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The "spoiler" of digital currency is coming.It is more convenient than Alipay, but it is just the "tip of the iceberg"



If you and I have DC/EP digital wallets on our mobile phones, we don’t even need the Internet. As long as the mobile phone has power, the digital currency in one person’s digital wallet can be transferred to another person by touching the two mobile phones.

The digital currency that has been rumored for a long time is getting closer and closer to us. Since China Construction Bank launched the digital currency menu and started testing, the majority of netizens have begun to pay close attention to the progress of the digital currency test. It can be said that everything is ready, and we only owe the country an order .

On September 14, Fan Yifei, deputy governor of the People's Bank of China, publicly published an article "Some Considerations on the Central Bank's Digital Currency", which is considered by the outside world to be the most official "spoiler" about my country's central bank's digital currency.

Kang Lvzhi, a senior researcher at the Huobi Research Institute, told the Science and Technology Daily reporter that countries around the world have begun to study central bank digital currencies.

Compared with other countries, the research and development of my country's central bank digital currency is very rapid, and my country already has a wealth of practical experience in electronic payment. Therefore, my country's central bank digital currency is currently a sample that has attracted much attention worldwide. In the world race for central bank digital currencies, China is at the forefront.

Sifang Jingchuang: The company has technical reserves in digital currency-related fields: Golden Finance News, Sifang Jingchuang (300468.SZ) said in an answer to investors’ questions on the Shenzhen Stock Exchange-Interaction Ease that the technology required for digital currency includes blockchain , various encryption and decryption algorithms, privacy protection technology and other technologies, the company has technical reserves in these related fields. [2020/5/20]

On August 14, the Ministry of Commerce of my country issued the "Overall Plan for Comprehensively Deepening the Pilot Program of Innovation and Development of Service Trade", and proposed in the section "Comprehensively Deepening the Pilot Tasks, Specific Measures and Division of Responsibilities of Service Trade Innovation and Development" that: in Beijing-Tianjin-Hebei, the Yangtze River Delta, Guangdong The Hong Kong-Macao Greater Bay Area and qualified regions in the central and western regions will carry out digital renminbi pilot projects. The People's Bank of China formulates policy safeguard measures, which will first be promoted by Shenzhen, Chengdu, Suzhou, Xiong'an New District and other places, and then expanded to other regions as appropriate.

Kang Luzhi said: "my country's central bank's digital currency and electronic payment tools have chosen the most stable development model that has been academically proven to be feasible. Electronic payment tools use a central bank-commercial bank two-level price mechanism, which can effectively protect business. Banks, to avoid the structural disintermediation risk that the central bank digital currency may bring to commercial banks and the centralization risk of the central bank's internal credit allocation process, as well as the risk of bank runs under the financial crisis. The promotion process will basically not affect the existing The financial infrastructure has too much of an impact."

Voice | Xiao Lei: The U.S. regulation of digital currency is not one-size-fits-all, but a market that is more inclined to check and balance: Golden Finance reported that Xiao Lei, a senior financial analyst, said that the U.S. attitude towards digital currency can be understood from two aspects. First, the U.S. regulatory approach is not one-size-fits-all, but more inclined to a market of checks and balances, which can be incorporated into the regulatory system first. This is different from the top-down express regulations in civil law systems such as the European Union and China. It is from the bottom up, and if there is market demand, it will be equipped with corresponding products and regulatory agencies. On the other hand, the financial development stages of different countries are also different. The United States’ regulation of digital currency is based on the development of financial openness, and the traditional financial power of the United States is very strong, and financial products are very sound. Therefore, for many financial innovations, including digital currency, etc., The public is not so enthusiastic, and countries such as China still need to consider many problems brought about by capital liberalization, and it is difficult for supervision to keep up. On the whole, the regulation of digital currency is a very complicated process. [2019/11/22]

"The People's Bank of China has been researching and developing the digital currency of the central bank since 2014, which is the digital renminbi. The People’s Bank of China has been using different scenarios to test it.”  Huang Yiping, deputy dean of the National School of Development at Peking University and director of the Digital Finance Research Center of Peking University, said.

Voice | Libra Association responds to the Group of Seven: Libra can coexist with central bank digital currency: Libra's official Twitter said that the report of the Group of Seven (G7) affirmed that stable coins like Libra are the future of digital currency, and it is the foundation of the regulatory framework. Development provides a path. Libra can coexist with central bank digital currencies. [2019/10/18]

In modern life, Alipay and WeChat Wallet have become important payment tools for online and offline consumption, living bill payment, and mobile phone top-up due to the convenience of payment. So why do we need to develop central bank digital currency with Alipay and WeChat Wallet?

