Will the Bank of China issue digital currency
Publish: 2021-04-15 12:54:24
1. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is 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"
the center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
response time: October 13, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
what we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment instruments"
the center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
response time: October 13, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
2. 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"
response time: October 27, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
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"
response time: October 27, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
3. This problem is very professional
we are ready to discover digital currency, but it is still in the planning and brewing stage, and there is no formal issue
this project will upgrade the existing currency discovery mechanism, and each unit of currency is given its own special identification mechanism
in addition, the bank account, Zhang Sanhui gives you 100, Li Sihui gives you 100, under the current system, there is no essential difference between the two 100, For you, for the system, the bank account is the same bookkeeping symbol, but under the digital currency mechanism, the system can correctly identify which unit currency, that is, the 200 yuan, is given by Zhang San and which by Li Si. Note that this is in the electronic system, not the actual paper currency, which is equivalent to giving DNA to each unit currency
we are ready to discover digital currency, but it is still in the planning and brewing stage, and there is no formal issue
this project will upgrade the existing currency discovery mechanism, and each unit of currency is given its own special identification mechanism
in addition, the bank account, Zhang Sanhui gives you 100, Li Sihui gives you 100, under the current system, there is no essential difference between the two 100, For you, for the system, the bank account is the same bookkeeping symbol, but under the digital currency mechanism, the system can correctly identify which unit currency, that is, the 200 yuan, is given by Zhang San and which by Li Si. Note that this is in the electronic system, not the actual paper currency, which is equivalent to giving DNA to each unit currency
4. The central bank only plans to issue digital currency, and the specific time has not yet been determined. However, some relevant people said that the time for the central bank to issue digital currency is not mature, at least in ten years.
5. Bank of China has not launched or plans to launch any digital currency, let alone specific events. In China, the major commercial banks have drawn a clear line with digital currency for a long time. Although the attitude towards digital currency is not so cold now, the law is still not prohibited. However, the central bank held a digital currency seminar earlier this year and planned to launch its own digital currency, which is different from cryptocurrencies such as bitcoin, Ruitai and Laite.
6. No, China has not yet recognized the currency of bitcoin
7. There should be some impact.
8. At least not for a short time, because the preparatory work has not yet been carried out
risk tips on issuing or promoting digital currency in the name of the people's Bank of China. The relevant information is as follows:
1. Our bank has not issued legal digital currency, nor authorized any institution or enterprise to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency
Second, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud. The general public should raise their risk awareness, invest rationally and prudently, and prevent the interests from being damaged< Third, the legal currency of China is RMB. RMB shall be uniformly printed and issued by the people's Bank of China. No unit or indivial may refuse to pay all public and private debts within the territory of China in RMB. The general public should establish a correct concept of currency, take good care of RMB and jointly maintain the normal circulation order of RMB.
risk tips on issuing or promoting digital currency in the name of the people's Bank of China. The relevant information is as follows:
1. Our bank has not issued legal digital currency, nor authorized any institution or enterprise to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency
Second, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud. The general public should raise their risk awareness, invest rationally and prudently, and prevent the interests from being damaged< Third, the legal currency of China is RMB. RMB shall be uniformly printed and issued by the people's Bank of China. No unit or indivial may refuse to pay all public and private debts within the territory of China in RMB. The general public should establish a correct concept of currency, take good care of RMB and jointly maintain the normal circulation order of RMB.
9. The Bank of China has the right to issue currency in Hong Kong and Macao. It issues Hong Kong dollars and Macao dollars
currency issuance is the difference between the money that enters the circulation field from the central bank and the money that flows back to the central bank within a certain period of time. The activity that the state authorizes the issuing bank to transfer money from the depository of the issuing fund to the bank business Treasury, and through it to release money to the circulation circle
money issuance has two meanings: one is that money flows from the issuing bank of the central bank to the society through the business bank of each bank; the other is that the amount of money flowing out of the central bank is greater than the amount of money flowing in. It is an important liability of the central bank
in China, the right to issue currency belongs to the state. The State shall, in accordance with the needs of national economic development, approve the annual maximum issuance limit of RMB. The people's Bank of China shall, in accordance with the issuance quota approved by the State Council, specifically handle the issuance of RMB and centrally manage the issuance funds
the people's Bank of China has an issuance fund depository (hereinafter referred to as the issuance repository) to keep issuance funds. The issuing fund is the RMB that has not been issued, it is not the currency in circulation. Each professional bank has a business library, which is established for daily cash collection and payment. It approves cash stock limits. The part of cash exceeding the inventory limit shall be deposited in the issuing treasury. When the business cash on hand is not enough to meet the needs, cash must be transferred from the issuance treasury of the people's Bank of China. The issue of funds into the business library, is the currency issue.
currency issuance is the difference between the money that enters the circulation field from the central bank and the money that flows back to the central bank within a certain period of time. The activity that the state authorizes the issuing bank to transfer money from the depository of the issuing fund to the bank business Treasury, and through it to release money to the circulation circle
money issuance has two meanings: one is that money flows from the issuing bank of the central bank to the society through the business bank of each bank; the other is that the amount of money flowing out of the central bank is greater than the amount of money flowing in. It is an important liability of the central bank
in China, the right to issue currency belongs to the state. The State shall, in accordance with the needs of national economic development, approve the annual maximum issuance limit of RMB. The people's Bank of China shall, in accordance with the issuance quota approved by the State Council, specifically handle the issuance of RMB and centrally manage the issuance funds
the people's Bank of China has an issuance fund depository (hereinafter referred to as the issuance repository) to keep issuance funds. The issuing fund is the RMB that has not been issued, it is not the currency in circulation. Each professional bank has a business library, which is established for daily cash collection and payment. It approves cash stock limits. The part of cash exceeding the inventory limit shall be deposited in the issuing treasury. When the business cash on hand is not enough to meet the needs, cash must be transferred from the issuance treasury of the people's Bank of China. The issue of funds into the business library, is the currency issue.
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