China Banking Association digital currency

1. BOC has not issued any digital currency, which is a false information. The Bank of our country forbids digital currency. The central bank has planned to issue digital currency, but it is still in the experimental stage. Moreover, the digital currency that the central bank plans to issue is also different from bitcoin, Ruitai, Laite and other digital currencies.

2. The central bank does not recognize digital currency
on September 4, the central bank and other seven ministries and commissions issued the notice on preventing the financing risk of token issuance, and the ICO trading platform was completely suspended. After September 14, the relevant token platforms successively removed procts or stopped trading. After the news came out, digital currency was boiling

some people can't help asking: with the collapse of ICO and the closure of bitcoin platform, is digital currency over? Here the central bank gives the answer. The central bank reports that around the Spring Festival this year, the block chain based digital bill trading platform promoted by the central bank has been tested successfully, and the digital currency Research Institute of the central bank will also be officially listed. China's sovereign digital currency will accelerate its arrival. Then some people will question whether China will proce its own bitcoin? Here, let's talk about what is digital currency:

digital currency

digital currency is different from virtual currency, not bitcoin or q-coin! That is to say, it is different from virtual currencies such as bitcoin and Ethernet

virtual currency can only be closed in circulation on the network, just like Tencent's q-coin and Dashen's coin on the platform of Dashen software collaborative instry ecological chain. They can only be used for one use of their own procts. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency, bitcoin is illegal digital currency. As for legal digital currency, there is no unified international definition. Yao Qian, deputy director of the science and Technology Department of the people's Bank of China and head of the preparatory group of the digital currency Research Institute, believes that the digital currency researched and issued by the people's Bank of China is indexed RMB. From the perspective of national schemes, it belongs to legal encrypted digital currency, which is not only a payment tool but also a currency. Correspondingly, virtual currency is also called illegal fixed digital currency. Li Lihui, head of the blockchain working group of China Internet Finance Association, once said that digital currency must have legal status, national sovereignty endorsement, and clear responsibility subject of issuance. Virtual currencies represented by bitcoin and ethereal currency have no country, no sovereign endorsement, no qualified issuers, and no national credit support. These are not digital currencies.

3. 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.

4. P2P, every wallet node has a store.

5.

The reason for China to accelerate the promotion of digital RMB is to protect the currency sovereignty and legal currency status, and lead the new international financial pattern

1

Bai Liang, executive vice president of digital assets research institute, said:

first of all, from the perspective of international competition, cryptocurrency represented by bitcoin and Libra (Libra) and other global stable currencies are trying to play the role of currency and finance. These cryptocurrency assets deal with transactions in a decentralized way, which will challenge a country's monetary sovereignty. The introction of digital RMB has the purpose of protecting currency sovereignty and legal currency status

secondly, from the perspective of the domestic financial environment, the introction of digital RMB is to adapt to the rapid development trend of mobile payment, at the same time, it also takes into account the inclusive nature of finance, to avoid the deepening of financial exclusion, and it is a public good to truly serve the majority of the people. Secondly, digital RMB can also identify and crack down on money laundering, tax evasion and other criminal acts to a certain extent, so as to ensure the stability of financial order

2. Lead the new international financial pattern

at present, legal digital currency is becoming a "new battlefield" in the competition among sovereign countries. The introction of digital RMB has a profound impact on financial and economic activities in the digital era

first of all, digital RMB helps to form a new international financial pattern and help RMB internationalization. To protect national currency sovereignty and legal currency status is the primary goal of digital RMB issuance

secondly, the introction of digital RMB helps to improve China's financial efficiency and optimize the allocation of resources. Ba Shusong, chief economist of China Banking Association, believes that legal digital currency can achieve a closer combination of monetary policy and fiscal policy. Through the smart contract with "conditional trigger mechanism", it can limit credit subjects and use scenarios, achieve accurate loan delivery, avoid capital idling, and achieve a more efficient macro-control system

thirdly, digital RMB brings new development opportunities for economic and financial activities based on digital technology. Bai Liang believes that digital RMB can become "data" from all aspects of issuance, circulation, storage, investment and cross-border flow, which has opened up the last mile for financial technology companies to use big data, blockchain, artificial intelligence, cloud computing and Internet of things to link and process these data

< H2 > extended information: < H2 >

Digital RMB, abbreviated as "DC / EP", is the abbreviation of digital currency and electronic payment, which shows that digital RMB is not only a currency, but also an electronic payment tool. Instry insiders pointed out that when discussing digital RMB, we should first confirm that its basic attribute is currency, which is the composition and supplement of the existing legal currency system, and then it is a digital payment tool

Based on this, China's digital RMB system adheres to the basic principles of cash (M0) substitution, double-layer delivery and controllable anonymity

first of all, the Central Bank of China locates the digital RMB as M0 substitution, which is different from the decentralized characteristics of private digital currency. The issuance of digital RMB is managed by the central bank, and the issuer is the people's Bank of China

secondly, the double-layer delivery mechanism means that the central bank is responsible for the delivery and return of digital currency, but the central bank does not directly connect with consumers, but applies to the central bank for the exchange of digital currency through commercial banks, which provide the central bank's digital currency and corresponding services to the public

thirdly, from the perspective of payment data privacy protection, digital RMB realizes "controllable anonymity" based on encryption technology. Wu Tong, member of the academic and Technical Committee of digital assets research institute, introced that privacy protection technology can ensure the security of user data, avoid the disclosure of sensitive information, and not damage the usability; At the same time, it realizes the management of the use rights of the relevant data, ensures the traceability under certain conditions, and only the central bank can obtain the full amount of user identity information and transaction flow

6. No, the central bank has not issued digital currency yet< At present, digital currency is still in the stage of demonstration. Based on the research experience of digital currency at home and abroad, combined with the existing technical system and business scope of UnionPay, the feasibility of UnionPay network supporting legal digital currency is studied and demonstrated< < br > < br > since its establishment, under the leadership of the people's Bank of China, China UnionPay has successfully completed the historical mission of "universal networking" and successfully created its own brand, which has played an important role in serving economic and social development, improving people's livelihood, enhancing the level of financial services, and promoting the construction of China's modern payment system< Br > < br > for details, please check the official website or contact UnionPay customer service< br>

7. The banking association is a social organization led by the people's Bank of China, which involves all banking businesses
as a bank card organization, China UnionPay is responsible for inter-bank clearing between bank cards.