Central bank digital currency technology support
Publish: 2021-05-19 19:43:51
1.
The digital currency of the central bank is DCEP
the name of the digital currency developed by the central bank is DCEP (digital currency electronic payment). DC is digital currency. EP is electronic payment. Payment transmits digital things through a certain way, not paper currency. Therefore, electronic payment itself has the attribute of digital currency
The characteristics of digital currency are: low transaction cost; Fast trading speed; Highly anonymous
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Application of digital currency
I. fast, economic and safe payment and settlement
cross border payment helps RMB internationalization. In 2015, the settlement volume of cross-border payment involving current account is about 8 trillion yuan. To accelerate the internationalization of RMB, cross-border payment and settlement procts and solutions with low cost, high efficiency and low risk are needed
At present, there are still a lot of repetitive human work in the bank's electronic loan process and processing process, and as the basic support of loan issuance, many of the collateral has the situation of false pricing or multiple or even no collateral. We can consider using digital currency to price and track bank collateral:3. Bill finance and supply chain finance
in recent years, various bill market businesses based on commercial bills have grown rapidly, and bill financing procts have become a hot area of Internet financing. However, about 70% of the current bill businesses in China are still paper transactions, Supply chain finance is also highly dependent on labor costs
reference materials
network digital currency
2.
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
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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
3. How does the central bank set the minimum limit on the amount of money to be paid into an account? If you want to visit the official website of the people's Bank of China, you need to make an information inquiry
4. The central bank's digital currency is the legal digital currency approved by the State Council. The central bank organizes market institutions to engage in the corresponding work of the central bank's digital currency research and development
2019 August 21st, the official account of WeChat central bank released two articles on digital currency.
2019 August 21st, the official account of WeChat central bank released two articles on digital currency.
5. 1 the framework of legal digital currency needs the participation of non bank payment institutions
there is no unified concept of legal digital currency. The Bank of England defines "digital currency" as "a payment method existing only by electronic means... Which can be used to purchase physical goods and services"... Including "private digital currency" and "digital currency issued by the central bank". Further than the Bank of England, Yao Qian, director of the digital currency Research Institute of the people's Bank of China, made clear the multiple connotations of the central bank's legal digital currency in several public speeches: legal and encrypted credit currency, adopted a series of algorithms, and derived more intelligent functions in the payment function
to this end, the central bank has designed a system architecture of "one currency, two warehouses and three centers", that is, taking digital currency as the center, designing the issuing library and deposit library, matching the certification center, big data analysis center and registration center. The central bank's digital currency is issued by the central bank and circulated in the commercial bank's account. The issuing inventory is put into the people's Bank of China to deposit the digital currency. The deposit bank is the database of the commercial bank to deposit the central bank's digital currency. The authentication center manages the identity of institutions and users in a centralized way; The registration center completes the whole life cycle and ownership registration of the central bank's digital currency; The big data analysis center achieves the goals of anti money laundering, anti terrorist financing, index detection and analysis
as an important node in the framework of legal digital currency, commercial banks play an important role in the circulation of central bank's digital currency. In the case that China's non bank payment institutions have occupied a certain market share, it is a better choice for non bank payment institutions to participate in the framework of digital currency operation as a supplement to commercial banks. The reasons are as follows: first, third-party payment institutions can help commercial banks realize the promotion of legal digital currency. Within commercial banks, there is a competitive relationship between legal digital currency and physical currency. The public tends to convert the digital currency in cash account into traditional currency in exchange for income, so it is difficult to achieve the goal of promoting digital currency by commercial banks; Second, the third-party payment institutions can avoid the repeated construction of payment application scenarios by commercial banks. Different from non bank payment institutions, the current payment scenarios of commercial banks are relatively lack of diversification, which will lead to a waste of resources and the rich experience accumulated by non bank payment institutions; Third, the third-party payment institutions can appropriately rece the operating costs of commercial banks. On the one hand, commercial banks need to upgrade the necessary software and hardware for the central bank's digital money service; On the other hand, we should continue to do a good job in traditional RMB deposit and withdrawal services. The simultaneous operation of the two systems will increase a lot of human and material costs. Fourth, the third-party payment institutions can promote the construction of payment instruments and channel integration of commercial banks. In the framework of legal digital currency, the single payment instruments and complex payment channels provided by commercial banks may rece the enthusiasm of the public to use legal digital currency
