Internationalization of legal digital currency
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
Digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
in recent years, the excessive issuance of banknotes has led to the aggravation of inflation, the frequent security crisis of third-party payment, and the graal maturity of blockchain technology, so decentralized digital currencies such as bitcoin, Ethereum and reborn have emerged. Digital currency has the advantages of low transaction cost, fast transaction speed, high anonymity and fixed amount of money
At the same time, the use scenarios of digital currency become more and more abundant, which makes the user acceptance grow. At present, the use of digital currency has covered all kinds of scenes, such as shopping consumption, wage payment, transportation, travel, takeout settlement and tuition payment. The expanding landing scene has also brought a wider range of consumers. In general, although the number of users of digital currency still accounts for a small proportion of the total population, the number of users is growing. At present, the utilization rate of digital currency has exceeded 10% in 10 countries around the world In June 2019, Facebook launched Libra virtual cryptocurrency, which has caused worldwide influence. The emergence of Libra may form a global super sovereign currency, thus affecting the traditional transaction settlement currency. For China, the emergence of Libra, on the one hand, will have an impact on China's traditional currency and threaten the sovereign status of China's currency; On the other hand, because RMB is not included in Libra's basket of currencies, it will rece the reserve demand of RMB by central banks, thus hindering the internationalization of RMB. In response to this threat, CCTV timely launched the central bank digital currency. In September 2019, according to China Daily, the central bank's digital currency closed-loop test has begun, and the central bank's digital currency is about to come outcoincidentally, in addition to China, central banks around the world have also announced that they will launch a centralized digital currency based on national credit. In 2015, Ecuador took the lead in launching the national version of digital currency, which can not only rece the issuance cost and increase the convenience, but also enable people in remote areas who cannot have banking resources to obtain financial services through the digital platform. At present, Canada, Brazil, Norway, the United Kingdom and other countries are studying the central bank legal digital currency, while the Bahamas, Sweden, Russia and other countries are discussing the possibility of digital currency issuance. Generally speaking, the developing countries which have received a great impact on digital currency have supported legal digital currency for financial inclusion, breaking through sanctions and other reasons
for the above data and analysis, please refer to the in depth analysis report on business model innovation and investment opportunities of China's blockchain instry published by foresight Instry Research Institute . Meanwhile, foresight Instry Research Institute also provides instrial big data, instrial planning, instrial declaration, instrial park planning, instrial investment promotion and other solutions
Hello, the replacement of paper-based RMB by digital RMB is basically certain. Just as the era goes from entity to e-commerce, RMB also goes from offline to online. Its function is exactly the same as paper money, that is, the digital version of paper money
at present, China's digital currency is a leading technology, which is bound to accelerate its digital currency construction in the short term, in order to find the gap with DCEP. However, DCEP can ultimately promote the nationalization of RMB, still depends on the steady growth of domestic economy and the international circulation ability of RMB itself, not only on the digital technology of RMB, but also has a long way to go
In the official letter of Xiangcheng District of Suzhou, enterprises, institutions and management committees of Xiangcheng District are required to sign a digital currency agreement with the wage paying bank, install digital wallets for all staff (except retirees), and pay 50% of the monthly salary in the form of digital currency
this is the first practical application of the central bank's digital currency since the R & D news, which is a historical moment worth remembering
let's review the development of DCEP:
in 2014, the central bank set up a special research group on legal digital currency
in 2016, it set up a digital currency Research Institute on the basis of the original group
in June 2018, it set up Shenzhen Financial Technology Co., Ltd.
