Participated in the prototype design of the central bank's di

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

extended data

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.

According to Caixin, the digital bill trading platform based on blockchain promoted by the central bank has been successfully tested, and the legal digital currency issued by the central bank has been put into trial operation on the platform, and the R & D center will be set up in the near future for continuous improvement; After the Spring Festival, the digital currency Research Institute of the central bank will also be officially listed. This means that in the world, the Central Bank of China will become the first central bank to issue digital currency and carry out real application, and take the lead in exploring the practical application of blockchain. The implementation of the project is a major financial technology achievement led by the central bank and independently innovated and developed. This shows that the people's Bank of China is closely following the international frontier trend of financial technology, striving to grasp the foresight and control of the application of financial technology, and its determination and efforts to explore and practice frontier financial services. The people's Bank of China has said that it will publish digital currency R & D talents on the official Internet, which is of great importance. Here I would like to remind you that the more formal and professional new things are, the more professional talents must be given to operate them

caixin.com: the prototype system of the central bank's digital bill trading platform has been successfully tested
http://finance.caixin.com/2017-01-25/101048999.html

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for example, Internet of things digital currency / national cause (charity) wechat group fraud backbone [Wang Sulan] [Cai Yongming] [Xue gendi] [Du Kaiju] [Liu Yanfei] [Wang Jufang], [Tian Genmin], [Li qiuqiong], [Fu Yunjuan], [sun Qing], [Wang Yanyan], [Qu Fengtao], [Li MEIXIA], [Wu Juzhen], [Lin Baihe], [Li Jianhua], [Xu Tao], [Li Yingchun] and others have painstakingly created [a learning group from Lei Feng], [accurate poverty support and pay group], [b33651 group in ten districts], [Wang Sulan, Cai Yongming new project report group], [Shanghai Learn from Lei Feng core group, work together and help each other group, Shanghai Xue gendi team, learning group (Shanghai), positive energy 605 group, charity 128 group-1, 4 detachment 158 group, 2128 brigade, charity love harmony 87 group, Internet of things 133-9 group, China Internet of things digital currency, 68 District 172 group, Third Bureau, independent special zone of Internet of things, Qian Shuai 16, Li Jianhua, China Internet of things digital currency In order to avoid the attack of network security, we need to change the group name from time to time, and so on. These fraud groups are all advocating various high return projects under the guise of patriotism ([Cai Baiping Asian investment bank project], [169 yuan project], [958 group benefiting the country and the people project (charity enriching Chen Yuying team project)], [charity enriching the people (958 group 51 single) project table 22 yuan, supplementary payment 20 yuan], [2 Yuan Li Yunlong (love) China Chen Yuying foundation project], [10 yuan silver fund fee - 958 group], [Ministry of finance project charity enriching the people Chen Yuying team (100 yuan) project] [18 new projects E-form charity enriching Chen Yuying team on April 9, 2017], [Chen Yuying 200000 Lika project pay 17 yuan - Li qiuqiong], [ABC card 10 yuan silver fund charity enriching Chen Yuying team Jintan Wang Jufang Shanghai Xue gendi team], [State Council's notice and declaration form on the state's welfare for meritorious persons], [State Council's notice and declaration form on the state's welfare for meritorious persons] [3 platform reward form, March 29, 2017], [Dutch crowdfunding project], [International Plum Blossom Association salary payment project], [ease fund settlement fee payment project], [Chinese national welfare fund 60 yuan project], [Guanghua Foundation (20 + 116 yuan) love fund settlement fee payment project], [harmonious home Shanghai team 9.9 yuan project], [China national welfare fund 60 yuan project], [Guanghua Foundation (20 + 116 yuan) love fund settlement fee payment project], [harmonious home Shanghai team 9.9 yuan project] [key meeting card fee for unfreezing national assets of bird's nest on April 25, 2017], [US dollar unfreezing (19667 + Xinbao 170) project], [platform reward fund project], [37 group project of four southwest teams of targeted poverty alleviation], [38 group project of four southwest teams of targeted poverty alleviation], [20 yuan tax paid for 16 yuan Chen Yuying project - 958 group], [investigation on targeted poverty alleviation of General Office of the State Council], [investigation on targeted poverty alleviation of General Office of the State Council] [Ningbo team Ministry of Finance and Red Cross donation project], [218 yuan project], [55 yuan project], [668 yuan project], [1680 yuan project], [35 + 23 yuan project of Sanfeng foundation of guoyuhuan East China Bureau], [Shanghai group of 958 national charity fund members], [20 yuan project of 958 group charity enriching people], [20 yuan project of guoyuhuan East China Bureau] [1000 yuan people's livelihood membership card]... And so on, Semi militarized management was adopted to incite nationalist sentiment. Everyone was required to change the background of their head portraits to red and take formal photos. Moreover, the flag was raised every morning, and activities were held at night when they went to bed. Everyone also had to sing together. In addition, ordinary members are not allowed to talk or pull people into the group at will. All kinds of so-called high return project report documents in the group, brainwashing MP3 lecture recordings of backbone members (such as voice content of CAI Baiping's speech, which was exposed by the Ministry of civil affairs of the people's Republic of China on December 16, 2016 pretending to be vice mayor of Nanjing and national executive president of aiib) (such as propaganda of Qi Lihua 169 project), photos of national leaders of PS presiding over the charity fund distribution meeting All kinds of fake central red head documents emerge one after another. Every night, there are propagandists to organize lectures. In addition to participating in these activities within the group, people in the group also need to sign a letter of commitment, resolutely follow the group leader, make rational use of donations, refuse to buy foreign procts, be willing and bear legal responsibility. In the context of swindlers, the old people are making contributions to the national rejuvenation. Deception not only brings persecution to the victims' families economically, but also some people are stubborn and even threaten to sever their relationship with their close relatives in order to accomplish their "great cause". Very bad nature (similar to MLM brainwashing money)! The consequences are very serious (property lost, family broken)! Extremely corrupt morality (cheating with patriotic feelings)

