Digital RMB currency of the people's Bank of China
Digital RMB is the legal digital currency issued by the people's Bank of China. It is legal currency with national credit endorsement and legal compensation ability, and can be regarded as digital RMB cash. At present, the popular digital currency such as bitcoin is decentralized and non legal currency without any credit endorsement. Digital RMB is totally different from this kind of digital currency. Let's briefly talk about the characteristics of digital RMB as a whole, digital renminbi is digital RMB cash. The legal effect is equivalent to RMB cash. It has a certain anonymity, but it is more secure, and supports al offline payment. It is more secure and convenient to use than the three party payment tools such as Alipay and WeChat. strong>
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
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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
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network digital currency
the so-called digital currency is the RMB with monetary nature issued by the central bank. The reason to accelerate the promotion of digital RMB is to make the digital RMB form an international financial pattern, improve China's financial efficiency, and bring new development opportunities in the process of development
when it comes to digital currency, you may immediately think of virtual currency such as bitcoin. In fact, there are differences between digital currency and virtual currency. Those virtual currencies are affected by too many factors, and there will be inflation or very large fluctuation of stocks. Now, digital currency has a real purchasing nature, It is the same as paper currency. It only exists in the form of paper, and the other is in the form of numbers. We must not compare it with the wallet in Alipay or WeChat, because every digital currency has its own banknote code, that is, it can trace its source and use.
in addition to the above disadvantages and advantages, there will be no inflation in the process of issuing digital currency. But it's still in the testing stage, so we'd better use paper currency or some apps to pay first
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
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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
Digital RMB, issued by the people's Bank of China, is a controllable anonymous payment tool with value characteristics and legal compensation, which is operated by designated operating institutions and exchanged with the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins
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