When is digital central bank currency
Zhou Xiaochuan pointed out that as legal tender, digital currency must be issued by the central bank. The issue, circulation and transaction of digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management. That is to say, q-coin and the like are definitely not good
as for whether to use blockchain technology to create digital currency. Zhou Xiaochuan said that the blockchain technology is an optional technology, but so far, the blockchain still occupies too many resources. Whether it is computing resources or storage resources, it can't cope with the current transaction scale, and whether it can be solved in the future depends on it. Zhou Xiaochuan said that in addition to blockchain technology, the digital currency research team of the people's Bank of China has also concted in-depth research on other related technologies involved in digital currency, such as mobile payment, trusted and controllable cloud computing, cryptographic algorithm, security chip, etc
in addition, Zhou Xiaochuan also mentioned that there is a lot of discussion about "51% attack" (assuming that indivials have 51% of the computing speed of the whole network, they can realize double payment, reverse transactions, paralyze the whole network, and completely lose the transfer function). More specifically, compared with the special currency, bitcoin does not need the central bank. Zhou Xiaochuan mentioned that for the digital currency controlled by the central bank, a series of technical means, mechanism design and laws and regulations will be adopted to ensure the security of the digital currency operation system, which is different from the design idea of bitcoin from the beginning
as for the digital currency timetable, Zhou Xiaochuan said that there is no established timetable. The relationship between digital currency and cash will be parallel and graally replaced for quite a long time. For reference.
more than three years ago, the people's Bank of China started to organize a seminar on digital currency, and then set up the digital currency Research Institute of the central bank. The recent action is to jointly organize step-by-step R & D with the instry and cooperate with the market. What the central bank develops is actually electronic payment. What it pays is digital, not paper money. Digital money also has monetary properties. The study of digital currency is not to realize the application of a certain technical solution, but to pursue the convenience and low cost of retail payment system, as well as security and privacy protection
the central bank's version of digital currency is inspired by bitcoin, bitcoin cash, wikilink and other digital currencies, and adopts the underlying technology blockchain of bitcoin.
more than three years ago, the people's Bank of China started to organize a seminar on digital currency, and then set up the digital currency Research Institute of the central bank. The latest action is to jointly organize distributed R & D with the instry and cooperate with the market
the name of R & D used by the central bank is DCEP, which is actually electronic payment. What is paid is digital, not paper money. Digital money also has monetary attributes. The study of digital currency is not to realize the application of a certain technical solution, but to pursue the convenience and low cost of retail payment system, as well as security and privacy protection
the digital currencies of bitcoin, wikilink and Ethereum provide some reference for the digital currencies issued by the central bank, especially blockchain.
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"
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As of November 11, 2020, China's e-money system is under development
in August 2019, the relevant person in charge of the people's Bank of China said in public that the development of digital currency system is under way and the "digital RMB era" is coming
Wang Xin, director of Central Bank Research Bureau and monetary gold and silver Bureau, said that the central bank's digital currency mainly substitutes cash to a certain extent in China, which will help optimize the central bank's monetary payment function and improve the central bank's monetary status and the effectiveness of monetary policy
extended data:
nowadays, China is still in the stage of accelerating the research and development of digital currency. For example, the central bank held a working video conference in the second half of 2019 on August 2, calling for "accelerating the pace of research and development of China's legal digital currency"
and the opinions of the CPC Central Committee and the State Council on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics issued in August 2019 clearly stated that "We support the development of innovative applications such as digital currency research and mobile payment in Shenzhen"
it is understood that in the future, the central bank will not issue digital currency directly to the public, but will adopt a two-tier operation system, that is, the central bank will first convert the digital currency to banks or other operating institutions, and then these institutions will convert it to the public. In the early stage, the central bank's legal digital currency may pilot in some scenarios, and then further promote it when it is more mature. For the sake of safety, it will do a good job in the design of pilot exit mechanism