On DCEP of digital currency in China

1. The issue of digital currency has many benefits and is imperative. According to the central bank, digital money and paper money will coexist for a long time to come. When people go to the bank to withdraw money, they can not only withdraw cash directly, but also exchange it into digital currency. In Xiaobian's opinion, the establishment and issuance of digital currency system can not only make people's transactions more convenient and safe, but also graally weaken the proportion of paper money in the real circulation, which will also have a positive impact on the electronic disk of postal money card
when people are used to digital currency, paper money will graally withdraw from the circulation market and enter the collection field. In the new environment of payment and circulation, the traditional paper money will become a symbol of an era and a memory of people. The paper money that used to circulate in the market will also become a kind of cultural and artistic investment goods, active on the electronic disk of the post money card. And those earlier and even rarer coins will also stimulate their prices to rise in this situation. It can be seen that the central bank's graal promotion of digital currency will have a profound impact on people's living habits and investment and financial management, which is worth looking forward to Sohu)
however, digital currency does not have to be used for payment. Some domestic application-oriented digital currencies have begun to find another shortcut and come out with a different truth. For example, coin Ying China crowdfunding project token; Puyin group launched the tea based digital currency Puyin.

2.

Hello, the replacement of paper-based RMB by digital RMB is basically certain. Just as the era goes from entity to e-commerce, RMB also goes from offline to online. Its function is exactly the same as paper money, that is, the digital version of paper money

at present, China's digital currency is a leading technology, which is bound to accelerate its digital currency construction in the short term, in order to find the gap with DCEP. However, DCEP can ultimately promote the nationalization of RMB, still depends on the steady growth of domestic economy and the international circulation ability of RMB itself, not only on the digital technology of RMB, but also has a long way to go

3. DCEP (digital currency electronic payment), the Chinese version of digital currency project, namely digital currency and electronic payment instrument, is the legal digital currency in the research of the people's Bank of China and a kind of digital currency. Digital RMB, issued by the people's Bank of China, is a controllable anonymous payment tool with value characteristics and legal compensation. It is operated by designated operating institutions and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins. As for the research progress, the top-level design, standard formulation, function research and development, joint commissioning and testing have been completed, and the internal closed pilot test will start in April 2020. As of September 15, 2020, DCEP has not been officially launched

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response time: September 16, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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4. Generally speaking, DCEP is the "digital currency with value characteristics" issued by the state. It can completely replace the market banknotes and has the same functions and attributes as banknotes. The release of DCEP redefines what digital currency represents. In the past, bitcoin, Ethereum and other currencies also had multiple nicknames such as digital currency or cryptocurrency. Now digital currency needs to be removed from these nicknames
in terms of positioning, the central bank's digital currency DCEP is not simply the digitization of banknotes, but to replace M0 (banknotes and coins) and change the form of the base currency. M0 refers to the cash in circulation, that is, the sum of the cash on hand of various units outside the banking system and the cash held by residents. The digitalization of banknotes generally refers to online replacement of lines, such as Alipay and WeChat, which all belong to online payment. However, both of them need to bind bank cards to pay. DCEP does not have this restriction, that is to say, when using DCEP for payment, there is no need to bind any bank account
the name of digital currency is easy to associate with cryptocurrencies such as bitcoin, but there is a fundamental difference between DCEP and them: DCEP is centralized while bitcoin is decentralized
to be exact, DCEP is a kind of sovereign credit currency, while the latter two are the procts of the idea of "currency non nationalization". The paper money itself has no value. The reason why it can perform the function of currency is that it is supported by the national credit and has the nature of legal compensation and compulsion. However, cryptocurrency such as bitcoin is a kind of private currency in essence and has no solid credit foundation. Therefore, any cryptocurrency with its own mining algorithm, following P2P protocol, limited amount, reaching a certain degree of consensus and decentralization can be a substitute for bitcoin
comparatively speaking, if there is a substitute for DCEP, it can only be other forms of RMB, such as banknotes and coins. That is to say, the digital currency DCEP issued by the central bank is still the debt of the central bank to the public, and this relationship between creditor's rights and debt will not change with the change of currency form.

5. On March 26, 2018,

6. Since the blockchain was named by the leaders, the currency circle has been filled with lively voices. Under the sound of the media, people are full of expectations for the digital RMB (DCEP) to be issued by the central bank, but at the same time, some lawless elements also take advantage of it to make trouble

an exchange named rosex was set up in the name of the people's Bank of China
according to the report of the securities times, recently, some institutions pretended to be the people's Bank of China, and branded their digital currency as "DC / EP" or "DCEP" for trading on the platform. Several erc20 tokens called DCEP suddenly appeared on Ethereum, and even a weird DCEP payment interface website, which seems quite suspicious
in view of this, the central bank immediately dismissed the rumors yesterday, stating that legal digital currency has not yet been issued

the central bank clarified that there was no issue of DCEP, which was intercepted from the microblog of chinanews.com
even though the central bank claims that DCEP has been studied for a long time and is likely to be the first national organization in the world to launch digital currency, so far, people still can't see the detailed launch time and process. Only a few central bank officials have explained several key points at various conferences, and even there is no white paper
it's no wonder that some outlaws will take advantage of the DCEP fire to set up scams to deceive the ignorant people The daily economic news also warned that because the blockchain technology is still in the exploratory stage, many applications are being developed, and this kind of new technology with "cutting-edge concept" is easy to be used as a gimmick by interested people
in the currency circle, you can often hear the news of money disk and MLM money running away, and this kind of behavior is usually difficult to safeguard rights. Many weird blockchain projects memorize the distributed storage, encryption algorithm and consensus mechanism thoroughly. However, when you actually read the white paper, you find that he may be ing the works of bitcoin, Ethereum and other predecessors, There are not many projects that can really solve the problem. You can hardly even see their money on the mainstream exchanges
since the release of Libra white paper by Facebook, many countries and instrial giants have suddenly paid attention to digital currency, and many regulatory policies have been introced one after another, even the domestic policy of accelerating the development of legal digital currency. As one of the "most practical" applications of blockchain in the past decade, what changes will digital currency bring to the world's monetary system
digital currency may enter the era of the Three Kingdoms
according to coindesk, Jeremy Allaire, CEO of circle, a blockchain start-up company, said that e to the rapid development of blockchain and smart contracts, a new economic system has emerged. For example, Ethereum, with network protocols such as TCP / IP and HTTP, allows legal tender or token to be issued above. In terms of the existing form of issuing currency, the future digital currency will enter the "Three Kingdoms era":
1. Open finance is the original ecosystem of encryption. For example, companies such as circle and coinbase have issued usdcoin (usdc) based on US dollar reserves on the public chain. By using open finance, enterprises and developers can build an advanced financial structure, In order to better lead the payment and bond markets, but also subject to strict government regulation. At the same time, the open financial instry is faced with the big question of blockchain. How can it have strong anonymity and privacy while maintaining openness and transparency
2. National digital currency: this kind of digital currency is quite popular in the near future, especially after China plans to launch DCEP, many countries are also thinking about whether to follow up. However, when more and more countries are involved in the field of digital currency, does this mean that financial innovation will be strictly controlled? Can China give fair conditions for foreign enterprises or institutions to use DCEP for transactions
3. Private digital currency: a typical example is Facebook's Libra or JP Morgan's jpcoin. However, the concept of Libra is more cutting-edge because it tries to put all the world's legal currencies into a basket and create a global digital currency. However, this is a great challenge for developers. It is very difficult to be open and restricted for countries to visit. From the current situation, national regulators also try their best to block the issuance of Libra, and believe that it may threaten national currency sovereignty