Central bank digital currency reliable
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at present, the Central Bank of China has not issued and approved the digital currency of issuers and investors
However, at the beginning of the year, the central bank held a seminar on digital currency, at which it made it clear that it was necessary to issue digital currency as soon as possible, and the central bank put the issue of digital currency on the agendahowever, so far, the central bank has not issued any digital currency, and Zhou Xiaochuan, the governor of the central bank, said that the time is not ripe to issue digital currency. Moreover, the digital currency issued by the central bank is different from bitcoin, Ruitai, Laite and other digital cryptocurrencies, and the digital currency issued by the central bank is not decentralized
when the central bank issues digital currency, it needs to establish a basic digital currency system. In this system, the central bank is in charge of the digital currency issuing bank, the commercial bank is in charge of the bank, and the public and indivials hold digital wallets. This is not much different from the existing monetary system in essence, but the managed currency is changed from paper money to digital cryptocurrency
in terms of issuing mechanism, there are two modes:
one is the traditional mode of "central bank commercial bank", that is, the central bank issues digital currency from the issuing bank of the central bank to the Bank of the commercial bank. When an indivial withdraws money from the commercial bank, the digital currency is transferred from the commercial bank to the personal digital wallet
another mode is the "central bank public" mode, that is, the central bank can directly issue digital currency from the currency issuing bank to the digital wallet of the public and indivials. In essence, no matter which issuing mode, money is ultimately held by the public, which is the debt of the central bank to the public
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The functions of the central bank are as follows:
1. The function of issuing bank: it means that the central bank monopolizes the currency issuing power and is the only authorized currency issuing institution of a country or a monetary union. The central bank should print and destroy the currency, allocate the treasury funds, and adjust the currency distribution and denomination ratio among regions according to the needs of currency circulation
Banking functions of banks: the central bank acts as the lender of last resort of commercial banks and other financial institutions. The function of bank reflects that the central bank is a special financial institution, which is the basic condition for the central bank to be the core of the financial system. Through this function, the central bank exerts influence on the activities of commercial banks and other financial institutions to achieve the purpose of macroeconomic regulation and control The banking function of the government refers to the central bank providing services for the government, which is the specialized agency for the government to manage the national finance. The state revenue and expenditure generally does not set up another organization to handle specific business, but is entrusted to the central bank, which mainly includes collecting treasury funds, allocating fiscal expenditure and reflecting the implementation of budget revenue and expenditure to the financial department according to the requirements of the state budget Regulatory function: to formulate relevant financial policies and regulations as the criteria for financial activities and the basis and means for the central bank to supervise. According to law, we should make overall plans for the establishment of various financial institutions, examine and approve the establishment, business scope and other important matters of commercial banks and other financial institutions. To supervise the business activities of commercial banks and other financial institutions Regulatory function: the central bank, as the national monetary policy maker and executor, regulates and controls the national monetary and credit activities purposefully and purposefully through financial means, so as to influence the national macro-economy, promote the healthy development of the national economy and achieve its expected monetary policy objectives
extended information:
the objects of the central bank's supervision function are commercial banks and other financial institutions. In addition, the central bank also needs to supervise and manage the setting, business activities and operation mechanism of the financial market. With the acceleration of the nationalization process of the central bank, the central bank is responsible for the state. The banking laws of many countries clearly stipulate the identity of the central bank as the government agent, thus realizing the transformation from the central bank to the government bank
In the middle of the 20th century, the central bank did not compete with ordinary commercial banks for interests, exercised the function of managing ordinary banks and became the central institution of the financial system, which marked its transformation into a bank of banks. The central bank's monetary policy is inseparable from the overall goal of a country's economic development. In the specific application, it greatly strengthens and pays attention to its comprehensive function, that is, from the past general application to the comprehensive matching applicationThe main business of the central bank is as follows:
1. Payment and clearing:
(1) providing account services. In the practice of payment and clearing of central banks in various countries, the central bank generally acts as the intermediary of inter-bank clearing, providing clearing accounts for banks, and realizing inter-bank transfer through the setting and use of clearing accounts
