Central bank to launch legal digital currency

1. On November 13 this year, the official microblog of the people's Bank of China announced that the people's Bank of China has issued legal digital currency, and some institutions falsely use the name of the people's Bank of China to trade relevant digital procts under the title of "DC / EP" or "DCEP" on the digital asset trading platform. The central bank stressed that no legal digital currency (DC / EP) was issued and no asset trading platform was authorized to trade. Neither "DC / EP" nor "DCEP" traded in the market is legal digital currency, and the launch time of legal digital currency transmitted through Internet is inaccurate information<

at present, the so-called issuance of legal digital currency in the Internet, and the behavior of indivial institutions launching "DC / EP" or "DCEP" in the name of the people's Bank of China to conct transactions on the asset trading platform may involve fraud and pyramid selling. The general public should raise their risk awareness, not be partial to trust, and guard against interest damage
as early as September 4, 2017, the central bank and other seven departments jointly issued the announcement on preventing the financing risk of token issuance (hereinafter referred to as the announcement), pointing out that the issuance of virtual currency, ICO and other suspected illegal financial activities seriously disrupted the economic and financial order, and no organization or indivial may engage in the above activities illegally.

2.

As of September 2019, the central bank's digital currency has not been issued

the development history of the central bank's digital currency is as follows

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 faced

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

on August 2, 2019, the central bank said at the second half of 2019 work video conference that it would speed up the research and development of legal digital currency

on August 10, 2019, Mu Changchun, deputy director of the payment and Settlement Department of the central bank, said at the Yichun forum of 40 people of China finance that "the central bank's digital currency can be said to be ready"

on August 18, 2019, the CPC Central Committee and the State Council issued their opinions on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics, which mentioned supporting innovative applications such as digital currency research in Shenzhen

on August 21, 2019, the official micro blog of the people's Bank of China released two articles on digital currency. One is fan Yifei, vice president of the people's Bank of China, who was published in January 2018, talking about some considerations of digital currency of the people's Bank of China. The other is mu Changchun, deputy director of the Department of payment and settlement, who delivered a speech in Yichun on August 10

extended data:

practical significance

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

can also become a new monetary policy tool. At the same time, the central bank can affect the bank's deposit and loan interest rate by adjusting the central bank's digital currency interest rate, and help break the zero interest rate lower limit

operation system

fan Yifei, vice governor of the people's Bank of China, said in the article that the digital currency of the people's Bank of China should adopt a two-tier operation system. This model does not change the relationship between creditor's rights and debt of currency in circulation, does not change the existing money supply system and al account structure, does not constitute a competition for commercial banks' deposit currency, and does not increase commercial banks' dependence on the interbank lending market

will not affect the lending ability of commercial banks, and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the pro cyclical effect under the pressure environment, and it can improve the convenience and security of payment, and it also has the credit advantage of central bank endorsement

3.

Recently, there is relevant news that the central bank's digital currency is about to fall, which has attracted most people's praise. The relevant person in charge of the digital currency Research Institute said that the research and development of digital RMB is steadily advancing. At present, closed pilot projects have been carried out in Shenzhen, Suzhou and other places, and the functions are being continuously optimized and improved< Strong> after the central bank issues digital money, the daily payment will no longer need real name, nor do it need to use Alipay and WeChat to pay. It will bring great convenience to our life, and at the same time, it will change a lot. RRRRR}

the issue of digital currency is a trend, which will bring convenience to our lives. It also indirectly reflects the development of currency and social progress. After the use of digital currency, there will be a severe crackdown on crimes and other acts. The difficulty of money laundering will increase and criminal acts will be reced. The flow of money can be effectively queried through mobile app records, which has a great impact on social life

4. Really? On the morning of August 2, the people's Bank of China held a working video conference for the second half of 2019, proposing to accelerate the pace of research and development of legal digital currency in China in the second half of the year, track and study the development trend of virtual currency at home and abroad, and continue to strengthen the regulation of Internet financial risks
in fact, the country has been studying the field of digital currency, and digital currency and blockchain are the future development trend. As for when to issue, we can only say that when the time comes, it will be issued naturally. We need to ensure the steady operation of the financial economy.

5.

The central bank has recently been planning to launch & lt; Digital currency & quot; Now, some people think that since digital currency is going to be launched, does it mean that paper money will be replaced? In fact, paper money still has a place

01. The introction of digital currency conforms to the development trend of the times< p> in daily life, the use of cash is less and less , many of us now go out without cash, and there are more and more payment software. At the beginning, a treasure and a letter occupied half of the country, but now many people also start to use other payment software, and are no longer limited to these two kinds

when I used to go out, I used to go out with a certain treasure and a certain letter, but now I have a UnionPay. Every time I buy something, I can get a little discount. So, as long as conditions permit, I usually use UnionPay to pay. As an old saying goes, & lt; A little makes a lot;, Although each free amount is not much, but can not bear the large number of ah, in school, our school also has this payment software activities, a top ten, equivalent to white whoring a bowl of rice at noon, how good, so, UnionPay now in my heart also occupies a big position

summary:

it is impossible for digital currency to completely replace paper money, because many people still need paper money. I don't want my own capital flow to be clearly controlled by others in the future, and I need some private space

6. What's good for you? Haven't you been using this all the time? Alipay and WeChat do not give you a number, you give money to others, but the ratio is 1:1, there is no difference in price.

7. Because the central bank is the highest management and authority of a country's monetary policy-making and currency issuance. So the central bank has the right to introce legal digital currency, paper money.