Introduction to the legal digital currency of the central bank
As of September 2019, the central bank's digital currency has not been issued
the development history of the central bank's digital currency is as follows
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues faced
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutionson August 2, 2019, the central bank said at the second half of 2019 work video conference that it would speed up the research and development of legal digital currency
on August 10, 2019, Mu Changchun, deputy director of the payment and Settlement Department of the central bank, said at the Yichun forum of 40 people of China finance that "the central bank's digital currency can be said to be ready"
on August 18, 2019, the CPC Central Committee and the State Council issued their opinions on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics, which mentioned supporting innovative applications such as digital currency research in Shenzhen
on August 21, 2019, the official micro blog of the people's Bank of China released two articles on digital currency. One is fan Yifei, vice president of the people's Bank of China, who was published in January 2018, talking about some considerations of digital currency of the people's Bank of China. The other is mu Changchun, deputy director of the Department of payment and settlement, who delivered a speech in Yichun on August 10
extended data:
practical significance
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate
can also become a new monetary policy tool. At the same time, the central bank can affect the bank's deposit and loan interest rate by adjusting the central bank's digital currency interest rate, and help break the zero interest rate lower limit
operation system
fan Yifei, vice governor of the people's Bank of China, said in the article that the digital currency of the people's Bank of China should adopt a two-tier operation system. This model does not change the relationship between creditor's rights and debt of currency in circulation, does not change the existing money supply system and al account structure, does not constitute a competition for commercial banks' deposit currency, and does not increase commercial banks' dependence on the interbank lending market
will not affect the lending ability of commercial banks, and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the pro cyclical effect under the pressure environment, and it can improve the convenience and security of payment, and it also has the credit advantage of central bank endorsement
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions
extended data:
benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
Recently, there is relevant news that the central bank's digital currency is about to fall, which has attracted most people's praise. The relevant person in charge of the digital currency Research Institute said that the research and development of digital RMB is steadily advancing. At present, closed pilot projects have been carried out in Shenzhen, Suzhou and other places, and the functions are being continuously optimized and improved< Strong> after the central bank issues digital money, the daily payment will no longer need real name, nor do it need to use Alipay and WeChat to pay. It will bring great convenience to our life, and at the same time, it will change a lot. RRRRR}
the issue of digital currency is a trend, which will bring convenience to our lives. It also indirectly reflects the development of currency and social progress. After the use of digital currency, there will be a severe crackdown on crimes and other acts. The difficulty of money laundering will increase and criminal acts will be reced. The flow of money can be effectively queried through mobile app records, which has a great impact on social life
2019 August 21st, the official account of WeChat central bank released two articles on digital currency.
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
legal digital currency is the digital currency issued by the state and the central bank in China
this kind of digital currency can carry on the ordinary on-line mobile payment, also may carry on the sweep code payment, is similar to the Alipay and WeChat's using method, is very convenient.
this new type of legal digital currency is actually much more convenient than the existing means of mobile payment for three reasons:
first, legal digital currency does not need bank transfer and withdrawal
now we need to use Alipay and WeChat to bind the bank cards on Alipay and WeChat first, then transfer the money in the bank card to Alipay and WeChat, which is very troublesome. p>
but legal digital currency itself is stored in the bank card account, so there is no need to transfer in and withdraw the operation, you can directly withdraw the digital currency on the ATM, or you can directly use the app to pay, which is very convenient
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.