Basic characteristics of central bank digital currency
digital currency is characterized by low transaction cost, fast transaction speed and high anonymity
1, low transaction cost
compared with traditional bank transfer, remittance and other ways, digital currency transaction does not need to pay fees to the third party, and its transaction cost is lower, especially compared with the cross-border payment that provides high handling charges to payment service providers
2. Fast transaction speed
the blockchain technology used in digital currency has the characteristics of decentralization. It does not need any centralized organization similar to the clearing center to process data, and the transaction processing speed is faster
3. High anonymity
in addition to the point-to-point transaction without intermediary participation, one of the advantages of digital currency compared with other electronic payment methods is that it supports remote point-to-point payment, and it does not need any trusted third party as intermediary, Both sides of the transaction can complete the transaction in a completely unfamiliar situation without mutual trust, so they have higher anonymity, which can protect the privacy of traders. But at the same time, it also creates convenience for cyber crime, which is easy to be used by money laundering and other criminal activities
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the impact of digital currency:
digital currency is a double-edged sword. On the one hand, the blockchain Technology it relies on realizes decentralization and can be used in other fields except digital currency, which is one of the reasons why bitcoin is popular
On the other hand, if digital currency is widely used by the public as a kind of currency, it will have a huge impact on the effectiveness of monetary policy, financial infrastructure, financial market and financial stabilityThe 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
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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