The impact of digital currency on Commercial Banks
Publish: 2021-05-14 00:41:15
1.
The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision
in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020
as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value
Policy evolution of the development of digital RMBas early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar
after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years
Figure 1: Policy Evolution of digital RMB
with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB
2. In fact, there is no standard answer, it depends on what you like, but I think privacy is more important than circle and revenue is more important than brand
in today's network environment, personal privacy is far more important than circle, because once your privacy is gone, your circle will also be affected, such as number theft and money fraud. Therefore, it is more appropriate to choose btchat, a social software with burning after reading and double encryption. Although there are not many friends now, it doesn't mean there won't be many in the future, It takes time to discover value
when it comes to brands, it's actually an era when brands are consumed and abused. Many software celebrity endorsements have become high-end brands, and what they actually earn is consumers' cognitive tax; However, it is difficult to make money. Not every social software can provide free money making function. Btchat can make users make money while chatting through chatting and socializing. This function can be said to be more practical and valuable than the brand.
in today's network environment, personal privacy is far more important than circle, because once your privacy is gone, your circle will also be affected, such as number theft and money fraud. Therefore, it is more appropriate to choose btchat, a social software with burning after reading and double encryption. Although there are not many friends now, it doesn't mean there won't be many in the future, It takes time to discover value
when it comes to brands, it's actually an era when brands are consumed and abused. Many software celebrity endorsements have become high-end brands, and what they actually earn is consumers' cognitive tax; However, it is difficult to make money. Not every social software can provide free money making function. Btchat can make users make money while chatting through chatting and socializing. This function can be said to be more practical and valuable than the brand.
3. Yaohai.
4. The digital currency issued by the central bank is only a substitute for banknotes and coins. In fact, it is a kind of electronic cash, which has little impact on monetary policy and commercial banks. In the traditional currency issuance, the cash in circulation is actually the direct debt of the central bank to the public, only because of technical constraints and cost considerations, the central bank issues cash through commercial banks. With the progress of technology, it is possible for the central bank to issue money directly to indivial and enterprise accounts in the form of digital currency. E-cash flow is still through the central bank and financial institutions, and then to enterprises and indivials. In terms of money manufacturing channels, circulation links and functions, e-cash flow is exactly the same as paper money
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
5. The most intuitive impact should be that after the digital currency goes online, the bank's offline business will be reced.
6. My friend is also in it. Personally, he feels pretty good. I can't talk about specific things. I heard that they often engage in activities
7. The impact of e-money on monetary policy
the impact of e-money on monetary policy
with the wide application of high technology mainly based on information technology in the financial field, the impact of e-money and electronic settlement technology in the network environment on the banking instry and even the whole social economy is increasing, and the impact of e-settlement technology on money demand and supply is increasing, E-money has a direct impact on the implementation of the central bank's monetary policy. Therefore, it is necessary to deepen the understanding of e-money< At present, most of the electronic money is based on the existing real money (cash or deposit), which has the function of "value measurement" and "value preservation", and can be exchanged with the real money at the ratio of 1:1. As a means of payment, most e-money can not be separated from cash or deposit. It is transmitted and transferred by electronic means to pay off creditor's rights and debts and realize settlement. Therefore, the function and influence of e-money at present is essentially the relationship between e-money, cash and deposit. At present, there are four types of popular electronic currency in China
1. Stored value card electronic currency. Generally, it appears in the form of magnetic card or IC card. Besides commercial banks, it is also issued by telecommunication departments (ordinary telephone card, IC telephone card), IC enterprises (network card), commercial retail enterprises (various consumption cards), government organs (internal consumption IC card) and schools (Campus IC card). After the issuer receives the customer's funds in advance, it issues the equivalent stored value card, which makes the stored value card a new "deposit account" independent of the bank deposit. At the same time, the stored value card in the customer consumption to dect the way to pay fees, which is equivalent to the deposit account payment currency. At present, the deposits in the stored value cards are not included in the central bank's reserve requirements. Therefore, the stored value cards can rece the demand for cash and current savings