2 the emergence of legal digital currency reshapes the role of non bank payment institutions
in the process of cooperation with commercial banks, all kinds of non bank payment institutions play four roles. The first is the role of account manager. Non bank payment institutions can not operate deposit and loan business, and the amount in their payment account is not a deposit, so it is easier for the public to accept the role of non bank payment institutions as "digital wallet". At the same time, non bank payment institutions have rich experience in the development and operation of digital currency wallets and their terminals, which is concive to the smooth management and use of central bank's digital currency, and there is no need to worry about the risk of misappropriation of funds by non bank payment institutions. The second is the role of payment service provider. Non bank payment institutions have a lot of experience in scenario development and operation, including mobile payment, cross-border payment and rural payment, and relatively large market share of scenario based payment. On the one hand, powerful non bank payment institutions can develop a variety of procts based on Intelligent legal digital currency to meet the needs of users' exchange, payment, storage and related derivatives; On the other hand, non bank payment institutions can make use of various scenarios to promote the use of legal digital currency. For example, when consumers want to invest through the central bank's digital currency, non bank payment institutions, with the experience of traditional currency investment and payment services and upgraded digital wallet, can be fully competent as the special payment service provider of digital currency investment. Third, the role of system construction service provider. NPC, the core of national payment and settlement system, and CCPC, the core of provincial payment and settlement system, will continue to play an important role in the framework of legal digital currency. In the long-term coexistence of legal digital currency and traditional currency, NPC and CCPC will be double important nodes. Non bank payment institutions with strong technical ability can be used as secondary verification nodes under the framework of legal digital currency to supplement the multi center and distributed system architecture and continue to dock with NPC and CCPC
3 technical connection between non bank payment institutions and legal digital currency system
the innovation of non bank payment institutions is accompanied by the connection with legal digital currency system, covering the whole process of digital currency generation, storage, use and withdrawal. In this process, the first thing to solve is the docking of basic layer technology and transaction mole. The docking of basic layer technology is reflected in three aspects. First, in terms of basic security technology, non bank payment institutions, as providers of mobile terminal transaction forms, need to apply terminal security mole technology, dock with unified encryption and decryption system, provide carriers for secure storage and encryption and decryption operations, and provide effective basic security protection for digital currency. Secondly, in the aspect of data security technology, non bank payment institutions, as a part of the whole payment system, should adopt the official unified ciphertext + MAC / ciphertext + hash technology to transmit digital currency information, so as to ensure the confidentiality, security and non tamperability of the information. Thirdly, in the aspect of transaction security technology, non bank payment institutions, as the advanced nodes participating in bookkeeping, adopt blind signature technology to ensure the controllable anonymity of digital currency in the process of transaction, and eliminate the possibility of repeated payment through serial number, time stamp and other ways; And through encryption and decryption, digital signature, identity authentication and other anti-counterfeiting ways to ensure the authenticity of the transaction
when docking with the transaction mole, non bank payment institutions should do the following: first, docking with the certification center to obtain relevant digital certificates and user identity information; Second, connect with the trusted service management mole to obtain the use function of digital currency; Third, connect with the issuing system and storage system, and apply for and exchange digital currency through the bank treasury; Fourth, connect with the transaction communication mole to ensure that users can realize online payment through the transaction network in the intelligent terminal based on online transaction communication; Fifth, connect with the registration center, notify and record the flow of digital currency transactions, so as to complete the registration of the central bank's digital currency generation, circulation, checking and extinction process
4 scenario docking between non bank payment institutions and legal digital currency system
scenario docking of non bank payment institutions is based on the transformation of their own roles. Legal digital currency is algorithmic currency and intelligent currency, so business innovation and scenario expansion are the proper meaning of legal digital currency system. Non bank payment institutions can achieve scene docking mainly in four aspects
first, enabling the financial instry and defusing the limitations of financial scenario services. At present, there are some limitations in financial scenario service, such as business modeling is not universal, different agents have different management requirements, and the system docking cost of participants is high. Non bank payment institutions connect with the underlying technology of legal digital currency, and through the research and development of smart contract, establish behavior information such as capital flow, trigger conditions, value change rules, revenue right registration, and corresponding capital information (amount, account, currency, etc.) to resolve the existing limitations of financial scenario service. Non bank payment institutions use the atomic properties of digital currency and the atomic transactions of smart contracts to "assemble" into a business model. It does not need to develop a separate platform for different business scenarios, and avoids the monopoly of the instry platform and the non disclosure of information
