Issue of digital currency

1. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation
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
response time: October 13, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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2. There is no established timetable for digital currency
Zhou Xiaochuan pointed out that as legal tender, digital currency must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management. That is to say, q-coin and the like are definitely not good
as for whether to use blockchain technology to create digital currency. Zhou Xiaochuan said that the blockchain technology is an optional technology, but so far, the blockchain still occupies too many resources. Whether it is computing resources or storage resources, it can't cope with the current transaction scale, and whether it can be solved in the future depends on it. Zhou Xiaochuan said that in addition to blockchain technology, the digital currency research team of the people's Bank of China has also concted in-depth research on other related technologies involved in digital currency, such as mobile payment, trusted and controllable cloud computing, cryptographic algorithm, security chip, etc
in addition, Zhou Xiaochuan also mentioned that there is a lot of discussion about "51% attack" (assuming that indivials have 51% of the computing speed of the whole network, they can realize double payment, reverse transactions, paralyze the whole network, and completely lose the transfer function). More specifically, compared with the special currency, bitcoin does not need the central bank. Zhou Xiaochuan mentioned that for the digital currency controlled by the central bank, a series of technical means, mechanism design and laws and regulations will be adopted to ensure the security of the digital currency operation system, which is different from the design idea of bitcoin from the beginning
as for the digital currency timetable, Zhou Xiaochuan said that there is no established timetable. The relationship between digital currency and cash will be parallel and graally replaced for quite a long time. For reference.

3. CBDC, the full name of central bank digital currencies, translated as the central bank digital currency
in its Research Report on CBDC, the Bank of England defines central bank digital currency as an electronic form of central bank currency, which can be used by households and businesses to make payments and store value
the Chinese version of CBDC is described as a controllable anonymous payment tool, which is issued by the people's Bank of China, operated by designated operating institutions and exchanged to the public, based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation
what we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment instruments"
response time: October 27, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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4. At present, digital currency is not really in circulation in any country. In South America, there was a small country that wanted to issue its own sovereign digital currency, but there was no latest progress. Of course, China, Britain and other big countries have planned to issue digital currency, but it is still in a testing stage and has not really implemented it
the first country to recognize bitcoin as legal was Germany, which first defined bitcoin as an alternative currency. Of course, in the future, sovereign digital currencies may be popular, and digital cryptocurrencies such as bitcoin, Ruitai coin, Laite coin and vitality coin will become a supplement.

5.

It is not currently available

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 agenda

however, 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

< H2 > extended data:

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

6. Although I don't understand, but also talk about my idea, first of all, money can be exchanged for equivalent things, such as Q money, it can buy the corresponding things. What can you do with your digital currency?

7. DCEP, when will digital currency be issued? At present, the 11th batch of central banks have announced the issuance, and have found several pilot cities, such as Suzhou and Hangzhou

8. It shows that the total amount of this kind of digital currency is relatively large, and the total amount of many digital currencies is as high as 10 billion. The circulation of some MLM coins is not constant and can be increased or split at will. Moreover, there are many different digital currencies in the world, and the number of each digital currency is very considerable
the well-known digital currencies in the currency circle include bitcoin, Ruitai coin, Laite coin, doggy coin, etc.