Shanghai Bund financial summit digital currency
1、 Different monetary attributes
1. digital currency:
digital currency belongs to legal tender
2. Wechat:
wechat belongs to the third-party payment instrument
3, Alipay:
Alipay belongs to the third party payment tool. p>
2. Different issuers
1. Digital currency:
the issuer of digital currency is the central bank
2. Wechat:
the clearing Party of wechat is a commercial bank
3, Alipay:
Alipay's settlement party is commercial bank. p>
extended data
in the third-party payment mode, the buyer uses the account provided by the third-party platform to pay for the goods (to the third party), and the third party notifies the seller of the arrival of the goods and requires delivery; After receiving the goods, inspecting the goods and confirming, the buyer shall notify the third party for payment; The third party transfers the money to the seller's account
digital currency can be considered as a virtual currency based on node network and digital encryption algorithm. The core characteristics of digital currency are mainly reflected in three aspects:
1. Due to some open algorithms, digital currency has no issuing subject, so no one or organization can control its issuing
Because the number of algorithm solutions is determined, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the overuse of virtual currency3. Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough
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
on this day, there are also some big digital currency summit or exhibition in Shanghai. However, there may be some digital currency summits in the direct marketing circle, which are generally confidential and rarely known by outsiders
regular digital currencies generally don't go to the big summit, unless the currency has developed into an instry, such as bitcoin. In general, some competitive currencies hold small press conferences, and the scale is not particularly large, such as Ruitai, Laite, thousand gold cards, etc. they are just a small circle gathering.
the significance of DCEP is that it is not the digitization of the existing currency, but the replacement of M0. It greatly reces the dependence of trading links on accounts and is concive to the circulation and internationalization of RMB. At the same time, DCEP can realize the real-time collection of money creation, bookkeeping, flow and other data, which provides a useful reference for the money supply, the formulation and implementation of monetary policy
What are the characteristics of DCEP
1. The value of DCEP is only linked to RMB
unlike Libra, DCEP is directly linked to RMB
2. DCEP has unlimited legal compensation
the so-called unlimited legal compensation means that no matter how much money is paid, the other party cannot refuse to accept it
3. DCEP can realize value transfer without an account
DCEP does not need to be connected to the Internet. As long as DCEP digital wallet is installed on the mobile phone, the value can be transferred by touching each other
4. High security of assets
DCEP is directly issued by the central bank, and there is no problem of commercial banks and enterprises going bankrupt< To sum up:
DCEP will adopt a two-tier operation system, which is guaranteed by the central bank's credit and has unlimited legal compensation. The introction of central bank's digital currency is related to the internationalization of currency. Whether RMB can be internationalized through blockchain is an important opportunity. It is also a brand-new attempt of the central bank to digital currency under the new situation and a proct of the central bank's compliance with the tide of the times.
Mu Changchun said that digital RMB is legal tender, which is equivalent to banknotes and coins. What banknotes and coins can buy, digital RMB can buy. Banknotes can buy gold and can be exchanged for foreign exchange. Of course, digital RMB can also be exchanged< In fact, the central bank has repeatedly stressed that the legal figure RMB is the currency in circulation, that is, the substitution of M0, which has the same legal compensation as RMB. Fan Yifei, vice governor of the people's Bank of China, once pointed out in the financial times that digital RMB is a legal tender in the form of numbers issued by the people's Bank of China. It is mainly located in cash in circulation. It has the characteristics of value and legal compensation. It does not calculate and pay interest, and the central bank does not charge for services such as exchange and circulation
among them, legal compensation means to pay all public and private debts in China in digital RMB, and no unit or indivial can refuse to accept them if they have the conditions to accept them. That is to say, digital RMB is an alternative to the existing paper currency RMB in circulation. In addition, he also stressed that from the management rules of M0, the issuance and circulation of digital RMB should be regulated according to cash
the reporter noted that the law of the people's Republic of China on the people's Bank of China (Revised Draft) issued by the central bank on October 23 clearly pointed out that "RMB includes physical form and digital form", which also provides a legal basis for the use of digital RMB in the future. In addition, "no unit or indivial may make or sell token tickets or digital tokens to replace RMB in circulation on the market."
in addition, Mu Changchun also introced the results of Shenzhen digital RMB pilot at this year's annual meeting of Financial Street Forum. He said that as of 24 o'clock on October 18, a total of 47573 people had received red envelopes, accounting for 95.15% of the total number of winners. Among them, 62788 transactions were paid with red envelopes, and the amount of red envelopes was 8764231.23 yuan.
time: July 30, 2016 to July 31, 2016
Venue: Marriott Hotel, Shanghai
the G20 is an international economic cooperation forum, which was established in Berlin, Germany on December 16, 1999. It is a mechanism of informal dialogue within the framework of the Bretton Woods system. It consists of the group of eight (the United States, Japan, Germany, France, the United Kingdom, Italy, Canada, Russia) and 11 important emerging instrial countries (China, Japan, Canada, Russia) Argentina, Australia, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey) and the European Union. According to convention, the International Monetary Fund and the world bank attend its meetings as nonvoting delegates. The total GDP of the G20 accounts for about 85% of the world's total, with a population of about 4 billion<
History
the establishment of the group of 20 was first proposed by the finance ministers of the eight major instrial countries, including the United States, in Washington, D.C., in September 1999. The purpose is to prevent the recurrence of similar Asian financial turmoil and allow the countries concerned to hold informal dialogue on international economy and monetary policy, so as to contribute to the stability of the international financial and monetary system<
member countries
G8 members
Canada
France
Germany
Italy
Japan
Russia
Britain
the United States
non G8 members
Argentina
Australia
Brazil
People's Republic of China
India
Indonesia
South Korea
Mexico
Saudi Arabia
India South Africa
Turkey
other
EU
finance ministers and central bank governors meeting
since the establishment of the G20, its main activity is "finance ministers and central bank governors meeting", which is held once a year<
December 15-16, 1999, 1st meeting and inaugural meeting, Berlin, Germany
October 24-25, 2000, 2nd meeting, Montreal, Canada
November 16-18, 2001, 3rd meeting, Ottawa, Canada
November 22-23, 2002, 4th meeting, New Delhi, India
October 26-27, 2003, 5th meeting, Morelia, Mexico
November 20-21, 2004, 6th meeting, Berlin, Germany
October 15-16, 2005, 7th meeting, Beijing, China, the theme is "strengthening global cooperation to achieve balanced and orderly development of world economy"
November 18-19, 2006, 8th meeting, Melbourne, Australia
November 17-18, 2007, 9th meeting, Cape Town, South Africa, November 8-9, 2008, 10th meeting, Washington, USA, April 2, 2009, 11th meeting, London, UK