Second, expand the use scenarios and improve the user experience. Non bank payment institutions can continue to expand the use scenarios according to the characteristics of legal digital currency on the basis of the existing rich payment scenarios, so as to meet the needs of users' exchange, payment, storage and related derivatives. At the same time, through the aggregation application, users can use the app of non bank payment institutions to dock a large number of scenarios and services
thirdly, improve the security of funds and create a universal digital wallet. Non bank payment institutions can provide digital wallet services, create digital wallets that meet security standards through their own technology, and ensure the security of users' funds. Alternative methods include: the central bank and non bank payment institutions cooperate to develop a unified universal digital wallet application, or authorize several qualified non bank payment institutions to provide universal digital wallet services. The digital wallet can realize the mutual exchange between the user's funds in various commercial banks and the legal digital currency even in the self owned accounts of non bank payment institutions. From the perspective of implementation, at the same time, the traditional account system of commercial banks can also bind the digital currency wallet of non bank payment institutions, so as to achieve the joint management of traditional accounts bound with digital currency wallet
Fourth, help cross-border settlement and build a safe and reliable cross time zone alliance chain. Non bank payment institutions can deeply participate in the cross-border payment system of legal digital currency. Cooperation with commercial banks and central banks can be achieved in at least two aspects. First, payment standards and tools are available. Non bank payment institutions participate in the research and establishment of standards and tools to realize the possibility of technical docking. Second, cross border payment system. The business system led by the central bank and participated by commercial banks and qualified non bank payment institutions will help to realize efficient cross-border payment
5 the legal framework of non bank payment institutions and legal digital currency is connected
a perfect legal system is an important guarantee for the operation of the digital currency system. There are several key questions to answer. First, how to determine the ownership of legal digital currency? This is the basis of all legal acts of legal digital currency. The first way of thinking is that legal digital currency is intangible. As a special movable property, it is applicable to the provisions of the property law. For example, Liu Xiangmin, director of the Department of articles and law of the people's Bank of China, believes that "to solve the problem of ownership transfer of digital currency, we should also focus on the publicity of ownership." The second idea is that digital currency is an electromagnetic record, which is applicable to the law of data transfer and transaction. The essence of digital currency is electromagnetic recording, and the transfer of electromagnetic recording content is recorded in the node of digital currency technology architecture. The change of node records is taken as the standard of ownership transfer. Second, how to protect personal information security? Personal information security is a basic problem in the era of digital economy. In addition to legislation to improve the level of technical security, we should also make clear the main types of legal digital currency system
there is no unified concept of legal digital currency. The Bank of England defines "digital currency" as "a payment method existing only by electronic means... Which can be used to purchase physical goods and services"... Including "private digital currency" and "digital currency issued by the central bank". Further than the Bank of England, Yao Qian, director of the digital currency Research Institute of the people's Bank of China, made clear the multiple connotations of the central bank's legal digital currency in several public speeches: legal and encrypted credit currency, adopted a series of algorithms, and derived more intelligent functions in the payment function
to this end, the central bank has designed a system architecture of "one currency, two warehouses and three centers", that is, taking digital currency as the center, designing the issuing library and deposit library, matching the certification center, big data analysis center and registration center. The central bank's digital currency is issued by the central bank and circulated in the commercial bank's account. The issuing inventory is put into the people's Bank of China to deposit the digital currency. The deposit bank is the database of the commercial bank to deposit the central bank's digital currency. The authentication center manages the identity of institutions and users in a centralized way; The registration center completes the whole life cycle and ownership registration of the central bank's digital currency; The big data analysis center achieves the goals of anti money laundering, anti terrorist financing, index detection and analysis