(2) besides providing account services, another important means for the central bank to participate in and organize inter-bank clearing is to operate and manage the important inter-bank payment and clearing system. A stable, effective and trusted payment system is indispensable to the society. The payment system operated by the central bank usually includes account system, communication network and information processing system (3) there are many kinds of private clearing organizations in many countries, and some private clearing systems are still implementing balance clearing. In order to offset the creditor's rights and debts among clearing participants, many clearing organizations are willing to use the balance clearing service provided by the central bank, which transfers the balance position through accounts, The final liquidation can be completed (4) to provide overdraft facilities, the central bank not only manages the whole payment system, but also guarantees the smooth operation of the payment system by providing credit. The large amount payment system is the focus of the central bank to provide credit, especially when the payment instructions processed by the large amount payment system are irreversible and final, the overdraft convenience of the central bank is more important On October 18, 2014, the central bank announced that it would obtain liquidity support through the standing loan facility (SLF), with a total amount of about 200 billion yuan. In addition, the CICC report predicts that the liquidity actually put in by the central bank may be higher than 200 billion yuan, reaching 300-400 billion yuanaccording to the CICC report, the central bank's delivery mode is not SLF, but PSL, which requires banks to provide bond pledge. CICC believes that this once again releases the signal of loose liquidity, especially when the real M2 growth is significantly lower than the policy target
3. Net purchase of gold:
the highest authority of the International Monetary Fund (IMF) is the board of directors, which is composed of one director and one deputy director from each member country, and is generally held by the finance ministers or central bank governors of each country. A meeting is held in September every year
On December 4, 2012, South Korea said that it had reached an agreement with China on allowing banks of the two countries to borrow funds from the existing currency swap arrangement in late December, so as to encourage local currency trade settlement between the two countries. According to a statement jointly issued by the Ministry of Finance and the Bank of Korea (central bank) on the same day, the 360 billion yuan currency swap line between China and South Korea will be obtained in the form of loans to allow trading enterprises of the two countries to settle in Korean won and RMB Mei Xinyu, a researcher at the Research Institute of international trade and economic cooperation of the Ministry of Commerce, who was interviewed by our reporter on December 5, believes that this move will directly help to stabilize the exchange rate of the won against the RMB, and indirectly help to stabilize the exchange rate of the won against the US dollar, because the stability of the RMB against the US dollar is far higher than that of other currencies. He also believes that this will be of great benefit to the internationalization of the won, especially the RMB5. Digital currency:
in February 2017, the block chain based digital bill trading platform promoted by the central bank has been tested successfully, and the legal digital currency issued by the central bank has been put into trial operation on the platform. This means that the people's Bank of China will be the first central bank to issue digital currency and carry out real application in the world
extended data:
the main functions of the central bank:
1. The issuance and circulation of unified currency is the guarantee of the normal and orderly circulation of currency and the stability of currency value. Under the condition of gold standard, the right to issue currency mainly refers to the right to issue bank notes. In order to ensure the reputation of banknotes and the stability of monetary finance, banknotes must be able to be converted into gold coins at any time, and the deposit currency can be successfully converted into banknotes
therefore, the central bank must take the gold reserve as the credit basis to support the issuance and circulation of bank notes, and the quantity of gold reserve becomes the restricting factor of the issuance quantity of bank notes. The stipulated ratio between the amount of bank notes issued and the amount of gold reserves has become the main content of the guarantee system of bank notes issued
After entering the 20th century, the gold standard system disintegrated, and the currency circulation in all countries turned into the cashless paper currency circulation. The dishonoured paper money becomes the national credit currency in the pure sense. In the case of credit currency circulation, the central bank becomes a Monopoly Institution of currency issuance by virtue of state authorization and based on state credit. The central bank issues currency according to the objective needs of economic development and the requirements of currency circulation and management The issue of unified currency is the need for the central bank to adjust the money supply and maintain the stability of currency value according to the economic development in a certain period. The stability of currency value is the basic condition for the healthy operation of social economy. If there are multiple currency issuing banks, the central bank may be unable to adjust the money supply and demand in time because it is difficult to coordinate the issuing banks The issue of unified currency is the basis of the central bank's monetary policy. The issue of unified currency enables the central bank to regulate the amount of basic money in circulation through the control of the amount of money issued, so as to regulate the ability of commercial banks to create credit. Monopolizing the right to issue currency is a necessary condition for the central bank to implement financial macro-control According to the objective needs of national economic development, the central bank should timely issue money, keep the money supply basically consistent with money demand, and create a good financial environment for the stable development of national economy The central bank should control the credit scale and adjust the money supply. The central bank should properly grasp the increment of money supply and deal with the relationship between currency stability and economic growth The central bank should print and destroy the currency, allocate the treasury funds, and adjust the currency distribution and denomination ratio among regions according to the needs of currency circulation In order to ensure the safety of depositors' funds, commercial banks and other deposit institutions are required by law to deposit reserve funds with the central bank according to a certain proportion of deposits, so as to ensure the minimum payment capacity of commercial banks and other financial institutions It is helpful for the central bank to control the credit creation ability of commercial banks, so as to control the money supply To strengthen the capital strength of the central bank, deposit reserve is one of the main capital sources of the central bank To create conditions for non cash clearing between commercial banks