The impact of digital currency on future banking
Publish: 2021-05-25 08:38:16
1. Looking back on the whole course of money development, every evolution of money form has greatly promoted the development of circulation
there are ecological changes in personal consumption, business operation and banking.
there are ecological changes in personal consumption, business operation and banking.
2. The future world will be a digital world, and money will develop from paper money in the past to digital money in the future, which is a trend. Because in order to adapt to the digital world, the future currency must also be digital. It can be predicted that digital currency will be safer, faster and more convenient in the future. Now many blockchain technology procts, although its name is what currency, but in fact it is not currency. Under the guise of digital currency investment, it is a Ponzi scheme. Even some of them don't even have blockchain technology, which is just a fake number to cheat people.
3.
The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision
in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020
as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value
Policy evolution of the development of digital RMBas early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar
after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years
Figure 1: Policy Evolution of digital RMB
with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB
4.
The central bank's digital RMB has legal compensation, Digital RMB does not pay interest, and can be used in small, retail and high-frequency business scenarios. It is no different from paper money, and it is very convenient to use. according to relevant instry insiders, the use of digital currency does not need the Internet, and it can be said to be simple and convenient with a mobile phone, The cost is low
is there any security guarantee? In fact, the central bank's digital RMB has the nature of legal compensation. Digital RMB does not calculate and pay interest, and can be used in small, retail and high-frequency business scenarios. It is no different from paper money. Moreover, because of the nature of legal compensation, we can't refuse to accept the central bank's digital RMB. Moreover, the digital currency Research Institute of the people's Bank of China says that it can realize the circulation of digital currency between different clients in the transaction process by means of technical solutions, generating new digital currency and canceling old digital currency. After being excited for so long, it turned out that it was just an oolong. However, some people said that this warm-up is likely that the digital currency will be released soon
5. In recent years, you won't be affected. It has just been tried out and will be put into operation nationwide in the future. You are already a black customer in the bank. In digital currency, it is still a black house.
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7. Network finance and e-money play an important role in the development of financial instry
the development of e-money is the main problem affecting macro-control
first, the development of e-money has impacted the traditional monetary theory system. The traditional monetary theory system equates money with goods or physical assets, and believes that the monetary and financial system is strictly subject to legal restrictions and government management. In the era of network currency, electronic currency and digital currency, as pure value entities, exchange with other commodities, the role is completely spontaneous, unlike the current paper currency system, which must rely on the national coercive force< Second, network currency will change the monetary structure and connotation. The network currency will partly replace the currency in circulation, and the commercial banks will issue part of the currency, which will weaken the central bank's monopoly of issuing currency. This substitution will also affect the role of the traditional base currency< Third, network money will have a significant impact on money supply and money demand. The partial substitution of network currency for currency in circulation will directly affect the money supply, especially the narrow money M1; The impact on the direction of money demand is mainly to speed up the circulation of money and rece the demand for money. The credit creation function of network currency will lead to interest rate fluctuation, and rece interest rate as the transmission mechanism of monetary policy
at the micro level, the main problems brought by the development of e-money< First, the level of currency division is vague. So that the rationality and scientificity of the total target in the intermediate target of monetary policy will decline, and the intermediate target of price signal represented by interest rate will become the mainstream choice of monetary policy in the future< Second, the confusion of monetary measurement. When the government counts the amount of money in its economy, it should also consider the influence of the money held by residents but not deposited in its banks< Thirdly, it shakes the implicit assumption of traditional money demand theory that there are definite and stable boundaries between different uses of money< Fourthly, it is more difficult to predict the change of money multiplier because of the rise of money multiplier< 5. Under the condition of market economy, interest rate is not the only factor affecting the speed of money circulation, and the role of monetary policy tools will also be affected< Sixth, it may rece the balance of money demand and weaken the role of financial policies restricting liquidity< 7. The transmission mechanism of monetary policy< 8. The central bank must coordinate with relevant countries in formulating monetary policy, and the independence of monetary policy is questioned< 9. The security of e-money and how to prevent all kinds of risks need further study<
financial innovation makes the trend of financing securitization increasingly stronger. Commercial banks can avoid drawing legal reserves by creating new types of liabilities between current deposits and fixed deposits, thus changing the proportion of liabilities structure of financial institutions. The deposits of the whole banking system will be greatly reced, resulting in the decrease of legal reserves actually drawn, The effect of legal deposit reserve is weakened. At the same time, financial innovation expands a broader source of funds for financial institutions, reces the borrowing cost of funds and improves the convenience of capital borrowing, thus recing the dependence of financial institutions on rediscount, greatly weakening the importance of the rediscount window of the central bank and greatly recing the effectiveness of adjusting the rediscount rate< The impact of e-money on the legal system of financial supervision (2)
first, the construction of financial supervision framework
at present, some European and American countries generally adopt two ways to solve the supervision problems of e-money system. One is to establish a special working group on e-money in the relevant departments of the central government, such as the central bank or the General Administration of monetary affairs of the Ministry of finance, to study the impact of e-money on financial supervision, law, consumer protection, management, security and other issues, track the latest development of e-money system, and put forward macro policy suggestions and reports on the development of e-money. Second, according to the development of e-money, the existing regulatory agencies modify the original rules that are not applicable to the era of digital and network economy, and formulate some new regulatory rules and standards
