The legality of DCEP digital currency
Publish: 2021-03-28 02:48:18
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. On April 16, 2020, according to the science and technology innovation board daily, the legal digital currency / electronic payment (DC / EP) of the people's Bank of China will be issued in the form of transportation subsidy to employees of all district level organs, public institutions and enterprises directly under Xiangcheng District of Suzhou in May, Xiangcheng District of Suzhou requires employees of administrative units to install DC / EP digital wallets in April and pay 50% of their salary in the form of DC / EP in May. At present, Xiangcheng District of Suzhou has become an important pilot area of the central bank's digital currency (DC / EP). It is cooperating with the central bank and the four major state-owned banks of instrial and agricultural construction to promote the pilot work of digital currency (DC / EP). The enterprises and institutions and various management committees of Xiangcheng District will sign an agreement with the wage paying bank to complete the above-mentioned pilot task arrangement. On the same day, according to the 21st century economic report, some people in the banking instry said that DC / EP was led by the central bank. Banks were testing the landing scenarios, and some of them had been used for payment scenarios among internal employees
on April 17, 2020, the digital currency Research Institute of the people's Bank of China (hereinafter referred to as "digital currency Research Institute") responded to the progress of network transmission test that at present, the research and development of digital RMB is steadily advancing. Under the premise of adhering to the double-layer operation, M0 substitution and controllable anonymity, the digital RMB system has basically completed the top-level design, standard formulation, function research and development According to the principles of stability, safety, controllability, innovation and practicality, the internal closed pilot test is carried out in Shenzhen, Suzhou, xiong'an, Cheng and the future Winter Olympics scenes at the current stage, so as to continuously optimize and improve the functions
combined with the above information, and considering that the screenshot of ABC's internal test version of DC / EP wallet has been circulated on the Internet, with Suzhou taking the lead in using DC / EP, the news about testing DC / EP in other regions will graally increase in the future. This paper will sort out the recent information about DC / EP pilot, analyze the main problems of DC / EP, and analyze the potential impact of DC / EP on China's financial system
first, why DC / EP was first piloted in Suzhou
according to the information disclosed through public channels, the pilot areas of DC / EP include Shenzhen, Suzhou, xiong'an and Cheng, but at present, Xiangcheng District of Suzhou is the first pilot DC / EP scenario. Why? All along, the research and development of DC / EP is mainly in the charge of digital currency Research Institute, which is a public institution established by the people's Bank of China and was established on January 29, 2017. However, it is worth noting that in addition to the technology research and development and patent application of DC / EP, the digital currency Research Institute has also carried out the following investment activities:
on June 15, 2018, the digital currency Research Institute established Shenzhen Financial Technology Co., Ltd. (hereinafter referred to as "Shenzhen Jinke") in the form of 100% shareholding in Shenzhen, The business scope is "
the general business items are: financial technology related technology development, technology consulting, technology transfer and technology services; Financial technology related system construction and operation maintenance. The licensed business items are:
"
on March 1, 2019, Shenzhen Jinke and Suzhou High Speed Rail New Town innovation and Venture Capital Co., Ltd. (hereinafter referred to as "Suzhou High Speed Rail New Town") jointly funded the establishment of the Yangtze River Delta Financial Technology Co., Ltd., which is registered in Xiangcheng District, Suzhou City, and its business scope is "
software development; Engaged in financial technology related technology development, technical consultation, technology transfer, technical services, financial technology related system construction and operation maintenance The projects that need to be approved according to law can be operated only after being approved by relevant departments. Among them, Shenzhen Jinke holds 55% of the shares and Suzhou high speed railway new town holds 45%. As a wholly state-owned enterprise, Suzhou high speed railway new town is ultimately fully owned by Suzhou High Speed Railway New Town Management Committee
according to the number of administrative personnel in Xiangcheng District of Suzhou estimated by open channels and the general standards of government agencies on transportation subsidies, the amount of DC / EP to be issued in May may may be about 200000 yuan to 300000 yuan, which is relatively limited. Considering the lack of information about Suzhou DC / EP pilot, the amount of DC / EP is only for reference. In addition, how to use the transport subsidies in the form of DC / EP is also a potential problem. In which scenarios can the Xiangcheng District personnel who obtain DC / EP use them? Do these scenarios have the b-end interface of DC / EP? All these need to be further observed
