The "root" of digital currency and digital assets is in the service entity

On the evening of April 18, the first live broadcast of the Boao Forum for Asia Annual Conference 2021 attracted great attention from all walks of life. Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, former governor of the People's Bank of China, and Li Bo, deputy governor of the central bank, discussed the current pilot situation of digital renminbi, the internationalization process, and the The attitude of encrypted assets has been shared a lot. It is worth noting that at this forum, Li Bo, the deputy governor of the central bank, made a clear definition of Bitcoin for the first time.

How will the digital yuan develop? How should Bitcoin and stablecoins be regulated? "Securities Daily" reporter interviewed many experts in the industry.

At the 2021 Boao Forum for Asia Annual Conference, Li Bo, the deputy governor of the central bank, made a clear definition of Bitcoin for the first time. He said: "Globally, Bitcoin or stablecoins, as encrypted assets, are starting to become alternative investment options, but they are not currencies themselves." He believes that the main role that encrypted assets may play in the future is as an investment tool or Alternative investments.

Zhou Xiaochuan said that it is necessary to distinguish between digital currency and digital assets. For digital assets such as Bitcoin, it is not necessary to draw conclusions now, but "we must remind and be careful. In China, any financial innovation must clearly explain its impact on entities. economic benefits".

Voice | Zhu Min: The introduction of digital currency by the central bank is a future trend: Zhu Min, former vice president of the International Monetary Fund, said at the "2019 Innovative Economy Forum" in Beijing today that the central bank's introduction of digital currency is a future trend. There are two pressures. One is the pressure from the market. Although cryptocurrencies such as Bitcoin are not sovereign currencies, they are actually eroding the territory of sovereign currencies. The second pressure is that when considering issuing digital currency, especially for small countries, if digital currency is not issued, sovereign currency will be marginalized. [2019/11/22]

On April 18, the global encrypted digital currency market plummeted across the board, and mainstream currencies such as Bitcoin and Ethereum generally fell by more than 10%. Among them, Bitcoin once fell below the $54,000 mark, with the largest drop of more than $8,000 within 24 hours. The trend of Bitcoin has also attracted other mainstream currencies to follow suit and fall, generally falling by more than 10%.

In fact, as early as September 2017, seven ministries and commissions including the central bank issued the "Announcement on Preventing Financing Risks of Token Issuance" to define "virtual currency". The announcement pointed out that the tokens or "virtual currencies" used in token issuance financing are not issued by monetary authorities, do not have monetary attributes such as legal compensation and mandatory, do not have the same legal status as currency, and cannot and should not be used as currency. circulated and used in the market.

Voice | Huang Qifan: The Central Bank of China may become the first central bank in the world to launch digital currency: Huang Qifan, vice chairman of the China Center for International Economic Exchanges, said at the first Bund Financial Summit today that he believes that the digital currency of the Central Bank of China has been researched for 5 or 6 years. The technology has now matured, and it is possible to become the first central bank to launch a digital currency in the world. The digital currency launched by the central bank is first exchanged to commercial banks or institutions, and then exchanged to the public. The significance of this is not the digitization of existing currencies, but the replacement of M0, which is conducive to the circulation and internationalization of RMB, and provides currency and currency Provide a strong reference for policy formulation. [2019/10/28]

"It is necessary to ensure that encrypted assets do not cause serious financial risks." Li Bo said that China is studying regulatory policies for these assets. Financial institutions such as banks are strictly regulated.

Zheng Dingxiang, president of the Shenzhen Information Service Blockchain Association, told a reporter from the Securities Daily: "The underlying blockchain technology of encrypted assets has a wide range of applications in asset registration, securities settlement, transaction reporting, and inclusive finance. However, encrypted assets also have potential financial stability risks. Encrypted assets can be traded anonymously, which will bring convenience to money laundering and tax evasion; There is antagonism, which makes regulation of crypto assets difficult.”

Sound | Strike: Currently not involved in the research of the central bank's digital currency: Strike said on the interactive platform that the company is currently not involved in the research of the central bank's digital currency, and the company's shareholding subsidiary Chongqing Boduan is positioned to provide services such as Internet of Things technology . (First Finance and Economics) [2019/9/27]

Dr. Zheng Lei, Chief Economist of Baoxin Finance, said in an interview with a reporter from Securities Daily: "Governments of various countries have different attitudes towards Bitcoin, but they all clearly realize that the supervision of this type of encrypted digital assets is very difficult. The transaction process may be closely related to illegal activities such as money laundering. The potential risks of encrypted assets mainly exist in the opacity and large volatility of the transaction process. For encrypted assets, necessary risk control should be made at the exchange level, such as investor identity and The investigation of the source of funds uses monitoring technology for speculative transactions, and cooperates with law enforcement agencies to lock transactions and illegal accounts when necessary. The trading platform itself should also conduct daily supervision in accordance with similar financial institutions.”

Ding Feipeng, Director of the Criminal Department of Beijing Shangguang Law Firm, told the "Securities Daily" reporter that the legal positioning of encrypted assets represented by Bitcoin and Ethereum is "virtual commodity". Since it is a commodity, the related possession and use , income, and disposition should also be equally protected by law.