2. Credit card applied electronic currency. It refers to the credit card or quasi credit card issued by commercial banks, credit card companies and other issuers. The loan can be consumed within the credit limit specified by the issuer, and then the repayment can be made at the specified time. The widespread use of credit cards can expand consumer credit and affect money supply
3. Deposit based e-money. They are mainly debit cards, electronic checks, etc., which are used to withdraw cash, transfer settlement and transfer funds from bank deposits in an electronic way. The widespread use of this kind of electronic payment method can rece the cost of consumers to and from the bank, rece the balance of cash demand, and speed up the circulation of money
4. Cash analog electronic currency. There are mainly two kinds: one is e-cash which is based on the Internet environment and keeps the binary data representing the value of money in the hard disk of the computer terminal; One is the electronic wallet that keeps the monetary value in the IC card and can be circulated without the bank payment system. This kind of e-money has the characteristics of anonymity of cash, can be used for payment between indivials, and can change hands many times. It is developed for the purpose of replacing entity cash. The expanding use of this kind of electronic currency can affect the currency issuing mechanism, rece the seigniorage income of the central bank, and rece the scale of assets and liabilities of the central bank. 2、 The creation of money generated by e-money is based on the popularization and application of the above-mentioned e-money, and the precondition that e-money replaces cash or deposits and does not need to bear the reserve deposit obligation of the central bank is bound to have an impact on the relationship between money supply and demand. On the one hand, with the continuous expansion of the number and scale of e-money, it is more difficult to predict the change of money issuance and circulation, and it is more difficult to control the money supply through the base money; On the other hand, it is difficult to grasp the difference between traditional banks and e-money issuers in the content and operation of asset business, which has a security impact on the credit guarantee function, equal fund preservation function and system stability function of issuers. At the same time, the expansion of the popularity of e-money will promote the unlimited rise of money transactions, and lead to the unlimited rise of money creation. For money creation with deposits, the central bank can control money supply by adjusting the legal reserve rate. When the monetary authority decides to increase the legal reserve rate, a certain proportion of deposits will flow from commercial banks to the central bank, and the lending ability of commercial banks will be reced; When the legal reserve rate is reced, the opposite effect will appear, and eventually expand the money supply
e to the money creation generated by e-money, under the premise that there is no legal reserve rate as a "brake", whether the e-money issuing department can expand the credit scale, and if the e-money issuers continue to expand the credit scale, whether it is possible to lead to inflation. Therefore, we must pay attention to the following four aspects
1. Payment preparation. As the equivalent funds (cash or deposits) collected in the issuance of e-money have not yet paid the deposit reserve to the central bank. Therefore, in order to meet the payment and withdrawal needs of customers, issuers must hold a certain amount of payment reserves in the form of cash or deposits, which can appropriately limit the rise of money supply
2. Cash leakage. In the process of money creation, part of the e-money held by customers will be converted into cash or deposit, which will flow out from the e-money issuing department, resulting in "leakage" of funds. In this way, the e-money will rece to a certain extent in the expansion of loan funds, thus more or less inhibiting the ability to create derivative deposits
3, the loan demand is limited. To create money, there must be not only a "lender", but also a "borrower" who can accept all kinds of loans. For e-money issuers, there can not always be "good" lending opportunities. The "loan demand curve" corresponding to the e-money issuing department is the same as that of the traditional bank. The loan demand is restricted by the interest rate and decreases with the rise of the interest rate. Therefore, the loan demand is limited and controllable
4, the cost of loan supply. When e-money issuers provide credit loans, like traditional bank loans, they must examine the credit status of borrowers and spend corresponding costs. At the same time, the "loan supply curve" of e-money issuers is the same as that of traditional banks, and the cost increases with the increase of loan supply. Therefore, e-money can proce money creation and also lead to inflation, but it will be restricted to a certain extent. 3、 An empirical analysis of the impact of e-money on monetary policy credit card is one of the main types of e-money. It is the most popular e-money in the world. It is also the first choice of e-commerce payment system for retail business. Therefore, the depth and breadth of credit card application not only affect the development of e-commerce, but also form an impact on financial policy, and then form a direct impact on monetary policy