based on the above facts, it is not difficult to draw a conclusion that the digital currency Research Institute has already established contact with local state-owned enterprises in Suzhou by setting up subsidiaries, and the registered place of the subsidiary is Xiangcheng District, Suzhou city. Meanwhile, considering that the other shareholder is a local state-owned enterprise with traffic instry background in Suzhou, It is not surprising that DC / EP was first tested in Xiangcheng District of Suzhou, and the scenario test was concted by means of traffic subsidy. According to these ideas, the digital currency Research Institute has set up a wholly-owned subsidiary in Shenzhen, Shenzhen Jinke. It can be speculated that Shenzhen is very likely to be an important area for the next scenario test of DC / EP< Second, the characteristics of DC / EP and the recent pilot information survey
according to the public introction of the relevant responsible persons of the central bank on many occasions, DC / EP has the following characteristics: (1) the essence is still RMB, which belongs to the liabilities of the central bank and has unlimited legal compensation, which is another manifestation of RMB 2) The goal is to replace part of M0 (
i.e. cash in circulation, i.e. notes and coins, excluding deposits (such as enterprise deposits and savings deposits of urban and rural residents), financial bonds, commercial bills, large amount transferable certificates of deposit and other assets and liabilities that can be recorded in the accounts of financial institutions
) 3) No interest is charged 4) The two-tier operation structure is adopted, and the operating institution (bank or payment institution) is required to pay 100% reserve to exchange DC / EP 5) Technology neutral, but need to meet the "account loose coupling" (
rece the dependence of transactions on the account to achieve controllable anonymity,
), "high concurrent demand" and "offline transfer"
on April 17, 2020, the digital currency Research Institute of the people's Bank of China (hereinafter referred to as "digital currency Research Institute") responded to the progress of network transmission test that at present, the research and development of digital RMB is steadily advancing. Under the premise of adhering to the double-layer operation, M0 substitution and controllable anonymity, the digital RMB system has basically completed the top-level design, standard formulation, function research and development According to the principles of stability, safety, controllability, innovation and practicality, the internal closed pilot test is carried out in Shenzhen, Suzhou, xiong'an, Cheng and the future Winter Olympics scenes at the current stage, so as to continuously optimize and improve the functions
combined with the above information, and considering that the screenshot of ABC's internal test version of DC / EP wallet has been circulated on the Internet, with Suzhou taking the lead in using DC / EP, the news about testing DC / EP in other regions will graally increase in the future. This paper will sort out the recent information about DC / EP pilot, analyze the main problems of DC / EP, and analyze the potential impact of DC / EP on China's financial system
first, why DC / EP was first piloted in Suzhou
according to the information disclosed through public channels, the pilot areas of DC / EP include Shenzhen, Suzhou, xiong'an and Cheng, but at present, Xiangcheng District of Suzhou is the first pilot DC / EP scenario. Why? All along, the research and development of DC / EP is mainly in the charge of digital currency Research Institute, which is a public institution established by the people's Bank of China and was established on January 29, 2017. However, it is worth noting that in addition to the technology research and development and patent application of DC / EP, the digital currency Research Institute has also carried out the following investment activities:
on June 15, 2018, the digital currency Research Institute established Shenzhen Financial Technology Co., Ltd. (hereinafter referred to as "Shenzhen Jinke") in the form of 100% shareholding in Shenzhen, The business scope is "
the general business items are: financial technology related technology development, technology consulting, technology transfer and technology services; Financial technology related system construction and operation maintenance. The licensed business items are:
"
on March 1, 2019, Shenzhen Jinke and Suzhou High Speed Rail New Town innovation and Venture Capital Co., Ltd. (hereinafter referred to as "Suzhou High Speed Rail New Town") jointly funded the establishment of the Yangtze River Delta Financial Technology Co., Ltd., which is registered in Xiangcheng District, Suzhou City, and its business scope is "
software development; Engaged in financial technology related technology development, technical consultation, technology transfer, technical services, financial technology related system construction and operation maintenance The projects that need to be approved according to law can be operated only after being approved by relevant departments. Among them, Shenzhen Jinke holds 55% of the shares and Suzhou high speed railway new town holds 45%. As a wholly state-owned enterprise, Suzhou high speed railway new town is ultimately fully owned by Suzhou High Speed Railway New Town Management Committee
according to the number of administrative personnel in Xiangcheng District of Suzhou estimated by open channels and the general standards of government agencies on transportation subsidies, the amount of DC / EP to be issued in May may may be about 200000 yuan to 300000 yuan, which is relatively limited. Considering the lack of information about Suzhou DC / EP pilot, the amount of DC / EP is only for reference. In addition, how to use the transport subsidies in the form of DC / EP is also a potential problem. In which scenarios can the Xiangcheng District personnel who obtain DC / EP use them? Do these scenarios have the b-end interface of DC / EP? All these need to be further observed
