Does Xiangcheng District of Suzhou issue digital currency
It's illegal
the central bank indicated that it has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency
In addition, the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud
extended information:
virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. This kind of virtual currency is mainly limited to circulation in a specific virtual environment. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency
in 2013, the central bank, together with five ministries and commissions, issued the notice on prevention of bitcoin risks, which clearly defined non legal digital currencies such as bitcoin as virtual commodities, which do not exist in the form of currency and legal currency
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
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"
1. Digital RMB is not based on the account, as long as the digital currency app is downloaded from the mobile phone, and wechat change can only be used after logging in to personal wechat
Second, digital RMB can be paid without network, and wechat change can only be traded with network Third, digital RMB is the currency issued by the state with the same value as banknotes and coins, which is endorsed by the state, while wechat change is a third-party payment tool, which is controlled by enterprises with different degrees of risk{ RRRRR} digital currency can improve the state's supervision of fundsin addition, digital currency can improve the state's supervision of funds, where the money comes from and flows to will be clearly marked, the state will be more relaxed in supervision, money laundering may become more and more difficult, and the national property security will be further protected
In the official letter of Xiangcheng District of Suzhou, enterprises, institutions and management committees of Xiangcheng District are required to sign a digital currency agreement with the wage paying bank, install digital wallets for all staff (except retirees), and pay 50% of the monthly salary in the form of digital currency
this is the first practical application of the central bank's digital currency since the R & D news, which is a historical moment worth remembering
let's review the development of DCEP:
in 2014, the central bank set up a special research group on legal digital currency
in 2016, it set up a digital currency Research Institute on the basis of the original group
in June 2018, it set up Shenzhen Financial Technology Co., Ltd.
in August 2019, the central government issued a document to carry out digital currency research and mobile payment pilot in Shenzhen
on October 29, 2019, At the "2019 Bund financial summit", Huang Qifan, vice president of China Center for international economic exchange, said: "the digital currency DCEP launched by the Central Bank of China is a new crypto electronic currency system based on blockchain technology." This is the debut of DCEP
On April 3, 2020, in the "national teleconference on money, gold, silver and security work", the central bank said that it would "unswervingly promote the research and development of legal digital currency" On April 10, Zhou Xuedong, director of the general office of the people's Bank of China, pointed out at the "first quarter financial statistics press conference" that "with regard to digital currency, the people's Bank of China is advancing in an orderly manner according to the original plan."on April 14, the central bank's digital currency DCEP took the lead in the internal test of ABC
on April 16, Xiangcheng District of Suzhou realized the implementation of the first application scenario of central bank's digital currency DCEP, using "digital wallet" as the payment channel and issuing it in the form of transportation subsidies
judging from various actions, the central bank's plan for digital currency is well prepared and in an orderly and continuous progress
why DCEP
from the national level, it is well known that the macroeconomic regulation and control means of sovereign countries are mainly through monetary policy and fiscal policy, just like the current global lack of liquidity e to the epidemic, China's economy is stimulated by interest rate rection and government spending, but the funds are transmitted layer by layer, and there are few funds really used for the target range
if we use the central bank's digital currency system, we can analyze and track a large number of transactions, and use the most direct and efficient means to put funds where they need, so as to release liquidity and benefit the people
from the international level,
the use of blockchain technology can realize the review of national credit and increase the credit of the country's monetary system. With the increase of GNP, credit must also increase, and the process of RMB internationalization will be more rapid
this is very simple to understand. Blockchain technology makes it impossible for asset certificates to be forged and makes credit verifiable, which is naturally concive to RMB internationalization
Last year, the World Bank Group and the International Monetary Fund (IMF) issued a report that up to now, nearly 70% of the central banks are studying the digital currency of the central bank, which also shows that the digital wave is the general trend. At present, the central bank's digital currency DCEP is likely to be used on a large scale ahead of other countries in the world, and the era of digital currency is comingthe era of digital economy is getting closer and closer
today's era is a digital era. With the comprehensive rise of technological innovation and digital economy, science and technology has changed from the initial role of a tool to the backbone of financial reform. The continuous collision and integration of digital five complete genes (whole airspace, whole process, whole scene, full analysis, and full value) and financial instry not only changes the settlement and settlement methods and sovereign currency issuance mechanism among indivials, enterprises, and countries, but also greatly improves the operation efficiency of instrial chain, and brings the development of the whole economic society and human progress
if blockchain technology will "genetically transform" all walks of life, then digital currency will "genetically transform" the financial instry. Looking forward to the future, the in-depth integration and transformation of traditional instries by blockchain, artificial intelligence, cloud computing, Internet of things and other technologies will lead us into a new era of digital economy
in short, the era of digital economy is getting closer and closer to us
the implementation of the central bank's digital currency is bound to bring disruptive changes to the existing financial market and breed huge wealth opportunities. The future has come, the wind has come, keep up with the pace of the instry, accurately grasp the future trend, and quickly seize the blue ocean of wealth business
in its Research Report on CBDC, the Bank of England defines central bank digital currency as an electronic form of central bank currency, which can be used by households and businesses to make payments and store value
the Chinese version of CBDC is described as a controllable anonymous payment tool, which is issued by the people's Bank of China, operated by designated operating institutions and exchanged to the public, based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation
what we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment instruments"
response time: October 26, 2020. Please refer to the official website of Ping An Bank for the latest business changes
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