taking credit card as an example, according to Keynes' liquidity preference theory on money demand, consumers hold money because it is the most liquid and flexible. Compared with other means of payment, the biggest feature of credit card is to provide consumer credit. Consumers can borrow freely within the predetermined limit without guarantee, which helps to increase consumers' liquidity preference. Generally speaking, restricting liquidity preference can push up savings, while encouraging liquidity preference can rece savings. Empirical analysis shows that in countries where consumer credit is popular, such as credit cards, the macro savings rate is lower than that in countries where consumer credit is not popular. When the economic subject is restricted by liquidity, financial policy can affect the resource allocation of the economic subject in different periods by shrinking or expanding liquidity. Due to the special consumer credit function of credit card and its convenience of use (for example, online transactions can be paid in real time only by entering the encrypted credit card number and password or IP number), when the popularization scope is expanded to a certain extent, it will ease the liquidity constraints, directly regulate the money supply, and weaken the financial policy restricting liquidity
according to Keynes' liquidity preference theory, besides completing the current transaction, the motivation of indivials to hold money is to prevent unexpected demand, that is, preventive motivation. Another important feature of credit card is that it can provide consumer credit at any time, that is, centralized settlement at a predetermined time, which can weaken the prevention motivation of money demand, rece the uncertainty of indivial holding money, and rece the money demand based on prevention motivation. The central bank can increase the speed of money circulation by adjusting the decrease of money demand. That is to say, the widespread use of stored value cards and credit cards in the whole society has led to a sharp rise in the circulation speed of base money and narrow money such as MI
the above empirical results show that when the number of e-money issued and the scale of use reach a certain level, it is enough to affect consumers' liquidity preference for money demand, thus affecting a country's overall money demand, money supply and the existing monetary policy system. 4、 In the general trend of world economic integration and financial globalization, the global communication network composed of Internet makes the online electronic payment services provided by financial institutions virtual and stateless. Online consumers can directly use the financial electronic services provided by foreign service providers without crossing the border, It can also obtain e-money directly from foreign issuers through real-time processing, and enjoy credit card consumer credit services issued by foreign institutions
in recent years, China has implemented a series of monetary policies, such as recing bank interest rates and expanding consumer credit, eight times to rece savings, stimulate consumption, curb deflation and stimulate economic growth, but the effect is not obvious. At present, the balance of savings deposits in financial institutions across the country has reached more than 1 billion yuan. In the case of continuous interest rate cuts without driving out the "tiger in the cage" into the consumption field, if we promote and accelerate the popularization of credit cards, it will enhance the positive effect of monetary policy to stimulate consumption to a certain extent. Therefore, with the acceleration of financial opening up and the formation of international financial direct competition, it is necessary to enhance the international competitiveness of payment network and occupy the domestic credit card market as soon as possible. In particular, under the premise that China's credit card market has reached 5 trillion, all banking institutions should innovate means and work hard on the development of bank cards. First, it is necessary to improve the card quality, focus on information concentration, reengineer business process, and realize the fundamental transformation of bank card business to intensive operation mode. The second is to establish international standard banking business operation process, and comprehensively implement standardized management in customer service, business operation, risk management, proct development, marketing promotion and other links. Third, increase the content of science and technology, develop credit cards for online payment such as e-commerce and online transactions, and add new service functions, such as e-account and e-credit evaluation. Fourth, increase the expansion of credit card issuing business, establish diversified credit card marketing channels, and rapidly increase the number of credit cards issued
the impact of e-money on monetary policy
with the wide application of high technology mainly based on information technology in the financial field, the impact of e-money and electronic settlement technology in the network environment on the banking instry and even the whole social economy is increasing, and the impact of e-settlement technology on money demand and supply is increasing, E-money has a direct impact on the implementation of the central bank's monetary policy. Therefore, it is necessary to deepen the understanding of e-money< At present, most of the electronic money is based on the existing real money (cash or deposit), which has the function of "value measurement" and "value preservation", and can be exchanged with the real money at the ratio of 1:1. As a means of payment, most e-money can not be separated from cash or deposit. It is transmitted and transferred by electronic means to pay off creditor's rights and debts and realize settlement. Therefore, the function and influence of e-money at present is essentially the relationship between e-money, cash and deposit. At present, there are four types of popular electronic currency in China