based on the above facts, it is not difficult to draw a conclusion that the digital currency Research Institute has already established contact with local state-owned enterprises in Suzhou by setting up subsidiaries, and the registered place of the subsidiary is Xiangcheng District, Suzhou city. Meanwhile, considering that the other shareholder is a local state-owned enterprise with traffic instry background in Suzhou, It is not surprising that DC / EP was first tested in Xiangcheng District of Suzhou, and the scenario test was concted by means of traffic subsidy. According to these ideas, the digital currency Research Institute has set up a wholly-owned subsidiary in Shenzhen, Shenzhen Jinke. It can be speculated that Shenzhen is very likely to be an important area for the next scenario test of DC / EP< Second, the characteristics of DC / EP and the recent pilot information survey
according to the public introction of the relevant responsible persons of the central bank on many occasions, DC / EP has the following characteristics: (1) the essence is still RMB, which belongs to the liabilities of the central bank and has unlimited legal compensation, which is another manifestation of RMB 2) The goal is to replace part of M0 (
i.e. cash in circulation, i.e. notes and coins, excluding deposits (such as enterprise deposits and savings deposits of urban and rural residents), financial bonds, commercial bills, large amount transferable certificates of deposit and other assets and liabilities that can be recorded in the accounts of financial institutions
) 3) No interest is charged 4) The two-tier operation structure is adopted, and the operating institution (bank or payment institution) is required to pay 100% reserve to exchange DC / EP 5) Technology neutral, but need to meet the "account loose coupling" (
rece the dependence of transactions on the account to achieve controllable anonymity,
), "high concurrent demand" and "offline transfer"
3. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
4. DCEP (digital currency electronic payment), the Chinese version of digital currency project, namely digital currency and electronic payment instrument, is the legal digital currency in the research of the people's Bank of China and a kind of digital currency. Digital RMB, issued by the people's Bank of China, is a controllable anonymous payment tool with value characteristics and legal compensation. It is operated by designated operating institutions and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins. As for the research progress, the top-level design, standard formulation, function research and development, joint commissioning and testing have been completed, and the internal closed pilot test will start in April 2020. As of September 15, 2020, DCEP has not been officially launched
warm tips: the above explanation is for reference only
response time: September 16, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An car owner loan] you can borrow a car, up to 500000
https://b.pingan.com.cn/station/activity/loan/qr-carloan/loantrust.html?source=sa0000632&outerSource=bdzdhhr_ zscd&outerid=ou0000250&cid=bdzdhhr_ zscd&downapp_ id=AM001000065
warm tips: the above explanation is for reference only
response time: September 16, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An car owner loan] you can borrow a car, up to 500000
https://b.pingan.com.cn/station/activity/loan/qr-carloan/loantrust.html?source=sa0000632&outerSource=bdzdhhr_ zscd&outerid=ou0000250&cid=bdzdhhr_ zscd&downapp_ id=AM001000065
5. Generally speaking, DCEP is the "digital currency with value characteristics" issued by the state. It can completely replace the market banknotes and has the same functions and attributes as banknotes. The release of DCEP redefines what digital currency represents. In the past, bitcoin, Ethereum and other currencies also had multiple nicknames such as digital currency or cryptocurrency. Now digital currency needs to be removed from these nicknames
in terms of positioning, the central bank's digital currency DCEP is not simply the digitization of banknotes, but to replace M0 (banknotes and coins) and change the form of the base currency. M0 refers to the cash in circulation, that is, the sum of the cash on hand of various units outside the banking system and the cash held by residents. The digitalization of banknotes generally refers to online replacement of lines, such as Alipay and WeChat, which all belong to online payment. However, both of them need to bind bank cards to pay. DCEP does not have this restriction, that is to say, when using DCEP for payment, there is no need to bind any bank account
the name of digital currency is easy to associate with cryptocurrencies such as bitcoin, but there is a fundamental difference between DCEP and them: DCEP is centralized while bitcoin is decentralized
to be exact, DCEP is a kind of sovereign credit currency, while the latter two are the procts of the idea of "currency non nationalization". The paper money itself has no value. The reason why it can perform the function of currency is that it is supported by the national credit and has the nature of legal compensation and compulsion. However, cryptocurrency such as bitcoin is a kind of private currency in essence and has no solid credit foundation. Therefore, any cryptocurrency with its own mining algorithm, following P2P protocol, limited amount, reaching a certain degree of consensus and decentralization can be a substitute for bitcoin
comparatively speaking, if there is a substitute for DCEP, it can only be other forms of RMB, such as banknotes and coins. That is to say, the digital currency DCEP issued by the central bank is still the debt of the central bank to the public, and this relationship between creditor's rights and debt will not change with the change of currency form.
