Why does digital currency adopt two tier operation system
according to the news on August 10, Mu Changchun, deputy director general of the payment and Settlement Department of the people's Bank of China, said at the third China finance forum that the central bank's digital currency will soon be launched and will adopt a two-tier operation system, that is, the people's Bank of China will be the upper tier and commercial institutions will be the second tier< As for why the central bank's digital currency chooses the "two-tier operation system", Mu Changchun explained:
1. The central bank's digital currency is bound to face the retail scene and the public, while the performance of bitcoin and Libra can not meet the high concurrency. After a period of research, it is decided to adopt the two-tier system
2. It is a complex system engineering for big countries to issue central bank digital currency
3. The IT infrastructure application and service system of commercial banks and other institutions have been relatively mature, the user base is huge, and the service habit has been formed; There are plenty of talents and it experts; The system has strong processing ability, and has accumulated some experience in the application of financial technology
4. Through the design of two-tier operation, risk can be avoided to concentrate on a single indivial
5. Single layer investment will lead to "financial disintermediation". If the central bank directly releases digital money to the public, it will crowd out the deposits of commercial banks and affect the loan delivery ability of commercial banks; In extreme cases, it will also subvert the existing financial system, leading to the "grand unification" of the central bank
6; It will not affect the existing monetary policy transmission mechanism
7. The central bank will not preset the technology route, any advanced technology may be used in the research and development of the central bank's digital currency; The boundary between electronic payment and central bank digital currency is fuzzy; It can fully mobilize market forces and realize system optimization through competition
it can be seen that the central bank has recognized the legitimacy of bitcoin and Ethernet in disguised form. However, the central bank's digital currency is different from the traditional blockchain digital currency. It is 1:1 anchored RMB. I regard it as RMB digitization. The central bank's digital currency, paper money, coins and bonds exist at the same time, but in different ways. It is a kind of stable currency, and there is no room for speculation
at the beginning of this year, the most influential event of digital currency is Facebook's upcoming launch of digital currency Libra. If successful, it will bring 3 billion Facebook users into digital currency. However, Libra has not included the RMB in its basket of currencies. Coupled with the sweater war and exchange rate war with the United States, this may be the reason why the central bank urgently launched the central bank's digital currency. It is said that Wal Mart will also launch digital currency. With JPMorgan's issuing currency before, it can be predicted that traditional business giants will enter the era of blockchain digital currency one after another
the issuance of digital currency by the central bank may be a great benefit to the users of China's currency circle. Due to some policy reasons, the users' access to the digital currency world is not very smooth, which is the problem of difficult access to money. The most common stable currency, usdt, does not seem to be very stable and over issued seriously. In addition, the attorney general's office in New York investigates TEDA and other reasons, There may be a risk of thunderstorm at any time. According to statistics, about 80% of the users who use usdt are Chinese users, while the United States uses USD directly, and a few will use usdt. If the central bank introces digital currency, it will greatly facilitate digital currency users
finally, the other role of the central bank's digital currency is cross-border trade settlement. If it is combined with Alipay and WeChat payment, it will compete abroad and compete with Libra internationally.
Digital currency adopts a two-tier operation system, which will not affect the real economy< single tier operation system is to issue digital currency directly to the public. First, the digital currency is converted to banks or other operating institutions, and then these institutions are converted to the public, which belongs to a two-tier operating system& rdquo; On the whole, this al delivery system is suitable for China's national conditions. It can not only use the existing resources to mobilize the enthusiasm of commercial banks, but also smoothly improve the acceptance of digital currency
in the process of many people's livelihood funds distribution, it can be fixed to people through the way of digital currency smart contract, and the relevant funds can be directly distributed to the people's digital wallet, without going through layers of middle links, so as to put an end to the possibility of false report, false claim and embezzlement in advance
what is the operation system of digital RMB? Will it have an impact on the real economy? If you have any opinions, you can leave them in the comments section
1、 What is digital currency RMB
with the development of Internet technology, especially blockchain technology, many so-called & lt; virtual currency;, Such as bitcoin and Wright currency, which are controversial in recent years
as a substitute for M0 (cash in circulation, i.e. cash in circulation outside the banking system), the difference between the central bank's digital currency and the virtual currency such as bitcoin is that bitcoin is decentralized, while the digital currency to be launched by the central bank is centralized
the central bank's digital currency is a legal digital currency issued by the central bank based on national credit, which is exactly the same as RMB cash and is equivalent to cash{ RRRRR}
