Fan Yifei's Thoughts on the central bank's digital currenc
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
extended data:
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
Yes The people's Bank of China formulates policies and safeguard measures; First, Shenzhen, Cheng, Suzhou, xiong'an new area and other relevant departments of the future Winter Olympic Games scene will assist in the promotion, and then expand to other regions as appropriate
{rrrrrrr}
extended data
digital currency is the best tool to replace cash:
fan Yifei, vice governor of the central bank, said that the central bank's digital currency focuses on replacing M0 (i.e., banknotes and coins), maintains the properties and main features of cash, and meets the needs of portability and anonymity. It will be the best tool to replace cash
Mu Changchun, director of the digital currency Research Institute of the people's Bank of China, once described such a use scenario: as long as you and I have DC / EP digital wallets on their mobile phones, we don't even need the network. As long as the mobile phone has electricity, if two mobile phones touch each other, we can transfer the digital currency in one person's digital wallet to another person. Digital money does not need to bind any bank account when it is paid, unlike WeChat and Alipay bank. p>
so, what's the significance of this digital currency? Why do you have to work hard to do this? For most people, it really won't have any impact, but for a small number of people, it will have a great impact. This small group of people are those who engage in illegal activities
for example, if some people are corrupt and accept bribes, they specify that they can't let others put money on the bank card. That means they are directly arrested, but they can't be found with cash. If we restrict the large amount of cash consumption in the future, for example, if you have to spend more than 5000 at one time, you can't use cash, you need to use digital currency. In this way, those who have bribed tens of millions of cash in their families may not want to spend all their money in their lifetime. And their illegal income doesn't go to the society. It's just paper. They still occupy space at home. Once they start to spend money in digital currency, it's easy to find out. That is to say, all our income will be counted. Once they are involved in crimes, it's easy to be caught. At that time, there will be less Telecom fraud, This is the meaning of digital currency
2019 August 21st, the official account of WeChat central bank released two articles on digital currency.
The central bank has recently been planning to launch & lt; Digital currency & quot; Now, some people think that since digital currency is going to be launched, does it mean that paper money will be replaced? In fact, paper money still has a place
01. The introction of digital currency conforms to the development trend of the times< p> in daily life, the use of cash is less and less , many of us now go out without cash, and there are more and more payment software. At the beginning, a treasure and a letter occupied half of the country, but now many people also start to use other payment software, and are no longer limited to these two kindswhen I used to go out, I used to go out with a certain treasure and a certain letter, but now I have a UnionPay. Every time I buy something, I can get a little discount. So, as long as conditions permit, I usually use UnionPay to pay. As an old saying goes, & lt; A little makes a lot;, Although each free amount is not much, but can not bear the large number of ah, in school, our school also has this payment software activities, a top ten, equivalent to white whoring a bowl of rice at noon, how good, so, UnionPay now in my heart also occupies a big position
it is impossible for digital currency to completely replace paper money, because many people still need paper money. I don't want my own capital flow to be clearly controlled by others in the future, and I need some private space
China: actively and steadily promote the implementation of the research on the central bank's digital currency
as early as 2014, the central bank set up a special research group on the issue of legal digital currency to demonstrate the feasibility of the central bank's issue of legal digital currency< On October 28, 2019, Huang Qifan, vice president of China Center for international economic exchange, said: "the people's Bank of China has studied DC / EP for five or six years, and I think it has become mature. The people's Bank of China is likely to be the first central bank in the world to launch a digital currency. "
on November 28, fan Yifei, vice governor of the people's Bank of China, said at the forum that at present, the central bank's legal digital currency DC / EP has basically completed the top-level design, standard formulation, function research and development, joint debugging and testing under the premise of adhering to double-layer delivery, M0 substitution and controllable anonymity. In the next step, we will follow the principle of steady, safe and controllable, reasonably select the pilot verification area, scene and service scope, continuously optimize and enrich the DC / EP functions, and steadily promote the introction and application of digital legal tender< European Central Bank: exploring the form and possibility of CBDC. 'we are analyzing what form CBDC may take in order to achieve its potential purpose and mitigate its potential negative impact on monetary stability and financial intermediation,' Mr. kindos said. On the stable coin, Mr jindos said that it was very uncertain whether the stable coin could deliver on its promise, and it was clear that it could bring risks to consumers and the financial system. So it is understandable that authorities around the world are calling for regulatory stability.
