The first digital currency launched by the Central Bank of China
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions 
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benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
Hello, where are the first batch of pilot cities of the central bank's digital currency? Do you think they are well deserved super first tier cities "Beijing, Shanghai, Guangzhou and Shenzhen"? I want to tell you that it's not all right. Except Shenzhen, the other three cities are Cheng, Suzhou and xiong'an new area. At present, Shenzhen is the earliest city to launch digital currency. On October 9, Shenzhen issued 10 million digital currency. 50000 people, 200 yuan per person, can enjoy the welfare, which is distributed to everyone free of charge through the way of wagging number. Here, I can only envy you. The implementation of digital currency is so fast. The friends in the pilot cities are lucky. I just want to watch you win the lottery
the first batch of pilot cities are selected in these four cities, which is the first step for digital currency to go to the whole country. When it matures in the future, it will be promoted to more pilot cities. So don't worry, just wait. Even if our city is not a pilot, it doesn't matter. Next time it will be our city. The pilot is just to test the stability of the system, and we don't have a great chance to get the red envelope of digital currency. There are so many people in Shenzhen, and only 50000 numbers are selected. Here we would like to express our support and thanks to the cities selected as the pilot cities of digital currency
however, the digital currency that the central bank plans to issue has the monetary attribute and has the credit endorsement of the central bank. The central bank's version of digital money will first be applied to the bill market. It is still difficult for the central bank to popularize the digital currency in China, because the degree of economic development is different across the country
at the same time, there are some applied digital currencies in China. For example, the Puyin digital currency launched by Puyin group is a standard digital currency with credit endorsement of related tea assets.
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
Jensen said, "after two years of stupid spending and bad decision-making, the bitcoin foundation has in fact gone bankrupt. The foundation even ran out of funds in November last year."
it is reported that the board of directors has tried to reverse this situation by looking for a new executive director, and Patrick Murck, the new executive director of bitcoin foundation, also believes that the only way out of this dilemma is for the foundation to only use the funds for those core development projects
however, according to Jensen, "the foundation has almost no funds at present, and 90% of its employees have been laid off, and only some of them remain as volunteers."
however, two other members of the organization also said that the bitcoin foundation is not bankrupt, it just needs to be restructured. Founded in 2012 in the United States, the bitcoin foundation is a non-profit organization. The organization has always said that it does not fully represent bitcoin, but is only an organization set up to promote the global development of bitcoin
Jensen also said: "the bitcoin foundation hates transparency. Jim Harper had planned to hold a press conference after the election, but was forced to cancel because the foundation was never open to the outside world. As a result, some smart people no longer trust the special currency foundation, so the foundation can't raise enough money. "
it should be noted that Jensen and Jim Harper are the two new board members newly elected last month. This election was voted by bitcoin Foundation's annual and lifetime members. 89% of the members participated in the pre election and 74% in the general election. In the results of the general election, Jensen won 277 votes, accounting for 63%, ranking first. This was followed by Harper's 264 votes, 60%. After being elected, both of them expressed the hope that the bitcoin foundation could carry out key research and development, fully realize the transparency of the organization, and finally make all stores and people in the world accept bitcoin. On March 15 this year, the two of them officially began their two-year term of office.
the DCEP issued by the central bank is a digital currency, which is very similar to Alipay and WeChat payment. But it is different from Alipay and WeChat, because it is more like paper money, and the third party can not get the information from both sides of the transaction. It is anonymous and centralization, and the endorsement of the state can be assured.
what is the use of central bank digital currency
from the perspective of the central bank, if the central bank wants to put in funds, it doesn't need these scientific and technological means to trigger conditions at all, it could have done it
for users, they have one more option when paying. Users only need to download the central bank's digital currency wallet app, and then associate with their existing bank accounts to exchange the previous banknotes into the corresponding digital currency
for the current mobile payment, users are still accustomed to using Alipay and WeChat to pay. But how to say? Personally, Alipay was originally a professional payment software, but after all these years of development, the Alipay interface is extremely complex, and the user experience is not very friendly.
as for wechat payment, wechat started from social networking at first, and has evolved from professional social software to comprehensive software in recent years. To put it plainly, whether it is Alipay or WeChat, it seems that it has deviated from its original intention. This may bring opportunities to the central bank's digital currency
when will central bank digital currency become popular
according to the bank, considering that the early digital RMB is only limited to the pilot, it will not be issued in large quantities and promoted comprehensively in the short term, and the speed of currency circulation will also maintain a normal level
many people say that digital money has no effect on Alipay. I beg to differ. As Ma Yun said, sometimes it's just a document that beats you. What is the impact of the central bank's digital currency on Alipay? Let's wait and see.