1. Stored value card electronic currency. Generally, it appears in the form of magnetic card or IC card. Besides commercial banks, it is also issued by telecommunication departments (ordinary telephone card, IC telephone card), IC enterprises (network card), commercial retail enterprises (various consumption cards), government organs (internal consumption IC card) and schools (Campus IC card). After the issuer receives the customer's funds in advance, it issues the equivalent stored value card, which makes the stored value card a new "deposit account" independent of the bank deposit. At the same time, the stored value card in the customer consumption to dect the way to pay fees, which is equivalent to the deposit account payment currency. At present, the deposits in the stored value cards are not included in the central bank's reserve requirements. Therefore, the stored value cards can rece the demand for cash and current savings
2. Credit card applied electronic currency. It refers to the credit card or quasi credit card issued by commercial banks, credit card companies and other issuers. The loan can be consumed within the credit limit specified by the issuer, and then the repayment can be made at the specified time. The widespread use of credit cards can expand consumer credit and affect money supply
3. Deposit based e-money. They are mainly debit cards, electronic checks, etc., which are used to withdraw cash, transfer settlement and transfer funds from bank deposits in an electronic way. The widespread use of this kind of electronic payment method can rece the cost of consumers to and from the bank, rece the balance of cash demand, and speed up the circulation of money
4. Cash analog electronic currency. There are mainly two kinds: one is e-cash which is based on the Internet environment and keeps the binary data representing the value of money in the hard disk of the computer terminal; One is the electronic wallet that keeps the monetary value in the IC card and can be circulated without the bank payment system. This kind of e-money has the characteristics of anonymity of cash, can be used for payment between indivials, and can change hands many times. It is developed for the purpose of replacing entity cash. The expanding use of this kind of electronic currency can affect the currency issuing mechanism, rece the seigniorage income of the central bank, and rece the scale of assets and liabilities of the central bank. 2、 The creation of money generated by e-money is based on the popularization and application of the above-mentioned e-money, and the precondition that e-money replaces cash or deposits and does not need to bear the reserve deposit obligation of the central bank is bound to have an impact on the relationship between money supply and demand. On the one hand, with the continuous expansion of the number and scale of e-money, it is more difficult to predict the change of money issuance and circulation, and it is more difficult to control the money supply through the base money; On the other hand, it is difficult to grasp the difference between traditional banks and e-money issuers in the content and operation of asset business, which has a security impact on the credit guarantee function, equal fund preservation function and system stability function of issuers. At the same time, the expansion of the popularity of e-money will promote the unlimited rise of money transactions, and lead to the unlimited rise of money creation. For money creation with deposits, the central bank can control money supply by adjusting the legal reserve rate. When the monetary authority decides to increase the legal reserve rate, a certain proportion of deposits will flow from commercial banks to the central bank, and the lending ability of commercial banks will be reced; When the legal reserve rate is reced, the opposite effect will appear, and eventually expand the money supply
e to the money creation generated by e-money, under the premise that there is no legal reserve rate as a "brake", whether the e-money issuing department can expand the credit scale, and if the e-money issuers continue to expand the credit scale, whether it is possible to lead to inflation. Therefore, we must pay attention to the following four aspects
1. Payment preparation. As the equivalent funds (cash or deposits) collected in the issuance of e-money have not yet paid the deposit reserve to the central bank. Therefore, in order to meet the payment and withdrawal needs of customers, issuers must hold a certain amount of payment reserves in the form of cash or deposits, which can appropriately limit the rise of money supply
2. Cash leakage. In the process of money creation, part of the e-money held by customers will be converted into cash or deposit, which will flow out from the e-money issuing department, resulting in "leakage" of funds. In this way, the e-money will rece to a certain extent in the expansion of loan funds, thus more or less inhibiting the ability to create derivative deposits
3, the loan demand is limited. To create money, there must be not only a "lender", but also a "borrower" who can accept all kinds of loans. For e-money issuers, there can not always be "good" lending opportunities. The "loan demand curve" corresponding to the e-money issuing department is the same as that of the traditional bank. The loan demand is restricted by the interest rate and decreases with the rise of the interest rate. Therefore, the loan demand is limited and controllable