the functions and properties of digital currency are exactly the same as paper money, but its form is digital Mu Changchun, director of the digital currency Research Institute of the central bank, said that the central bank's digital currency is a digital alternative to paper money, that is, digital currency and electronic payment tools. If we regard the digital currency issued by the central bank as digital RMB cash, we can understand the concept of digital currency very well
Mu Changchun once described such a use scenario: as long as you and I have DC / EP digital wallets on mobile phones, we don't even need the network. As long as the mobile phone has electricity and two mobile phones touch each other, we can transfer the digital currency in one person's digital wallet to another person. Digital money does not need to bind any bank account when it is paid, unlike WeChat and Alipay bank. p>
fan Yifei, vice governor of the central bank, said that the central bank's digital currency focuses on replacing M0 (i.e. banknotes and coins), and maintains the properties and main features of cash, which meets the needs of portability and anonymity, and will be the best tool to replace cash
{rrrrrrr}
extended materials
Digital RMB will be carried out in Beijing, Tianjin and Hebei and other places
the notice on printing and distributing the overall plan for comprehensively deepening the innovation and development of service trade was released on the official website of the Ministry of Commerce on the 14th, which announced the pilot areas of digital RMB
the reporter noted that Article 93 "comprehensively deepen the pilot tasks, specific measures and division of responsibilities for innovative development of trade in services" proposes to carry out digital RMB pilot projects in Beijing Tianjin Hebei, Yangtze River Delta, Guangdong, Hong Kong, Macao and other pilot areas in central and Western China
according to the notice, the people's Bank of China has formulated policy safeguard measures; First, Shenzhen, Cheng, Suzhou, xiong'an new area and other relevant departments of the future Winter Olympic Games scene will assist in the promotion, and then expand to other regions as appropriate
the pilot areas for comprehensive deepening are Beijing, Tianjin, Shanghai, Chongqing (21 municipal districts including Fuling District), Hainan, Dalian, Xiamen, Qing, Shenzhen, Shijiazhuang, Changchun, Harbin, Nanjing, Hangzhou, Hefei, Jinan, Wuhan, Guangzhou, Cheng, Guiyang, Kunming, Xi'an, Urumqi, Suzhou, Weihai, xiong'an New District of Hebei, Gui'an New District of Guizhou Shaanxi Xixian new area and other 28 provinces and cities (regions)
Virtual currency is legal in China, but it is illegal to use virtual currency to engage in illegal activities
the notice on the prevention of bitcoin risks issued by the people's Bank of China and other five ministries and commissions clarifies the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and compulsion, and is not a real currency
in nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
however, as a kind of commodity trading on the Internet, ordinary people have the freedom to participate in bitcoin trading at their own risk
according to the notice, the bitcoin Internet website, as the main trading platform of bitcoin, should be put on record in the telecommunications administration according to the provisions of the Telecommunications Regulations of the people's Republic of China and the measures for the administration of Internet information services
at the same time, in view of bitcoin's high risk of money laundering and being used by criminals, the notice requires relevant institutions to earnestly perform legal anti money laundering obligations such as customer identification and suspicious transaction report in accordance with the requirements of the anti money laundering law of the people's Republic of China, so as to effectively prevent bitcoin related money laundering risks
extended information:
the notice requires that at this stage, all financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin into the scope of insurance liability, Shall not directly or indirectly provide customers with other services related to bitcoin, including: providing customers with bitcoin registration, trading, clearing, settlement and other services
accept bitcoin or use bitcoin as payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services
issue financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc