The influence of central bank's digital currency on paper mon

1.

The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision

in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020

as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value

Policy evolution of the development of digital RMB

as early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar

after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years

Figure 1: Policy Evolution of digital RMB

with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB

2. Theoretically, it's OK, but it's just a good vision, just staying in theory. Ideal is full, reality is backbone. It is a slow and bumpy process for digital currency to replace legal currency. First of all, the popularization of digital currency must require the improvement of corresponding infrastructure, the great improvement of China's economic development level and the formation of people's behavior habits. The central bank is also interested in digital currency, but this kind of digital currency is more just the digital currency of RMB. There is a natural difference between the design principles of bitcoin, Ruitai coin and Qianjin card.

3. Central banks study numbers or currencies. Electronic money and paper money will have a certain impact. It reces the circulation of paper money. Improve the speed and efficiency of circulation.

4. Zero3 international settlement center adopts blockchain technology to complete cross-border payment through valuable digital assets euz. Compared with the traditional use of foreign exchange purchase and exchange between international banks, in 2018, ant financial services has actually tried to use blockchain technology in the field of international cross-border payment, so it is very good to use blockchain technology in Cross-border payment.

5. Now we have to clarify the concept of commodities.
the labor procts collected on the ground must not be counted, but must be processed.
the self-sufficient ones must not be counted, and they must be exchanged. For example, the cloth proced by men and women in ancient times was used by themselves. Therefore, it is not a virtual currency.

virtual currency originally refers to unreal currency, which is used in games,
virtual money in computer games will also have its real value. For example, if a player buys his account from another player, he can get all the virtual assets of that player, and then it will be much easier for the player to continue playing. If the game allows players to transfer virtual property, players can buy and sell game props and pay in real currency. If the game props are priced by virtual currency in the game, then the exchange rate between real currency and virtual currency is established

so its value comes.

the value in textbooks is different from the value mentioned above. Value is a kind of social labor result condensed in procts, You should have learned that the amount of value is determined by the social necessary labor time.
the so-called price is just a form of monetary expression of value...

the value in textbooks is a kind of physical value. How can I tell you?
take the stock market for example, some people make money, so can you say that the stock market creates value? No, he doesn't create, he just redistributes wealth...

let's take the use value as an example, remember its definition
the utility of goods that can meet people's needs

is it goods, is virtual currency goods? The so-called goods are made up of atoms...

besides value, the so-called value is that value appears with the emergence of human beings and is defined by human subjective consciousness. Value is a kind of surreal norm or ideal, It's God's creation. Whether a thing has value or not depends on the logic of the concept system, which is a surreal, ideal state, or God given

value comes from nature, and develops with human evolution and social development. The ultimate origin of value can only be the moving

material world and the working human society. The virtual currency belongs to a part of human society... So it is valuable, but from the perspective of textbooks, it is far fetched

6. Edison (1847-1931) was a famous American inventor. He was diligent, studious, thoughtful and hardworking all his life. At the age of 75, he also went to the laboratory on time every day to check in for work. For decades, he worked for more than ten hours every day and read for three to five hours in his study at night. If we calculate by the activity time of ordinary people's life, his life has been doubled. So Edison, on his 79th birthday, said to people with pride, I'm 135 years old. He lived to be 84 years old. He made 1100 inventions in his life. His greatest contributions were the invention of phonograph and automatic telegraph, the experiment and improvement of incandescent lamp and telephone. Edison began to study electric lamps in his early twenties. It took him more than 10 years. He used thousands of different materials, such as bamboo, cotton, graphite, tantalum, and so on, as filament materials to carry out experiments. He often reached the top of the sky. Once, he and his assistants worked continuously for five days and nights. In 1879, Edison used carbon filament as incandescent filament and ignited it for 40 hours. Because the surface of carbon fiber is porous, brittle and low strength. It was soon replaced by tungsten wire< In 1883, Edison discovered the phenomenon of hot electron emission, also known as "Edison effect", that is, some electrons or ions near the metal surface get enough kinetic energy e to the high temperature, so as to overcome the binding of the surface and escape from the metal. Edison effect is very important for the operation of all vacuum tubes. The cathode, as the emitting surface, is often coated with alkaline earth metal oxide to facilitate electron emission, and heated by electric current to maintain high temperature< In 1900, Edison invented the iron nickel battery, which is an alkaline battery with electromotive force of about 1.3-1.4 V, long service life and low efficiency.

7. It is reasonable to say that, but it is very difficult to popularize digital currency, especially in some remote mountainous areas. Of course, it is feasible in the developed areas along the east coast, river and road. The popularization of digital currency is also very simple, with certain supporting infrastructure. At the beginning of this year, the central bank held a digital currency seminar and planned to issue its own digital currency. But this kind of digital currency is different from the decentralized digital currencies such as bitcoin, Ruitai and Laite. The control of the digital currency issued by the central bank is in the central bank, which is the digitization of RMB.

8. This is a alarmist statement. The disappearance of paper money is feasible in theory, but it is not feasible in China, at least in the last decade. In some small European countries with developed economy and perfect infrastructure, it is very difficult for Norway, Finland, Luxembourg and Belgium to realize paperless transactions, not to mention China, a country with different levels of development
it is the general trend for the central bank to prepare digital currency, and it is feasible to replace cash transaction with digital transaction in theory and practice. In fact, it is the same. In the future, we will use digital currency more than cash, and digital currency payment will become the mainstream. However, bitcoin, lightcoin and other mainstream cryptocurrencies will be marginalized. There will be more digital currency asset certificates similar to those launched by European crowdfunding, but the service life will not be too long.

9. The launch of digital currency
has nothing to do with the collection of banknotes. If it is necessary, it is that the launch of digital currency
is likely to accelerate the delisting process of the fourth set of RMB.