The impact of digital currency issuance on banks
the issuance of the central bank's digital currency will have a certain impact on the existing digital currency, but other digital currencies will continue to exist, but the road of development will be more bumpy, not only a means of speculation, but also an application. For example, the blockchain crowdfunding platform is the digital currency on China platform.
Fourth, in terms of financial services, it mainly refers to various intermediary businesses such as collection and payment, consulting and so on. For example, the collection of water, electricity and coal is small and the number of users is huge. These companies will still entrust the bank to collect, and they still need to open an account in the bank, so the impact of digital currency issuance on financial services is small. Fifthly, the function of credit creation mainly refers to that the loan is re deposited in the bank, waiting for investment or use, resulting in derivative deposits and currency multiplier effect, which has nothing to do with the issue of digital currency
the issuance of digital currency will not rece the number of bank outlets, because the basic function of the bank is far from the payment intermediary function, as well as macroeconomic regulation, the development of deposit and loan business, as well as financial services, intermediary business, and so on. What's more, many people still insist on using cash to pay and transfer. Therefore, the issue of digital currency can not eliminate the outlets of banks. The real impact on bank outlets is the rise of Internet finance. Banking business moves from offline to online. People generally accept using mobile banking app to deal with business, and then the physical outlets of banks will be canceled
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 RMBas 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
a few days ago, Indian Prime Minister modi announced the issuance of a new currency aimed at combating tax evasion and money laundering. In fact, if the central bank issues digital currency with perfect technology and mature mechanism, it will have better effect. Because the digital currency, in addition to anti-counterfeiting, with the help of blockchain technology, makes the capital data traceable and highly transparent. These features can also be used for macro data statistics and monitoring, which has positive significance for big data risk control
as for what bank digital currency is, the central bank requested at the meeting on January 20 this year that the research team of the people's Bank of China should actively absorb the important achievements and practical experience of digital currency research at home and abroad, continue to promote on the basis of preliminary work, establish a more effective organizational guarantee mechanism, and further clarify the strategic objectives of the central bank in issuing digital currency, Do a good job in tackling key technologies, study the multi scenario application of digital currency, and strive to launch the digital currency issued by the central bank as soon as possible.
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In terms of financial services, it mainly refers to all kinds of intermediary business such as collection and payment, consulting and so on. For example, water and electricity charges are collected on behalf of a large number of users with a small amount. These companies will still entrust banks to collect them, and they still need to open an account in the bank, so the impact of digital currency issuance on financial services is small. However, it is undeniable that the issuance of digital currency will definitely bring impact on the traditional business of banks, especially the cash business and payment and settlement business, which will force the banks to make the transformation of business model. However, this crisis has been highlighted as early as the launch of Alipay WeChat. Alipay's balance and the change in WeChat's red packets are actually the rapid development of electronic money, non cash payment, and the cash and settlement business of banks has declined. However, it still has no direct impact on bank outlets. Similarly, mobile banking and online banking are already very convenient. Why do people go to banks? Because some people can't operate, and some businesses can't be handled on mobile banking and online banking. Therefore, it can be said that only when big data, artificial intelligence and cloud computing are widely used in financial technology, the continuous improvement of citizens' quality, and the full migration of offline business to online business, will the physical outlets of banks be cancelled< br />