3. This is not very clear. The central bank has not released the list of members of the digital currency R & D team. However, at the beginning of this year, the central bank did hold a seminar on digital currency and planned to launch its own digital currency, which can be called currency
it is suggested to go to the official website of the central bank for consultation. Digital currency has huge investment risks and should be invested carefully. Digital currency in China generally refers to bitcoin, Ruitai currency, Laite currency and other digital cryptocurrency.

4. Alipay and so on are only electronic payment methods. The money used in the transaction is coming through bank accounts, that is, the money in Alipay actually corresponds to a banknote, and the digital money is money. In the actual use experience, digital money and electronic payment may feel similar, but they are still quite different in essence< In addition, digital currency is different from virtual currency. For example, the well-known Q coin and the money recharged in various games are virtual currency. These virtual currencies can only be purchased with real currency, but cannot be converted into real currency

in the world, bitcoin is probably the most famous digital currency, in addition to "Wright coin", "Dog Coin" and "Yuan Bao coin" in China

however, there is no centralized issuer for these digital currencies, and anyone is likely to participate in the manufacturing and global circulation. The digital currency of the central bank is the legal currency issued by the central bank, encrypted and supported by national credit. It is understood that at present, the research and development of the prototype system of legal digital currency is in progress. As for when China's legal digital currency will be launched, there is no timetable.

5. Yao Qian, director of the digital currency Research Institute of the people's Bank of China, told the media: "the central bank issues legal digital currency

6. Digital currency, which is equivalent to a new currency, has nothing to do with house price
for example, if RMB with a face value of 500 is issued, will it affect house price?