4, the cost of loan supply. When e-money issuers provide credit loans, like traditional bank loans, they must examine the credit status of borrowers and spend corresponding costs. At the same time, the "loan supply curve" of e-money issuers is the same as that of traditional banks, and the cost increases with the increase of loan supply. Therefore, e-money can proce money creation and also lead to inflation, but it will be restricted to a certain extent. 3、 An empirical analysis of the impact of e-money on monetary policy credit card is one of the main types of e-money. It is the most popular e-money in the world. It is also the first choice of e-commerce payment system for retail business. Therefore, the depth and breadth of credit card application not only affect the development of e-commerce, but also form an impact on financial policy, and then form a direct impact on monetary policy
taking credit card as an example, according to Keynes' liquidity preference theory on money demand, consumers hold money because it is the most liquid and flexible. Compared with other means of payment, the biggest feature of credit card is to provide consumer credit. Consumers can borrow freely within the predetermined limit without guarantee, which helps to increase consumers' liquidity preference. Generally speaking, restricting liquidity preference can push up savings, while encouraging liquidity preference can rece savings. Empirical analysis shows that in countries where consumer credit is popular, such as credit cards, the macro savings rate is lower than that in countries where consumer credit is not popular. When the economic subject is restricted by liquidity, financial policy can affect the resource allocation of the economic subject in different periods by shrinking or expanding liquidity. Due to the special consumer credit function of credit card and its convenience of use (for example, online transactions can be paid in real time only by entering the encrypted credit card number and password or IP number), when the popularization scope is expanded to a certain extent, it will ease the liquidity constraints, directly regulate the money supply, and weaken the financial policy restricting liquidity
according to Keynes' liquidity preference theory, besides completing the current transaction, the motivation of indivials to hold money is to prevent unexpected demand, that is, preventive motivation. Another important feature of credit card is that it can provide consumer credit at any time, that is, centralized settlement at a predetermined time, which can weaken the prevention motivation of money demand, rece the uncertainty of indivial holding money, and rece the money demand based on prevention motivation. The central bank can increase the speed of money circulation by adjusting the decrease of money demand. That is to say, the widespread use of stored value cards and credit cards in the whole society has led to a sharp rise in the circulation speed of base money and narrow money such as MI
the above empirical results show that when the number of e-money issued and the scale of use reach a certain level, it is enough to affect consumers' liquidity preference for money demand, thus affecting a country's overall money demand, money supply and the existing monetary policy system. 4、 In the general trend of world economic integration and financial globalization, the global communication network composed of Internet makes the online electronic payment services provided by financial institutions virtual and stateless. Online consumers can directly use the financial electronic services provided by foreign service providers without crossing the border, It can also obtain e-money directly from foreign issuers through real-time processing, and enjoy credit card consumer credit services issued by foreign institutions
in recent years, China has implemented a series of monetary policies, such as recing bank interest rates and expanding consumer credit, eight times to rece savings, stimulate consumption, curb deflation and stimulate economic growth, but the effect is not obvious. At present, the balance of savings deposits in financial institutions across the country has reached more than 1 billion yuan. In the case of continuous interest rate cuts without driving out the "tiger in the cage" into the consumption field, if we promote and accelerate the popularization of credit cards, it will enhance the positive effect of monetary policy to stimulate consumption to a certain extent. Therefore, with the acceleration of financial opening up and the formation of international financial direct competition, it is necessary to enhance the international competitiveness of payment network and occupy the domestic credit card market as soon as possible. In particular, under the premise that China's credit card market has reached 5 trillion, all banking institutions should innovate means and work hard on the development of bank cards. First, it is necessary to improve the card quality, focus on information concentration, reengineer business process, and realize the fundamental transformation of bank card business to intensive operation mode. The second is to establish international standard banking business operation process, and comprehensively implement standardized management in customer service, business operation, risk management, proct development, marketing promotion and other links. Third, increase the content of science and technology, develop credit cards for online payment such as e-commerce and online transactions, and add new service functions, such as e-account and e-credit evaluation. Fourth, increase the expansion of credit card issuing business, establish diversified credit card marketing channels, and rapidly increase the number of credit cards issued
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