as an important node in the framework of legal digital currency, commercial banks play an important role in the circulation of central bank's digital currency. In the case that China's non bank payment institutions have occupied a certain market share, it is a better choice for non bank payment institutions to participate in the framework of digital currency operation as a supplement to commercial banks. The reasons are as follows: first, third-party payment institutions can help commercial banks realize the promotion of legal digital currency. Within commercial banks, there is a competitive relationship between legal digital currency and physical currency. The public tends to convert the digital currency in cash account into traditional currency in exchange for income, so it is difficult to achieve the goal of promoting digital currency by commercial banks; Second, the third-party payment institutions can avoid the repeated construction of payment application scenarios by commercial banks. Different from non bank payment institutions, the current payment scenarios of commercial banks are relatively lack of diversification, which will lead to a waste of resources and the rich experience accumulated by non bank payment institutions; Third, the third-party payment institutions can appropriately rece the operating costs of commercial banks. On the one hand, commercial banks need to upgrade the necessary software and hardware for the central bank's digital money service; On the other hand, we should continue to do a good job in traditional RMB deposit and withdrawal services. The simultaneous operation of the two systems will increase a lot of human and material costs. Fourth, the third-party payment institutions can promote the construction of payment instruments and channel integration of commercial banks. In the framework of legal digital currency, the single payment instruments and complex payment channels provided by commercial banks may rece the enthusiasm of the public to use legal digital currency
2 the emergence of legal digital currency reshapes the role of non bank payment institutions
in the process of cooperation with commercial banks, all kinds of non bank payment institutions play four roles. The first is the role of account manager. Non bank payment institutions can not operate deposit and loan business, and the amount in their payment account is not a deposit, so it is easier for the public to accept the role of non bank payment institutions as "digital wallet". At the same time, non bank payment institutions have rich experience in the development and operation of digital currency wallets and their terminals, which is concive to the smooth management and use of central bank's digital currency, and there is no need to worry about the risk of misappropriation of funds by non bank payment institutions. The second is the role of payment service provider. Non bank payment institutions have a lot of experience in scenario development and operation, including mobile payment, cross-border payment and rural payment, and relatively large market share of scenario based payment. On the one hand, powerful non bank payment institutions can develop a variety of procts based on Intelligent legal digital currency to meet the needs of users' exchange, payment, storage and related derivatives; On the other hand, non bank payment institutions can make use of various scenarios to promote the use of legal digital currency. For example, when consumers want to invest through the central bank's digital currency, non bank payment institutions, with the experience of traditional currency investment and payment services and upgraded digital wallet, can be fully competent as the special payment service provider of digital currency investment. Third, the role of system construction service provider. NPC, the core of national payment and settlement system, and CCPC, the core of provincial payment and settlement system, will continue to play an important role in the framework of legal digital currency. In the long-term coexistence of legal digital currency and traditional currency, NPC and CCPC will be double important nodes. Non bank payment institutions with strong technical ability can be used as secondary verification nodes under the framework of legal digital currency to supplement the multi center and distributed system architecture and continue to dock with NPC and CCPC
3 technical connection between non bank payment institutions and legal digital currency system
the innovation of non bank payment institutions is accompanied by the connection with legal digital currency system, covering the whole process of digital currency generation, storage, use and withdrawal. In this process, the first thing to solve is the docking of basic layer technology and transaction mole. The docking of basic layer technology is reflected in three aspects. First, in terms of basic security technology, non bank payment institutions, as providers of mobile terminal transaction forms, need to apply terminal security mole technology, dock with unified encryption and decryption system, provide carriers for secure storage and encryption and decryption operations, and provide effective basic security protection for digital currency. Secondly, in the aspect of data security technology, non bank payment institutions, as a part of the whole payment system, should adopt the official unified ciphertext + MAC / ciphertext + hash technology to transmit digital currency information, so as to ensure the confidentiality, security and non tamperability of the information. Thirdly, in the aspect of transaction security technology, non bank payment institutions, as the advanced nodes participating in bookkeeping, adopt blind signature technology to ensure the controllable anonymity of digital currency in the process of transaction, and eliminate the possibility of repeated payment through serial number, time stamp and other ways; And through encryption and decryption, digital signature, identity authentication and other anti-counterfeiting ways to ensure the authenticity of the transaction
when docking with the transaction mole, non bank payment institutions should do the following: first, docking with the certification center to obtain relevant digital certificates and user identity information; Second, connect with the trusted service management mole to obtain the use function of digital currency; Third, connect with the issuing system and storage system, and apply for and exchange digital currency through the bank treasury; Fourth, connect with the transaction communication mole to ensure that users can realize online payment through the transaction network in the intelligent terminal based on online transaction communication; Fifth, connect with the registration center, notify and record the flow of digital currency transactions, so as to complete the registration of the central bank's digital currency generation, circulation, checking and extinction process
