Central bank to launch digital currency

1.

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

extended data:

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

2. The specific time can not be confirmed, and research is being carried out with the instry
more than three years ago, the people's Bank of China started to organize a seminar on digital currency, and then set up the digital currency Research Institute of the central bank. The recent action is to jointly organize step-by-step R & D with the instry and cooperate with the market. What the central bank develops is actually electronic payment. What it pays is digital, not paper money. Digital money also has monetary properties. The study of digital currency is not to realize the application of a certain technical solution, but to pursue the convenience and low cost of retail payment system, as well as security and privacy protection
the central bank's version of digital currency is inspired by bitcoin, bitcoin cash, wikilink and other digital currencies, and adopts the underlying technology blockchain of bitcoin.

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"
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4.

The central bank has recently been planning to launch & lt; Digital currency & quot; Now, some people think that since digital currency is going to be launched, does it mean that paper money will be replaced? In fact, paper money still has a place

01. The introction of digital currency conforms to the development trend of the times< p> in daily life, the use of cash is less and less , many of us now go out without cash, and there are more and more payment software. At the beginning, a treasure and a letter occupied half of the country, but now many people also start to use other payment software, and are no longer limited to these two kinds

when I used to go out, I used to go out with a certain treasure and a certain letter, but now I have a UnionPay. Every time I buy something, I can get a little discount. So, as long as conditions permit, I usually use UnionPay to pay. As an old saying goes, & lt; A little makes a lot;, Although each free amount is not much, but can not bear the large number of ah, in school, our school also has this payment software activities, a top ten, equivalent to white whoring a bowl of rice at noon, how good, so, UnionPay now in my heart also occupies a big position

summary:

it is impossible for digital currency to completely replace paper money, because many people still need paper money. I don't want my own capital flow to be clearly controlled by others in the future, and I need some private space

5. There will be two situations. One is that there will be a globally recognized digital currency, which can circulate in the world. Another situation is the emergence of a super strong situation, just like the current international situation. This kind of digital currency may be issued by a powerful country or alliance, and other countries will also have their own digital currency, but it mainly plays a supporting role. Bitcoin, Ruitai coin and vitality coin may only exist as an asset class at that time.

6. The traditional currency is "currency", that is, it can exchange any commodity, and its use is unrestricted. Because it does not carry information, it is difficult to trace. If the traditional currency expands with the growth of data, it will lose the function of value measurement, that is, it will become waste paper. However, digital currency is different. Although it is also "currency", it can carry information, so it has stability and can be used as the "anchor" of data assets rather than being "carried away" by data assets
in fact, the core attribute of bitcoin, which was the first to practice the concept of digital currency, is that the total amount of bitcoin can be controlled, so it can be used to measure the value of other commodities rather than being determined by other commodities. Of course, in terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
therefore, from a strategic perspective, under the background that informatization and digitization have become one of the main trends of economic development, the issuance of sovereign digital currency is the general trend.

7. The issue of digital currency by the central bank is a great monetary reform in human history, which will eventually create a more stable financial world. In this process, the financial infrastructure will be reconstructed, the financial system will be redesigned, the financial trading environment will be reshaped, and the biggest risk is the risk of path transfer. In the path from the monetary economy system of paper money to the monetary economy system of the digital age, mankind has entered an unprecedented untested financial world, where known and unknown risks are intertwined. Every small step forward may face enormous challenges, such as the stability of the digital currency system, hacker attacks, and coordination with the central banks of other countries, And in this process, the alternation of the old and new forces of financial institutions and other factors are very likely to bring great financial instability. This requires the central bank to strengthen relevant research and scientific prediction, and make systematic institutional arrangements in the process of path transfer, in order to deal with the market turbulence and financial risks
of course, there may be more application-oriented digital currencies in the future, such as the digital currency issued by crowdfunding platform coin Ying China crowdfunding project, corresponding to the physical assets, and the digital currency only exists as an asset voucher.