency generation, circulation, checking and extinction process
4 scenario docking between non bank payment institutions and legal digital currency system
scenario docking of non bank payment institutions is based on the transformation of their own roles. Legal digital currency is algorithmic currency and intelligent currency, so business innovation and scenario expansion are the proper meaning of legal digital currency system. Non bank payment institutions can achieve scene docking mainly in four aspects
first, enabling the financial instry and defusing the limitations of financial scenario services. At present, there are some limitations in financial scenario service, such as business modeling is not universal, different agents have different management requirements, and the system docking cost of participants is high. Non bank payment institutions connect with the underlying technology of legal digital currency, and through the research and development of smart contract, establish behavior information such as capital flow, trigger conditions, value change rules, revenue right registration, and corresponding capital information (amount, account, currency, etc.) to resolve the existing limitations of financial scenario service. Non bank payment institutions use the atomic properties of digital currency and the atomic transactions of smart contracts to "assemble" into a business model. It does not need to develop a separate platform for different business scenarios, and avoids the monopoly of the instry platform and the non disclosure of information
Second, expand the use scenarios and improve the user experience. Non bank payment institutions can continue to expand the use scenarios according to the characteristics of legal digital currency on the basis of the existing rich payment scenarios, so as to meet the needs of users' exchange, payment, storage and related derivatives. At the same time, through the aggregation application, users can use the app of non bank payment institutions to dock a large number of scenarios and services
thirdly, improve the security of funds and create a universal digital wallet. Non bank payment institutions can provide digital wallet services, create digital wallets that meet security standards through their own technology, and ensure the security of users' funds. Alternative methods include: the central bank and non bank payment institutions cooperate to develop a unified universal digital wallet application, or authorize several qualified non bank payment institutions to provide universal digital wallet services. The digital wallet can realize the mutual exchange between the user's funds in various commercial banks and the legal digital currency even in the self owned accounts of non bank payment institutions. From the perspective of implementation, at the same time, the traditional account system of commercial banks can also bind the digital currency wallet of non bank payment institutions, so as to achieve the joint management of traditional accounts bound with digital currency wallet
Fourth, help cross-border settlement and build a safe and reliable cross time zone alliance chain. Non bank payment institutions can deeply participate in the cross-border payment system of legal digital currency. Cooperation with commercial banks and central banks can be achieved in at least two aspects. First, payment standards and tools are available. Non bank payment institutions participate in the research and establishment of standards and tools to realize the possibility of technical docking. Second, cross border payment system. The business system led by the central bank and participated by commercial banks and qualified non bank payment institutions will help to realize efficient cross-border payment
5 the legal framework of non bank payment institutions and legal digital currency is connected
a perfect legal system is an important guarantee for the operation of the digital currency system. There are several key questions to answer. First, how to determine the ownership of legal digital currency? This is the basis of all legal acts of legal digital currency. The first way of thinking is that legal digital currency is intangible. As a special movable property, it is applicable to the provisions of the property law. For example, Liu Xiangmin, director of the Department of articles and law of the people's Bank of China, believes that "to solve the problem of ownership transfer of digital currency, we should also focus on the publicity of ownership." The second idea is that digital currency is an electromagnetic record, which is applicable to the law of data transfer and transaction. The essence of digital currency is electromagnetic recording, and the transfer of electromagnetic recording content is recorded in the node of digital currency technology architecture. The change of node records is taken as the standard of ownership transfer. Second, how to protect personal information security? Personal information security is a basic problem in the era of digital economy. In addition to legislation to improve the level of technical security, we should also make clear the main types of legal digital currency system