4 scenario docking between non bank payment institutions and legal digital currency system
scenario docking of non bank payment institutions is based on the transformation of their own roles. Legal digital currency is algorithmic currency and intelligent currency, so business innovation and scenario expansion are the proper meaning of legal digital currency system. Non bank payment institutions can achieve scene docking mainly in four aspects
first, enabling the financial instry and defusing the limitations of financial scenario services. At present, there are some limitations in financial scenario service, such as business modeling is not universal, different agents have different management requirements, and the system docking cost of participants is high. Non bank payment institutions connect with the underlying technology of legal digital currency, and through the research and development of smart contract, establish behavior information such as capital flow, trigger conditions, value change rules, revenue right registration, and corresponding capital information (amount, account, currency, etc.) to resolve the existing limitations of financial scenario service. Non bank payment institutions use the atomic properties of digital currency and the atomic transactions of smart contracts to "assemble" into a business model. It does not need to develop a separate platform for different business scenarios, and avoids the monopoly of the instry platform and the non disclosure of information
Second, expand the use scenarios and improve the user experience. Non bank payment institutions can continue to expand the use scenarios according to the characteristics of legal digital currency on the basis of the existing rich payment scenarios, so as to meet the needs of users' exchange, payment, storage and related derivatives. At the same time, through the aggregation application, users can use the app of non bank payment institutions to dock a large number of scenarios and services
thirdly, improve the security of funds and create a universal digital wallet. Non bank payment institutions can provide digital wallet services, create digital wallets that meet security standards through their own technology, and ensure the security of users' funds. Alternative methods include: the central bank and non bank payment institutions cooperate to develop a unified universal digital wallet application, or authorize several qualified non bank payment institutions to provide universal digital wallet services. The digital wallet can realize the mutual exchange between the user's funds in various commercial banks and the legal digital currency even in the self owned accounts of non bank payment institutions. From the perspective of implementation, at the same time, the traditional account system of commercial banks can also bind the digital currency wallet of non bank payment institutions, so as to achieve the joint management of traditional accounts bound with digital currency wallet
Fourth, help cross-border settlement and build a safe and reliable cross time zone alliance chain. Non bank payment institutions can deeply participate in the cross-border payment system of legal digital currency. Cooperation with commercial banks and central banks can be achieved in at least two aspects. First, payment standards and tools are available. Non bank payment institutions participate in the research and establishment of standards and tools to realize the possibility of technical docking. Second, cross border payment system. The business system led by the central bank and participated by commercial banks and qualified non bank payment institutions will help to realize efficient cross-border payment
5 the legal framework of non bank payment institutions and legal digital currency is connected
a perfect legal system is an important guarantee for the operation of the digital currency system. There are several key questions to answer. First, how to determine the ownership of legal digital currency? This is the basis of all legal acts of legal digital currency. The first way of thinking is that legal digital currency is intangible. As a special movable property, it is applicable to the provisions of the property law. For example, Liu Xiangmin, director of the Department of articles and law of the people's Bank of China, believes that "to solve the problem of ownership transfer of digital currency, we should also focus on the publicity of ownership." The second idea is that digital currency is an electromagnetic record, which is applicable to the law of data transfer and transaction. The essence of digital currency is electromagnetic recording, and the transfer of electromagnetic recording content is recorded in the node of digital currency technology architecture. The change of node records is taken as the standard of ownership transfer. Second, how to protect personal information security? Personal information security is a basic problem in the era of digital economy. In addition to legislation to improve the level of technical security, we should also make clear the main types of legal digital currency system
6. A decentralized digital currency storage scheme is provided for users. The wallet key and the address and private key information of all kinds of currencies are stored in the user's local system. At the same time, the wallet provides a convenient key backup scheme - users only need to backup once and save it in a safe place. Even if the types of digital currency are added subsequently, all types of digital currency assets can be recovered with backup. In addition to allowing users to fully control the key of the wallet, the wallet also provides multi signature technical support and two-step authorization verification for digital asset management of different scales. Users can choose mobile phone verification code, fingerprint, living body and other verification methods ring transfer transactions to ensure the security of digital currency assets in an all-round way.
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