7. 1 the framework of legal digital currency needs the participation of non bank payment institutions
there is no unified concept of legal digital currency. The Bank of England defines "digital currency" as "a payment method existing only by electronic means... Which can be used to purchase physical goods and services"... Including "private digital currency" and "digital currency issued by the central bank". Further than the Bank of England, Yao Qian, director of the digital currency Research Institute of the people's Bank of China, made clear the multiple connotations of the central bank's legal digital currency in several public speeches: legal and encrypted credit currency, adopted a series of algorithms, and derived more intelligent functions in the payment function
to this end, the central bank has designed a system architecture of "one currency, two warehouses and three centers", that is, taking digital currency as the center, designing the issuing library and deposit library, matching the certification center, big data analysis center and registration center. The central bank's digital currency is issued by the central bank and circulated in the commercial bank's account. The issuing inventory is put into the people's Bank of China to deposit the digital currency. The deposit bank is the database of the commercial bank to deposit the central bank's digital currency. The authentication center manages the identity of institutions and users in a centralized way; The registration center completes the whole life cycle and ownership registration of the central bank's digital currency; The big data analysis center achieves the goals of anti money laundering, anti terrorist financing, index detection and analysis
as an important node in the framework of legal digital currency, commercial banks play an important role in the circulation of central bank's digital currency. In the case that China's non bank payment institutions have occupied a certain market share, it is a better choice for non bank payment institutions to participate in the framework of digital currency operation as a supplement to commercial banks. The reasons are as follows: first, third-party payment institutions can help commercial banks realize the promotion of legal digital currency. Within commercial banks, there is a competitive relationship between legal digital currency and physical currency. The public tends to convert the digital currency in cash account into traditional currency in exchange for income, so it is difficult to achieve the goal of promoting digital currency by commercial banks; Second, the third-party payment institutions can avoid the repeated construction of payment application scenarios by commercial banks. Different from non bank payment institutions, the current payment scenarios of commercial banks are relatively lack of diversification, which will lead to a waste of resources and the rich experience accumulated by non bank payment institutions; Third, the third-party payment institutions can appropriately rece the operating costs of commercial banks. On the one hand, commercial banks need to upgrade the necessary software and hardware for the central bank's digital money service; On the other hand, we should continue to do a good job in traditional RMB deposit and withdrawal services. The simultaneous operation of the two systems will increase a lot of human and material costs. Fourth, the third-party payment institutions can promote the construction of payment instruments and channel integration of commercial banks. In the framework of legal digital currency, the single payment instruments and complex payment channels provided by commercial banks may rece the enthusiasm of the public to use legal digital currency
2 the emergence of legal digital currency reshapes the role of non bank payment institutions
in the process of cooperation with commercial banks, all kinds of non bank payment institutions play four roles. The first is the role of account manager. Non bank payment institutions can not operate deposit and loan business, and the amount in their payment account is not a deposit, so it is easier for the public to accept the role of non bank payment institutions as "digital wallet". At the same time, non bank payment institutions have rich experience in the development and operation of digital currency wallets and their terminals, which is concive to the smooth management and use of central bank's digital currency, and there is no need to worry about the risk of misappropriation of funds by non bank payment institutions. The second is the role of payment service provider. Non bank payment institutions have a lot of experience in scenario development and operation, including mobile payment, cross-border payment and rural payment, and relatively large market share of scenario based payment. On the one hand, powerful non bank payment institutions can develop a variety of procts based on Intelligent legal digital currency to meet the needs of users' exchange, payment, storage and related derivatives; On the other hand, non bank payment institutions can make use of various scenarios to promote the use of legal digital currency. For example, when consumers want to invest through the central bank's digital currency, non bank payment institutions, with the experience of traditional currency investment and payment services and upgraded digital wallet, can be fully competent as the special payment service provider of digital currency investment. Third, the role of system construction service provider. NPC, the core of national payment and settlement system, and CCPC, the core of provincial payment and settlement system, will continue to play an important role in the framework of legal digital currency. In the long-term coexistence of legal digital currency and traditional currency, NPC and CCPC will be double important nodes. Non bank payment institutions with strong technical ability can be used as secondary verification nodes under the framework of legal digital currency to supplement the multi center and distributed system architecture and continue to dock with NPC and CCPC
3 technical connection between non bank payment institutions and legal digital currency system
