The latest development of legal central bank digital currency

1. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is 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"
the center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
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2. After the people's Bank of China announced the launch of digital currency as soon as possible in January 2017, the governor of the people's Bank of China, in an exclusive interview with Caixin weekly, elaborated on digital currency in detail, saying that there was no established timetable. The relationship between digital currency and cash will be parallel and graally replaced for quite a long time.

3. Digital currency is a kind of legal encrypted digital currency, which is not only a payment tool but also a currency. It is essentially different from Alipay and WeChat payment. Alipay, WeChat payment and mobile phone banks are all electronic money, not digital money. These are all payment methods based on electronic accounts, which are in essence just a process of informatization of legal currency, not digital currency in a strict sense
moreover, it is totally different from q-coin and bitcoin. Commonly known as q-coin and bitcoin, these belong to virtual currency. Compared with digital currency, the most fundamental difference lies in the difference of issuers

virtual currency is the electronization of illegal currency. The issuer is not the central bank, and it can only circulate in a specific virtual environment, such as Tencent Q coin and other game coins; Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency, bitcoin is illegal digital currency

4. Central bank issued digital currency (CBDC) refers to the legal digital currency issued by central banks in various countries
the bank for International Settlements (BIS), known as the "Central Bank of the world's central banks", issued a report on September 17, 2017, saying that the policy decision of whether the central bank provides digital alternatives for cash is the most urgent in a country with declining cash flow, such as Sweden, but all central banks must finally face the choice of whether the issuance of CBDC meets their own needs.

6. According to media reports, before the Spring Festival, the blockchain based digital bill trading platform promoted by the people's Bank of China has been successfully tested. After the Spring Festival, the digital currency Research Institute of the central bank will also be officially listed. This means that the people's Bank of China will become the first central bank to study digital currency and its real application
the central bank's version of digital currency will first be applied to the bill market. The central bank's version of digital currency is different from the traditional digital currency. The central bank's version of digital currency has monetary attributes.

7. The only value that digital currency trading system brings us is that we can use digital currency to exchange legal currency. After all, digital currency is not legal currency and it is not mandatory. Digital currency is still a niche proct. The global recognition of digital currency is not high, especially for ordinary people
however, some of the so-called digital currency systems are deceptive in themselves. Authentic digital currency generally refers to bitcoin, Leyte currency, decent and other digital cryptocurrency.