Huang Yiping introduced that, first, compared with the electronic currency used in mobile payment, the central bank’s digital currency has the characteristics of legal repayment, that is, any creditor shall not refuse at any time for any reason for all public and private debts incurred in my country. Receive central bank digital currency. On the contrary, electronic wallets such as Alipay do not have legal compensation. In some scenarios, for example, when the other party does not have an Alipay account, the payment can be refused. Second, the central bank's digital currency payment does not have to rely on the network system, and the cost of payment is also lower, which may further enhance the convenience and even inclusiveness of the central bank's digital currency payment. Third, if the amount of central bank digital currency payment is not large, it is possible to realize anonymous transactions, which is similar to cash transactions.

Market | 18 of the top 100 digital currencies by market value rose 81 and fell 1 level: According to non-small data, 18 of the top 100 digital currencies by market value rose 81 and fell 1 level, of which BTC rose 2.82% in 24h, and is now reported at 7096.42 US dollars, 24h The turnover was US$10.973 billion; EOS fell by 2.56% in the past 24 hours to US$5.37, and the 24h turnover was US$2.212 billion; ETH fell by 3.56% in the past 24 hours to US$189.05, and the 24h turnover was US$3.765 billion. [2019/5/13]

In addition, both Alipay and WeChat Pay are supported by bank accounts, behind which companies are operating, and there are still certain risks in terms of account security and privacy protection. Digital currency is a currency issued by the central bank and endorsed by national sovereignty, which means that digital currency is at least more reliable in terms of protecting personal privacy and security.

"From the current research development, if the central bank's digital currency gradually replaces the existing currency, the central bank will exercise more currency-related rights and obligations, and traditional finance may undergo major changes in the infrastructure structure. The future of commercial banks The role of the central bank may undergo major changes, and the financial system is flatter, full of opportunities and challenges. The current electronic currency may be completely replaced by the central bank's digital currency." Kang Lvzhi said.

What kind of scene and experience is it to use digital currency? Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China, said that China's proposed central bank digital currency is a substitute for paper money. Its functions and attributes are exactly the same as paper money, but its form is digital.

"Digital currency does not need to be bound to any bank account when paying, unlike the current WeChat and Alipay that need to be bound to a bank card." Mu Changchun said, "If you and I have DC/EP digital wallets on our mobile phones, even The network is not needed, as long as the mobile phone has power, the digital currency in one person's digital wallet can be transferred to another person by touching the two mobile phones." Industry experts pointed out that combined with 5G, Internet of Things and other technologies, various terminals Both may be payment carriers.

In addition to the use level, digital currency has more far-reaching significance.

For example, the de-accountization of digital currency allows people to receive and pay even without traditional bank accounts, making the so-called inclusive finance easier to realize. For example, people in financially underdeveloped areas can purchase corresponding central bank digital currency wealth management products through the central bank digital currency wallet. In addition, the government can more easily issue special subsidies to financially underdeveloped areas, and complete the promotion and implementation of similar policies such as poverty alleviation more conveniently and accurately. According to public information, according to the number of banknotes in circulation nationwide at the end of 2019, the cumulative cost of the country's annual banknote printing and other issuance links is expected to exceed 100 billion yuan. Digital currency can save huge expenditures on labor and materials, and can control costs more effectively.

Digital currency can also combat lawlessness in monetary payments. "The central bank's digital currency can effectively prevent counterfeit money from disrupting the social and economic order. Although our banknote anti-counterfeiting technology is constantly upgrading, the counterfeiting technology of criminals is also constantly improving. There is no end to the continuous upgrading of banknote anti-counterfeiting technology, and we will only invest more Costs, resulting in greater consumption. For this phenomenon, the central bank digital currency may be the best answer given by the digital age." Kang Lvzhi said.

In addition, digital currencies only disclose transaction data to the central bank, a third party. This means that under the premise of protecting the privacy of the public, the central bank can grasp the necessary data, and it is easier to detect crimes such as tax evasion, terrorist financing and money laundering. Economic data may be more accurate, making macroeconomic regulation and control more precise.

Huang Yiping believes that the central bank digital currency may make cross-border settlement and investment faster, safer and lower cost. For example, remittances from Beijing to New York or London generally take several working days to complete the transaction, and the fees are relatively high. The digital currency is actually a string of passwords, and the password can be changed in an instant.

Our reporter Ma Aiping

Original title: The "spoiler" of digital currency is coming. It is more convenient than Alipay, but it is just the "tip of the iceberg"


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