The influence of digital currency on the third party payment
digital currency is a double-edged sword. On the one hand, the blockchain technology it relies on has been decentralized and can be used in other fields besides digital currency , which is one of the reasons why bitcoin is popular; On the other hand, if digital currency is widely used by the public as a kind of currency, it will have a huge impact on the effectiveness of monetary policy, financial infrastructure, financial market, financial stability and so on. Specific Wu Xiaoxia:
1. Impact on monetary policy
if digital currency is widely accepted and can play the role of currency, it will weaken the effectiveness of monetary policy and bring difficulties to policy-making
because digital currency issuers are usually unregulated third parties, money is created outside the banking system, and the amount of circulation depends entirely on the wishes of the issuers, which will lead to the instability of money supply. In addition, the authorities are unable to monitor the issuance and circulation of digital currency, which will lead to the inability to accurately judge the economic operation and bring trouble to policy-making, At the same time, it will weaken the effectiveness of policy transmission and implementation
2. Impact on financial infrastructure. The use of distributed ledgers also poses challenges to trading, clearing and settlement, as it promotes the disintermediation of traditional service providers in different markets and infrastructures. These changes may have potential impacts on market infrastructure other than retail payment systems, such as large payment systems, securities settlement systems or trading databases
3. The impact on financial intermediation and financial market in a broad sense. As a financial intermediary, banks perform the ties of acting supervisors and supervise borrowers on behalf of depositors
generally, banks also carry out liquidity and maturity conversion business to realize the financing from depositors to borrowers. If digital currency and distributed ledger are widely used, any subsequent disintermediation may have an impact on savings or credit evaluation mechanisms
4. The impact of security risks and financial stability
assuming that digital currency is recognized by the public, its use increases significantly and replaces legal currency to a certain extent, negative events such as network attacks on user terminals related to digital currency will lead to currency fluctuations, which will have an impact on the financial order and the real economy
in addition, the virtual currency based on blockchain technology is usually held by a few people at the beginning. For example, the first purchase of bitcoin in May 2010 was $25 pizza purchased by 10000 BTC, and the price of each bitcoin rose to $1200 in more than three years by the end of 2013
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Amazon will launch digital currency project in Mexico. Amazon is recruiting software development managers for digital and emerging payments (DEP) to develop new payment procts that will enable customers to convert cash into digital currency
the digital and emerging payments sector intends to launch the proct in Mexico first. The follow-up will be extended to Brazil and India. It is reported that the digital currency project will completely focus on payment services in emerging markets
on the evening of October 8, 2020, the official microblog of Shenzhen Internet Information Office announced that in order to promote the construction of Guangdong, Hong Kong and Macao Dawan District, and in combination with the local consumption promotion policy, Shenzhen Municipal People's government recently launched a pilot project of digital RMB red envelope with the people's Bank of China. This means that the digital RMB in the process of practical application has been an important step forward
when we talk about digital currency, we usually think of bitcoin and other folk currencies based on blockchain technology. But they are essentially different
Yang Jun, a researcher of digital currency, introced to time finance that cryptocurrencies such as bitcoin are basically decentralized and illegal, and have no legal compensation, so there are great risks. The central bank's digital currency, like paper money, is centralized, legal, and has national credit endorsement
from the perspective of usage mode, digital RMB is more similar to the existing third-party mobile payment, but has the advantages of higher credit endorsement, stronger privacy management, more advanced means of payment and so on< According to Yang Jun's analysis, in the future, digital RMB will have a huge impact and challenge on the existing third-party payment means
it can be said that digital RMB "has come out"
for digital RMB, the central bank has long had a layout. In 2016, the central bank established the digital currency Research Institute. At the end of 2017, with the approval of the State Council, the central bank organized some commercial banks and relevant institutions to jointly develop the digital RMB system (DC / EP). In April 2020, digital RMB will be tested for the first time in Shenzhen, Suzhou, xiong'an, Cheng and the future Winter Olympics
Zhang Jinxi, director of Guangdong Creative Economy Research Association and chairman of Yimi Holding Co., Ltd., the initiator of blockchain instrial intelligent park, told time finance that the last closed test was limited in personnel and use scenarios, mainly to test the performance of digital RMB
"the first is the technical feasibility and security, the second is the performance of high-frequency payment and exchange, and the third is the convenience and friendliness of payment." Zhang Jinxi said.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.