Sound | Goldman Sachs Digital Assets Market Director: Currently Cannot Hold Customers’ Digital Currency: According to Bloomberg News, Goldman Sachs Digital Assets Market Director Justin Schmidt said that one of the questions Goldman Sachs customers ask him is "Can you hold our digital currency?" Is it?" Schmidt responded that “we cannot hold. Regulatory considerations must be taken into account when we conduct business.” [2018/11/28]

Zhou Xiaochuan introduced the background of the launch of the digital renminbi at the forum. He said that the People's Bank of China started to develop digital currency mainly from a retail perspective. China's retail market is huge, with 1.4 billion users. Therefore, the original intention of developing digital currency is to establish a more convenient, more effective, and lower-cost payment system. It is necessary to do a wholesale system or internationalize the RMB.

"During the upcoming Beijing Winter Olympics, we will make the digital renminbi available not only to domestic users, but also to international guests," Li Bo said at the forum.

Li Bo said that there is no timetable for the official launch of the digital renminbi. "Three aspects need to be done before the national promotion. The first is to continue to do a good job in the pilot work and expand the scope of the pilot project. The second is to further build the infrastructure of the digital renminbi, including the ecosystem. At the same time, further improve the security of the system sex and reliability. Again, it is necessary to establish a corresponding legal and regulatory framework to supervise the use of digital renminbi.”

In the first two months of 2018, the average daily loss of digital currency fraud was as high as 9 million US dollars: According to the latest news from Bitcoin.com, in the first two months of 2018, the average daily amount defrauded by fraud in the digital currency field was as high as 9 million US dollars. Ten thousand U.S. dollars. [2018/3/10]

Regarding the characteristics of the current digital renminbi pilot, Liu Bin, director of the Financial Research Office of the China (Shanghai) Free Trade Zone Research Institute, told the "Securities Daily" reporter: "The digital renminbi pilot is currently participating in more and more pilot cities, and the progress will be significantly accelerated. Pilot scenarios More and more diverse, the current pilot scenarios are gradually shifting from life consumption scenarios to enterprise applications and government application scenarios, and from a single offline to a combination of offline and online. It is expected to advance in cross-border areas and industry regulation in the future, with local The combination of key industries and major local festivals, and the cooperative institutions will become more and more rich, diverse and extensive.”

Chen Xiaohui, head of the financial technology and international settlement innovation team at Yibin University and chief expert of Peiyi Consulting, told the Securities Daily reporter that the digital renminbi pilot will show the characteristics of blooming in multiple places, multi-user trials, multi-time operation, and multi-institutional cooperation. It is predicted that the scope of application of digital renminbi will be expanded in an orderly manner in the future. In the future, in addition to banks as the operating entities of digital renminbi, non-bank payment institutions and even some other institutions with large online and offline traffic may participate.

Zhou Xiaochuan emphasized that both digital currency and digital assets must serve the real economy.

Su Xiaorui, a special researcher at Suxi Zhiyan, told the "Securities Daily" reporter that the digital renminbi can go deep into rural areas, cover remote areas, and play a role in serving my country's "three rural areas" and inclusive finance in a wider range, serving the real economy . At the same time, the digital renminbi can also relieve the pressure on private enterprises to acquire orders.

In addition to the retail economy and the rural economy, Su Xiaorui said that digital renminbi is also promising in the supply chain field.

"The digital renminbi's controllable anonymity and non-tamperable characteristics will enhance the ecological integration of the upstream and downstream of the industrial chain, thereby enhancing the credit capabilities of small, medium and micro enterprises in the industrial chain." Su Xiaorui said.

Yu Jianing, the rotating chairman of the Blockchain Committee of China Communications Industry Association and the president of Huobi University, agreed with the above statement. He further pointed out that encrypted assets based on blockchain technology can not only be used as alternative assets for investment, but also in To a certain extent, it has become a booster to revitalize the real economy.

Yu Jianing believes that encrypted assets not only have inherent economic value, but also have a trusted proof of equity attribute, and at the same time allow assets to circulate efficiently in the digital world. Take copyright as an example. As an asset, copyright is prone to problems such as unclear rights and low liquidity. But after the copyright is chained to form an encrypted asset, the ownership relationship and historical transaction information behind it will become clear and transparent. At the same time, these encrypted assets can carry out low-cost circulation transactions on the chain, so that the assets with low liquidity can increase the transaction speed, and the rights and interests of assets can be verified and transferred on the chain, which can reduce transaction costs and improve transaction security. .

Chen Xiaohua, chairman of the China Mobile Communications Federation Blockchain Professional Committee and chief digital economist, told the "Securities Daily" reporter: "Due to the intangibility and anonymity of transactions, the wide range of uses, and the variety of capital injection methods in virtual currencies, The risk of money laundering is relatively high because of characteristics such as sex, the possibility of obtaining cash, the division of services, the speed and irreversibility of transactions, and the complexity of transaction models.”

"We have entered the era of digital economy, which means that for a long time in the future, many production, consumption and investment activities will be digitized, and digital currency will become the financial infrastructure in the era of digital economy." Dr. Zheng Lei further told the Securities Daily The reporter said that digital assets are assets with investment value and capital attributes generated after the digitization of economic activities. They are bound to accompany and empower the real economy.

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