Technical route of digital currency

1.

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

reference materials

network digital currency

2. So far, we can't buy the digital currency issued by the central bank, but it's coming soon
according to the news on August 10, Mu Changchun, deputy director general of the payment and Settlement Department of the people's Bank of China, said at the third China finance forum that the central bank's digital currency will soon be launched and will adopt a two-tier operation system, that is, the people's Bank of China will be the upper tier and commercial institutions will be the second tier< As for why the central bank's digital currency chooses the "two-tier operation system", Mu Changchun explained:
1. The central bank's digital currency is bound to face the retail scene and the public, while the performance of bitcoin and Libra can not meet the high concurrency. After a period of research, it is decided to adopt the two-tier system
2. It is a complex system engineering for big countries to issue central bank digital currency
3. The IT infrastructure application and service system of commercial banks and other institutions have been relatively mature, the user base is huge, and the service habit has been formed; There are plenty of talents and it experts; The system has strong processing ability, and has accumulated some experience in the application of financial technology
4. Through the design of two-tier operation, risk can be avoided to concentrate on a single indivial
5. Single layer investment will lead to "financial disintermediation". If the central bank directly releases digital money to the public, it will crowd out the deposits of commercial banks and affect the loan delivery ability of commercial banks; In extreme cases, it will also subvert the existing financial system, leading to the "grand unification" of the central bank
6; It will not affect the existing monetary policy transmission mechanism
7. The central bank will not preset the technology route, any advanced technology may be used in the research and development of the central bank's digital currency; The boundary between electronic payment and central bank digital currency is fuzzy; It can fully mobilize market forces and realize system optimization through competition
it can be seen that the central bank has recognized the legitimacy of bitcoin and Ethernet in disguised form. However, the central bank's digital currency is different from the traditional blockchain digital currency. It is 1:1 anchored RMB. I regard it as RMB digitization. The central bank's digital currency, paper money, coins and bonds exist at the same time, but in different ways. It is a kind of stable currency, and there is no room for speculation
at the beginning of this year, the most influential event of digital currency is Facebook's upcoming launch of digital currency Libra. If successful, it will bring 3 billion Facebook users into digital currency. However, Libra has not included the RMB in its basket of currencies. Coupled with the sweater war and exchange rate war with the United States, this may be the reason why the central bank urgently launched the central bank's digital currency. It is said that Wal Mart will also launch digital currency. With JPMorgan's issuing currency before, it can be predicted that traditional business giants will enter the era of blockchain digital currency one after another
the issuance of digital currency by the central bank may be a great benefit to the users of China's currency circle. Due to some policy reasons, the users' access to the digital currency world is not very smooth, which is the problem of difficult access to money. The most common stable currency, usdt, does not seem to be very stable and over issued seriously. In addition, the attorney general's office in New York investigates TEDA and other reasons, There may be a risk of thunderstorm at any time. According to statistics, about 80% of the users who use usdt are Chinese users, while the United States uses USD directly, and a few will use usdt. If the central bank introces digital currency, it will greatly facilitate digital currency users
finally, the other role of the central bank's digital currency is cross-border trade settlement. If it is combined with Alipay and WeChat payment, it will compete abroad and compete with Libra internationally.

3.

At 8:00 on October 11, Shenzhen & lt; Enjoy Luohu digital RMB red envelope & quot; At the end of the appointment, the system successfully completed the pilot appointment registration, which is an important step in the development process of digital RMB. Adrian said: & lt; China's digital currency pilot leads the world, and the IMF pays close attention to the pilot situation of China's digital currency in some urban areas& rdquo; From the perspective of monetary statistics, the central bank's digital currency belongs to the category of M0, that is, cash, not M1 or m2. Therefore, he does not think it is necessary to worry about the impact on banks in the initial stage{ RRRRR}

overall, the impact of digital RMB on China's financial system will be all-round, and the development of China's digital system will usher in a new era

4. In fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading.

5. Should be to see the digital coins in the future market prospects, so at this stage to seize the market!

6.

The differences are as follows:

1. Bitcoin is valuable and highly valuable because it costs a lot of labor to obtain it; The value of mchain is not high. The value of 100 mchain is almost the same as that of counterfeit money, and the cost is a few cents

2. Compared with bitcoin, mchain token has more novel playing methods and reward mechanisms. These reward mechanisms actually enable players to play and gain to a certain extent, while bitcoin is boring

3. Bitcoin is well known by people, while mchain token has not emerged for a long time, only a few people know it

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the name of bitcoin is currency, not real currency. Looking around the world, only Germany recognizes it as the equivalent of "private currency". Since it is not a currency, the financial regulatory authorities of various countries will not regulate bitcoin as they regulate currency. In this way, bitcoin is becoming a special "equivalent" wandering in the gray area

recently, bitcoin and its derivative financial transactions are in full swing. Bitcoin futures trading has been approved by a number of exchanges in the United States, but not regulated. This gives the bitcoin a seemingly "legitimate" coat, and makes bitcoin more like the tulip bubble of Holland in seventeenth Century: the "makers" who have a clear purpose are making money full of money. Compared with the high point of 20 thousand US dollars / p>

, the price of bitcoin is deep at present, but if the government strengthens supervision in the future, or its own capacity limit leads to shrinkage, the level of bitcoin will go deeper. In the past, the price of bitcoin has been slashed, and its future trend is particularly alarming

7. To design digital currency, we need to consider the following things:
first, we need to clarify the concept, definition, classification, functions and characteristics of digital currency, put forward the Chinese definition of digital currency, distinguish the similarities and differences and relations between legal digital currency and private digital currency in technical characteristics, economic characteristics and institutional arrangements, and discuss the process of digital currency performing monetary functions, And how to meet the requirements of a high-quality monetary system
Second, we need to conct in-depth research on the operation of digital currency, and explore the issuance, circulation, transaction and withdrawal mechanism of digital currency based on the al system of central bank and commercial bank. On this basis, the selection of technical route and key technology to meet its operation mechanism is discussed, and the key technology research and breakthrough are carried out
thirdly, we should study the effect and influence of digital currency on monetary and financial operation system
fourthly, based on the above research results, the scientific top-level design of digital currency supervision is formed, including the development and design of digital currency, the development of applicable regulatory coordination tools, and the selection of appropriate regulatory indicators
more importantly, the digital currency that the central bank plans to issue is different from bitcoin, Leyte, dogcoin, decent and other digital currencies.