it can be predicted that the era of digital RMB is coming. For commercial banks and other financial institutions, digital currency will lead to more innovations such as digital credit, digital assets and digital liabilities. In addition, the central bank can improve the efficiency of monetary operation monitoring and enrich monetary policy means after the issuance of digital currency
In addition, the issue of central bank's legal digital currency will make it possible to collect real-time data such as money creation, bookkeeping and flow. After data desensitization, it will conct in-depth analysis through big data and other technical means, so as to provide a useful reference for money supply, formulation and implementation of monetary policy, and provide a useful means for economic regulation In the short term, the introction of digital currency has little impact on the exchange rate; Digital RMB & quot; At present, it seems that the aim is to partially digitize the currency in circulation (so there will be zero interest rate compensation, 100% reserve requirement and limited weakening of financial intermediaries, also known as & lt; Disintermediation, Considering China's current capital account restrictions (especially the restrictions on capital outflow), the introction of digital currency is unlikely to have a great impact on the trend of RMB exchange rate in the short termthe development of Sino US relations, portfolio capital flow, yield advantage and valuation are still the driving factors for RMB. Due to the outbreak of the second wave of the epidemic, there was an outflow of funds from the United States. This should also boost market confidence in the RMB in the short term
2、“ Digital RMB & quot; It is a milestone of RMB internationalization; Digital RMB & quot; The design of settlement technology is very complex and becomes ubiquitous (by making full use of the increasing popularity of mobile phones and Internet applications in China and the inclusion of RMB in the IMF's special drawing rights basket), which may promote the internationalization of RMB and the diversification of the current US dollar centered International Monetary System in the long run
conclusion: when the central bank issues digital currency, it focuses more on domestic factors. On the one hand, it is the trend of the times; on the other hand, it has many advantages. And the internationalization of RMB, more often, is a matter of course. The introction of digital currency by the people's Bank of China is a major change in the monetary system, both domestically and internationally
Chongqing Jinshengyuan blockchain Technology Development Co., Ltd. is a limited liability company incorporated on June 25, 2018, with its registered address at No. 107, dataguzhong Road, Xiantao street, Yubei District, Chongqing
the unified social credit code / registration number of Chongqing Jinshengyuan blockchain Technology Development Co., Ltd. is 91500000ma5yyre996, and the enterprise legal person is Xu Shineng. At present, the enterprise is in business
the business scope of Chongqing Jinshengyuan blockchain Technology Development Co., Ltd. is: general projects: engaged in blockchain, artificial intelligence, big data, Internet of things, e-commerce platform, technology development in the field of computer, online game development, technical consultation, technology transfer and technical services; Website construction; Computer system services; Database management; Data processing and storage services; Business information consultation; Sales: computer, software and auxiliary equipment, electronic procts (excluding electronic publications), digital procts; Translation services; Conference service; Exhibition services; Graphic design and proction; Design, proce, act as an agent and publish advertisements at home and abroad; Enterprise management consulting; Marketing planning; Real estate agents; Enterprise marketing planning; Basic software services; Application software services; Import and export of goods and technology; Computer software and hardware development; Business Internet Culture (projects that need to be approved according to law can only be carried out with the approval of relevant departments); Telecom business operation (projects that need to be approved according to law can only be carried out after being approved by relevant departments) In addition to the projects that need to be approved according to law, they shall independently carry out business activities according to law with their business license)
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Digital RMB is legal tender with unlimited legal compensation. Unlike the three party payment tools such as WeChat Alipay, the use of digital Renminbi can be completed without binding the bank account. p>
in transaction payment, no unit or indivial can refuse to accept digital RMB. To make payment more convenient while ensuring safety is the first consideration of digital RMB. The central bank's digital currency DC / EP adopts a two-tier operation system. The people's Bank of China issues digital currency directly to the public
In the two-tier operation system, the people's Bank of China first exchanges digital currency to banks, and then these institutions exchange digital currency to the public. So it seems that your salary should be paid to the bank account first, and then converted into digital RMB extended information:
the introction of digital RMB is as follows:
it is mainly used in the high-frequency business scenario of small retail. It adopts a two-tier operation system. The central bank first exchanges the digital currency to banks or other operating institutions, and then these institutions exchange it to consumers. It is understood that digital RMB is not a virtual currency, nor an online payment or e-wallet, but a legal digital currency issued by the central bank based on national credit
for financial innovation, it can not be completely realized. In this case, the relevant representatives of the central bank put forward the relevant contents of digital RMB and pointed out that the era of digital RMB is coming