in August 2019, the central government issued a document to carry out digital currency research and mobile payment pilot in Shenzhen
on October 29, 2019, At the "2019 Bund financial summit", Huang Qifan, vice president of China Center for international economic exchange, said: "the digital currency DCEP launched by the Central Bank of China is a new crypto electronic currency system based on blockchain technology." This is the debut of DCEP
On April 3, 2020, in the "national teleconference on money, gold, silver and security work", the central bank said that it would "unswervingly promote the research and development of legal digital currency" On April 10, Zhou Xuedong, director of the general office of the people's Bank of China, pointed out at the "first quarter financial statistics press conference" that "with regard to digital currency, the people's Bank of China is advancing in an orderly manner according to the original plan."on April 14, the central bank's digital currency DCEP took the lead in the internal test of ABC
on April 16, Xiangcheng District of Suzhou realized the implementation of the first application scenario of central bank's digital currency DCEP, using "digital wallet" as the payment channel and issuing it in the form of transportation subsidies
judging from various actions, the central bank's plan for digital currency is well prepared and in an orderly and continuous progress
why DCEP
from the national level, it is well known that the macroeconomic regulation and control means of sovereign countries are mainly through monetary policy and fiscal policy, just like the current global lack of liquidity e to the epidemic, China's economy is stimulated by interest rate rection and government spending, but the funds are transmitted layer by layer, and there are few funds really used for the target range
if we use the central bank's digital currency system, we can analyze and track a large number of transactions, and use the most direct and efficient means to put funds where they need, so as to release liquidity and benefit the people
from the international level,
the use of blockchain technology can realize the review of national credit and increase the credit of the country's monetary system. With the increase of GNP, credit must also increase, and the process of RMB internationalization will be more rapid
this is very simple to understand. Blockchain technology makes it impossible for asset certificates to be forged and makes credit verifiable, which is naturally concive to RMB internationalization
Last year, the World Bank Group and the International Monetary Fund (IMF) issued a report that up to now, nearly 70% of the central banks are studying the digital currency of the central bank, which also shows that the digital wave is the general trend. At present, the central bank's digital currency DCEP is likely to be used on a large scale ahead of other countries in the world, and the era of digital currency is comingthe era of digital economy is getting closer and closer
today's era is a digital era. With the comprehensive rise of technological innovation and digital economy, science and technology has changed from the initial role of a tool to the backbone of financial reform. The continuous collision and integration of digital five complete genes (whole airspace, whole process, whole scene, full analysis, and full value) and financial instry not only changes the settlement and settlement methods and sovereign currency issuance mechanism among indivials, enterprises, and countries, but also greatly improves the operation efficiency of instrial chain, and brings the development of the whole economic society and human progress
if blockchain technology will "genetically transform" all walks of life, then digital currency will "genetically transform" the financial instry. Looking forward to the future, the in-depth integration and transformation of traditional instries by blockchain, artificial intelligence, cloud computing, Internet of things and other technologies will lead us into a new era of digital economy
in short, the era of digital economy is getting closer and closer to us
the implementation of the central bank's digital currency is bound to bring disruptive changes to the existing financial market and breed huge wealth opportunities. The future has come, the wind has come, keep up with the pace of the instry, accurately grasp the future trend, and quickly seize the blue ocean of wealth business
1、 What is digital currency RMB
with the development of Internet technology, especially blockchain technology, many so-called & lt; Virtual currency;, Such as bitcoin and Wright currency, which are controversial in recent years
as a substitute for M0 (cash in circulation, i.e. cash in circulation outside the banking system), the difference between the central bank's digital currency and the virtual currency such as bitcoin is that bitcoin is decentralized, while the digital currency to be launched by the central bank is centralized
the central bank's digital currency is a legal digital currency issued by the central bank based on national credit, which is exactly the same as RMB cash and is equivalent to cash{ RRRRR}
it can be predicted that the era of digital RMB is coming. For commercial banks and other financial institutions, digital currency will lead to more innovations such as digital credit, digital assets and digital liabilities. In addition, the central bank can improve the efficiency of monetary operation monitoring and enrich monetary policy means after the issuance of digital currency
In addition, the issue of central bank's legal digital currency will make it possible to collect real-time data such as money creation, bookkeeping and flow. After data desensitization, it will conct in-depth analysis through big data and other technical means, so as to provide a useful reference for money supply, formulation and implementation of monetary policy, and provide a useful means for economic regulation In the short term, the introction of digital currency has little impact on the exchange rate; Digital RMB & quot; At present, it seems that the aim is to partially digitize the currency in circulation (so there will be zero interest rate compensation, 100% reserve requirement and limited weakening of financial intermediaries, also known as & lt; Disintermediation, Considering China's current capital account restrictions (especially the restrictions on capital outflow), the introction of digital currency is unlikely to have a great impact on the trend of RMB exchange rate in the short termthe development of Sino US relations, portfolio capital flow, yield advantage and valuation are still the driving factors for RMB. Due to the outbreak of the second wave of the epidemic, there was an outflow of funds from the United States. This should also boost market confidence in the RMB in the short term
2、“ Digital RMB & quot; It is a milestone of RMB internationalization; Digital RMB & quot; The design of settlement technology is very complex and becomes ubiquitous (by making full use of the increasing popularity of mobile phones and Internet applications in China and the inclusion of RMB in the IMF's special drawing rights basket), which may promote the internationalization of RMB and the diversification of the current US dollar centered International Monetary System in the long run
conclusion: when the central bank issues digital currency, it focuses more on domestic factors. On the one hand, it is the trend of the times; on the other hand, it has many advantages. And the internationalization of RMB, more often, is a matter of course. The introction of digital currency by the people's Bank of China is a major change in the monetary system, both domestically and internationally
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anonymous user 1 hours ago.
1. Improving the international influence of China's currency is concive to various settlement methods in the future, facilitating the transformation from virtual currency to paper currency, and promoting import and export trade
at present, most users of digital currency are mainly between 22 and 45 years old. It is mainly used in economically developed cities