in terms of positioning, the central bank's digital currency DCEP is not simply the digitization of banknotes, but to replace M0 (banknotes and coins) and change the form of the base currency. M0 refers to the cash in circulation, that is, the sum of the cash on hand of various units outside the banking system and the cash held by residents. The digitalization of banknotes generally refers to online replacement of lines, such as Alipay and WeChat, which all belong to online payment. However, both of them need to bind bank cards to pay. DCEP does not have this restriction, that is to say, when using DCEP for payment, there is no need to bind any bank account
the name of digital currency is easy to associate with cryptocurrencies such as bitcoin, but there is a fundamental difference between DCEP and them: DCEP is centralized while bitcoin is decentralized
to be exact, DCEP is a kind of sovereign credit currency, while the latter two are the procts of the idea of "currency non nationalization". The paper money itself has no value. The reason why it can perform the function of currency is that it is supported by the national credit and has the nature of legal compensation and compulsion. However, cryptocurrency such as bitcoin is a kind of private currency in essence and has no solid credit foundation. Therefore, any cryptocurrency with its own mining algorithm, following P2P protocol, limited amount, reaching a certain degree of consensus and decentralization can be a substitute for bitcoin
comparatively speaking, if there is a substitute for DCEP, it can only be other forms of RMB, such as banknotes and coins. That is to say, the digital currency DCEP issued by the central bank is still the debt of the central bank to the public, and this relationship between creditor's rights and debt will not change with the change of currency form.
6. DCEP is the legal digital currency of the people's Bank of China. It is a kind of digital currency. The complete literal meaning of DCEP is digital currency electronic payment. Payment transmits numbers through some way, not paper currency. Therefore, electronic payment itself has the attribute of digital currency
jiandiao.com
50 famous sayings about dreams
life needs dreams, otherwise, what's the difference between them and salted fish? The following sentences about dreams are very worth reading. I wish your dreams come true in 2020
1, ordinary and simple dream, we use the only belief to support the dream—— Anonymous
2. Under the starry sky, sitting on a merry go round, I didn't give up. The dream of my life, I'm still pursuing, flying to the starry sky with my own wings. Rely on their own words, write down dazzle rotten. Realize your dream on your own. I used to have a fragmented world. In exchange, I have a sunny world now
3. Now, the sun is shining. Maybe that dream is not broken. It still exists. It's just metamorphosis. After nearly seven years of waiting, a new dream once again occupies all of my life
4. Now everything is to weave wings for future dreams, so that dreams can fly high in reality—— Anonymous
5. A person who has lost his dream is like a lonely meteor, who doesn't know where to go. For the sake of my dream, I am willing to give up my life and regard art as life like Van Gogh. In order to dream, he suffered a lot and suffered countless setbacks. Graally, the spark of dream is weak
6. Sleep can only dream, only work hard can realize the dream
50 famous sayings about dreams; Keep dreaming, but don't inlge in it. Let the dream dance a hearty dance in reality< The drawback of dreamers is that they are afraid of fate—— A person can be very poor, difficult and humble
jiandiao.com
50 famous sayings about dreams
life needs dreams, otherwise, what's the difference between them and salted fish? The following sentences about dreams are very worth reading. I wish your dreams come true in 2020
1, ordinary and simple dream, we use the only belief to support the dream—— Anonymous
2. Under the starry sky, sitting on a merry go round, I didn't give up. The dream of my life, I'm still pursuing, flying to the starry sky with my own wings. Rely on their own words, write down dazzle rotten. Realize your dream on your own. I used to have a fragmented world. In exchange, I have a sunny world now
3. Now, the sun is shining. Maybe that dream is not broken. It still exists. It's just metamorphosis. After nearly seven years of waiting, a new dream once again occupies all of my life
4. Now everything is to weave wings for future dreams, so that dreams can fly high in reality—— Anonymous
5. A person who has lost his dream is like a lonely meteor, who doesn't know where to go. For the sake of my dream, I am willing to give up my life and regard art as life like Van Gogh. In order to dream, he suffered a lot and suffered countless setbacks. Graally, the spark of dream is weak
6. Sleep can only dream, only work hard can realize the dream
50 famous sayings about dreams; Keep dreaming, but don't inlge in it. Let the dream dance a hearty dance in reality< The drawback of dreamers is that they are afraid of fate—— A person can be very poor, difficult and humble
7. Punching force is punching force: the formula for calculating punching force of punch press P = KLT Г
Where: K is the coefficient, generally equal to 1,
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