the innovation of non bank payment institutions is accompanied by the connection with legal digital currency system, covering the whole process of digital currency generation, storage, use and withdrawal. In this process, the first thing to solve is the docking of basic layer technology and transaction mole. The docking of basic layer technology is reflected in three aspects. First, in terms of basic security technology, non bank payment institutions, as providers of mobile terminal transaction forms, need to apply terminal security mole technology, dock with unified encryption and decryption system, provide carriers for secure storage and encryption and decryption operations, and provide effective basic security protection for digital currency. Secondly, in the aspect of data security technology, non bank payment institutions, as a part of the whole payment system, should adopt the official unified ciphertext + MAC / ciphertext + hash technology to transmit digital currency information, so as to ensure the confidentiality, security and non tamperability of the information. Thirdly, in the aspect of transaction security technology, non bank payment institutions, as the advanced nodes participating in bookkeeping, adopt blind signature technology to ensure the controllable anonymity of digital currency in the process of transaction, and eliminate the possibility of repeated payment through serial number, time stamp and other ways; And through encryption and decryption, digital signature, identity authentication and other anti-counterfeiting ways to ensure the authenticity of the transaction
when docking with the transaction mole, non bank payment institutions should do the following: first, docking with the certification center to obtain relevant digital certificates and user identity information; Second, connect with the trusted service management mole to obtain the use function of digital currency; Third, connect with the issuing system and storage system, and apply for and exchange digital currency through the bank treasury; Fourth, connect with the transaction communication mole to ensure that users can realize online payment through the transaction network in the intelligent terminal based on online transaction communication; Fifth, connect with the registration center, notify and record the flow of digital currency transactions, so as to complete the registration of the central bank's digital currency generation, circulation, checking and extinction process
4 scenario docking between non bank payment institutions and legal digital currency system
scenario docking of non bank payment institutions is based on the transformation of their own roles. Legal digital currency is algorithmic currency and intelligent currency, so business innovation and scenario expansion are the proper meaning of legal digital currency system. Non bank payment institutions can achieve scene docking mainly in four aspects
first, enabling the financial instry and defusing the limitations of financial scenario services. At present, there are some limitations in financial scenario service, such as business modeling is not universal, different agents have different management requirements, and the system docking cost of participants is high. Non bank payment institutions connect with the underlying technology of legal digital currency, and through the research and development of smart contract, establish behavior information such as capital flow, trigger conditions, value change rules, revenue right registration, and corresponding capital information (amount, account, currency, etc.) to resolve the existing limitations of financial scenario service. Non bank payment institutions use the atomic properties of digital currency and the atomic transactions of smart contracts to "assemble" into a business model. It does not need to develop a separate platform for different business scenarios, and avoids the monopoly of the instry platform and the non disclosure of information
Second, expand the use scenarios and improve the user experience. Non bank payment institutions can continue to expand the use scenarios according to the characteristics of legal digital currency on the basis of the existing rich payment scenarios, so as to meet the needs of users' exchange, payment, storage and related derivatives. At the same time, through the aggregation application, users can use the app of non bank payment institutions to dock a large number of scenarios and services
thirdly, improve the security of funds and create a universal digital wallet. Non bank payment institutions can provide digital wallet services, create digital wallets that meet security standards through their own technology, and ensure the security of users' funds. Alternative methods include: the central bank and non bank payment institutions cooperate to develop a unified universal digital wallet application, or authorize several qualified non bank payment institutions to provide universal digital wallet services. The digital wallet can realize the mutual exchange between the user's funds in various commercial banks and the legal digital currency even in the self owned accounts of non bank payment institutions. From the perspective of implementation, at the same time, the traditional account system of commercial banks can also bind the digital currency wallet of non bank payment institutions, so as to achieve the joint management of traditional accounts bound with digital currency wallet
Fourth, help cross-border settlement and build a safe and reliable cross time zone alliance chain. Non bank payment institutions can deeply participate in the cross-border payment system of legal digital currency. Cooperation with commercial banks and central banks can be achieved in at least two aspects. First, payment standards and tools are available. Non bank payment institutions participate in the research and establishment of standards and tools to realize the possibility of technical docking. Second, cross border payment system. The business system led by the central bank and participated by commercial banks and qualified non bank payment institutions will help to realize efficient cross-border payment
5 the legal framework of non bank payment institutions and legal digital currency is connected
a perfect legal system is an important guarantee for the operation of the digital currency system. There are several key questions to answer. First, how to determine the ownership of legal digital currency? This is the basis of all legal acts of legal digital currency. The first way of thinking is that legal digital currency is intangible. As a special movable property, it is applicable to the provisions of the property law. For example, Liu Xiangmin, director of the Department of articles and law of the people's Bank of China, believes that "to solve the problem of ownership transfer of digital currency, we should also focus on the publicity of ownership." The second idea is that digital currency is an electromagnetic record, which is applicable to the law of data transfer and transaction. The essence of digital currency is electromagnetic recording, and the transfer of electromagnetic recording content is recorded in the node of digital currency technology architecture. The change of node records is taken as the standard of ownership transfer. Second, how to protect personal information security? Personal information security is a basic problem in the era of digital economy. In addition to legislation to improve the level of technical security, we should also make clear the main types of legal digital currency system