Double layer operation structure of digital currency
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 institutionson 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
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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
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
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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
we speculate that once the central bank issues digital currency in the future, the periphery of the structure must be a decentralized system. At present, blockchain is the best choice
when talking about digital currency, the central bank also mentioned another concept, which is called programmable currency. How to understand? For the computer, it has a certain internal self-control function. Take the early object-oriented language as an example, it requires at least two functions, one is the constructor, the other is the destructor. You have to solve the problem of its creation as well as its extinction
through programming, the central bank can control the whole life cycle of money creation, circulation and withdrawal
in the absence of digital currency and programmable currency, the currency issued by the central bank circulates freely in the society. How to return to the cage in the end? One is the return of derivative currency of commercial banks, the other is the return of basic currency of central bank. The former is controlled by the central bank through deposit reserve and other policies, while the latter is controlled by the tax system. If we go up to programmable digital currency in the future, the central bank will have much more control. Even in circulation, control can be increased. That's why central banks are very interested in blockchain technology.
Digital currency adopts a two-tier operation system, which will not affect the real economy< single tier operation system is to issue digital currency directly to the public. First, the digital currency is converted to banks or other operating institutions, and then these institutions are converted to the public, which belongs to a two-tier operating system& rdquo; On the whole, this al delivery system is suitable for China's national conditions. It can not only use the existing resources to mobilize the enthusiasm of commercial banks, but also smoothly improve the acceptance of digital currency
in the process of many people's livelihood funds distribution, it can be fixed to people through the way of digital currency smart contract, and the relevant funds can be directly distributed to the people's digital wallet, without going through layers of middle links, so as to put an end to the possibility of false report, false claim and embezzlement in advance
what is the operation system of digital RMB? Will it have an impact on the real economy? If you have any opinions, you can leave them in the comments section
in the current global unified bitcoin computing difficulty (the value was updated to more than 3 billion yesterday), it will take about 10 days for a 600ghz / s mining machine to dig a bitcoin.
(1) when wearing a watch, the sweat on the hand is corrosive to the watch case. The all steel case has better corrosion resistance because it is made of nickel chromium alloy, and the half steel case is made of copper. It is easy to corrode e to long-term contact with sweat. It is necessary to wipe away the sweat with a soft cloth or pad a plastic watch holder to prevent it from being eroded by sweat
(2) do not open the back cover of the watch at will to avoid st entering the movement and affecting the normal operation of the watch
(3) do not put the watch in the wardrobe with camphor pills to avoid the deterioration of the watch oil
(4) don't put the watch on the power amplifier, stereo or TV to avoid magnetization
(5) the watch that is not worn for a long time should be wound once a month, while the watch with automatic movement should swing back and forth for a few minutes or be worn on the wrist for a period of time to make it wind up automatically. So that the parts will not be at rest for a long time to ensure the operation performance of the meter machine
(6) if an ordinary mechanical watch is wet, dry cotton can be pressed on the watch and baked with 40 Watt electric bulb for 5 minutes, then the moisture in the watch will be evaporated completely. If the quartz electronic watch is damp, a few small pieces of calcium chloride can be taken and wrapped with gauze; Then open the cover of the electronic meter, put the wrapped calcium chloride and the electronic meter into a plastic bag or glass bottle without air leakage, and seal them. Generally, the moisture can be removed in about 3 hours to make the electronic meter return to normal. For the surface seriously affected by moisture, the time of absorbing moisture can be extended appropriately
(7) when the watch is received and the outer package is removed, the box used to protect the watch must be kept. These watch protection boxes can provide the safest protection for the watch when it is not fit to wear, so it is absolutely necessary to keep the box. It is suggested that when the watch is not worn on weekdays, we should form the habit of putting it in the box, which can greatly rece the risk of watch damage
(8) it's better not to wear the same watch every day, but to prepare several different watches for alternate use. In addition to enriching personal modeling, it can also avoid st and body dirt all concentrated on the same watch. For leather watch strap, more care should be taken to avoid frequent wear and tear caused by daily use. Even if the surface is new, the watch will look very old
(9) don't sleep with your watch on your wrist. If your watch is a luminous watch, it will bring adverse effects on your body. This is because the luminous material on the pointer and dial of the luminous watch is mainly a mixture of radium and zinc sulfide. The ray emitted by radium can stimulate the crystal of zinc sulfide to emit light. When you sleep, if you wear a watch, your body will be exposed to radium radiation for eight to nine hours, which is harmful to your body. Therefore, before going to bed, it is best to take down the luminous meter and put it on the table
(10) surface modification. After many lines have been scratched on the watch cover, you can first drop one or two drops of water on the watch cover, and then squeeze a little toothpaste to wipe it. Then you can remove the lines and make the watch cover look like new.
Mobile payment means that mobile clients use electronic procts such as mobile phones to make e-money payment. Mobile payment creates a new payment method and makes e-money popular. Because of the advantages of convenient and fast payment, eliminating counterfeit money, no change and so on, it is loved by many people< The Ministry of Commerce issued the "overall plan for the pilot project of deepening the innovation and development of service trade in China", and officially announced that the number of digital currency has expanded from the original 4 pilot cities to 28 , which means that digital currency is coming towards us. The same virtual currency and bitcoin, so these virtual currency can replace the status of paper money
Therefore, it is essentially no different from the paper currency RMB, and will not be wildly hyped like bitcoin. In a short period of time, virtual currency can not completely replace traditional currency. There are mainly two constraints: the first is the user's will, not everyone is used to this payment method; the second is the satisfaction of technical conditions, because the speed of transaction payment is mainly limited by the technical realization, and the goal of digital currency is only to replace part of the cash in circulation. So for a long time, it should be used in parallel with banknotes