the main measures adopted include: 1. Restrictions on e-currency issuers: these restrictions can be divided into two categories: one is restrictions on the subject qualification, such as Germany and Italy, which stipulates that only credit institutions can issue multi-purpose e-currency; For example, according to the provisions of Japan's prepaid card law, when the merchant and the issuer are the same person (2-party issuers), the issuing of e-money only needs to be filed with the province of Tibet, while other Issuers (3-party issuers) need to be registered in the province of Tibet first. However, some countries (such as the United States) have no restrictions on issuers. 2. Reserve requirements for issuers: most countries have no additional reserve requirements for e-money issuers, which are basically managed according to the existing rules of the financial instry. Japan requires issuers to pay a reserve equivalent to 50% of the balance of the electronic currency they issue. 3. Deposit insurance and other insurance requirements: Canada, Japan, France, Germany, etc. have incorporated electronic currency into their deposit insurance system. Switzerland has a separate loss sharing system. 4. Restrictions on the amount of value that electronic currency is allowed to keep and the single transaction volume of consumers: for example, according to the regulations of the United States, electronic currency should be mainly used for transactions below US $20. 2. For the supervision of e-money business of existing commercial banks, since the current supervision rules in most countries can not automatically cover the possible risks of e-money business, it has become a common practice for the regulatory authorities to expand and modify their existing supervision rules. These modifications and expansions mainly include: the filing and reporting system of market entry, types and scale of e-money issuance, etc; Adjust the rules of solvency management, business scope management and foreign exchange risk management; The principle of technical requirements and supervision responsibility; The validity of the transaction contract
generally speaking, the supervision of e-money is mainly based on the division of the supervision scope of the original regulators, and generally no new regulators are established, but it increases the difficulty of coordination between regulators, regulators and other government departments. At present, the regulatory authorities are generally concerned about providing a safe environment for the e-money system. The starting point of regulation is to protect the interests of consumers. 3
Second, the adjustment of financial regulatory functions
the impact of e-money on the regulatory functions of the central bank mainly focuses on two aspects: first, the regulation of e-money innovation; second, the regulation of e-money innovation; The second is to supervise the e-money business of existing commercial banks. Due to the different understanding of these two issues in different countries, the regulatory measures are also different. Generally speaking, there are mainly the following measures: first, the restrictions on the issuers of electronic currency. This kind of restriction can be divided into two categories: one is the restriction on the subject qualification, such as the regulation in Germany and Italy that only credit institutions can issue multi-purpose electronic currency; For example, according to the provisions of Japan's prepaid card law, when the merchant and the issuer are the same person, the issuance of electronic currency only needs to be filed with the province of Tibet, and other issuers need to be registered in the province of Tibet; The third is the reserve requirement for issuers: most countries have no additional reserve requirement for e-money issuers, which are basically managed according to the existing rules of the financial instry. Japan requires issuers to pay a reserve equivalent to 50% of the balance of the electronic currency they issue; Fourth, deposit insurance and other insurance requirements: Canada, Japan and France have included e-money into the deposit insurance system, while Switzerland has developed a separate loss sharing system; The fifth is to limit the amount of value that electronic money is allowed to keep and the single transaction volume of consumers. For example, the United States stipulates that electronic money is mainly used for transactions below US $20. In addition, the regulatory authorities have also made some modifications and extensions to the regulatory rules of financial institutions, mainly including: the filing and reporting system of market entry, the types and scale of e-money issuance, etc; Regulatory common sense management, business scope management and foreign exchange risk management rules; The principle of technical requirements and supervision responsibility; New regulations on the validity of trading contracts, etc. 5
according to Coase and North's new institutional economics and Buchanan's public choice theory, the government has the comparative advantage of recing transaction costs in providing public financial order; Under the condition of network and digital economy, the central bank should position its core function as providing legal guarantee and security guarantee for online e-payment of online e-commerce activities, including the formulation of legal provisions on financial payment and financial settlement in a series of laws such as e-commerce law, digital signature law, electronic contract law, electronic currency law, etc, To formulate security standards and proceres for online e-commerce and e-capital flow, conct qualification certification for e-money issuers and online e-payment and settlement centers, and how to avoid the risk of e-clearing system, that is, to avoid the collapse of the entire e-clearing system and the loss of all electronic financial data, It also certifies the scientific research technology strength and reputation of the e-money development software manufacturers to implement the security standards stipulated by the law. The central bank plays these core functions well, which creates a prerequisite for the formation of a normal and orderly electronic money circulation order on the Internet.
the financial regulatory authorities need to consider how to deal with the new challenges brought about by technological innovation and other changes in the payment system. Two examples are given. First, in some countries, although anti money laundering laws are applicable to all institutions, the market would rather choose enterprises as the issuers of e-money than institutions subject to banking supervision; Second, because the encryption technology used for electronic money procts is constantly updated, it is difficult for law enforcement agencies to collect the necessary information to find and punish criminal acts. Now, some countries in the group of ten are considering how to improve the laws and policies in this field, so that it is not only concive to the design and use of e-money procts, but also can fully protect the privacy of consumers. For example, many members of the group of ten are considering whether to extend the scope of current anti money laundering laws (such as transaction reporting, consumer identification and record keeping) to some or even all electronic money procts. From this point of view, governments must fully consider the impact of consumer factors (such as the requirements for personal privacy protection) on the innovation and operating costs of suppliers. If every e-money transaction is required to be recorded or reported, a large number of suspicious business data will be generated within the market scope or the market value that should be enforced by law will be increased. In this way, the extra cost of e-money procts will be increased. Compared with other unaffected payment instruments (such as cash), it is easy to cause unfair market competition; At the same time, the market operators of e-money will also fight against financial crimes by keeping a large number of transaction records for anti fraud and other commercial purposes. However, even if the above situation occurs, the privacy of consumers should also be considered. Similarly, law enforcement agencies should pay full attention to emerging technologies and use them to achieve regulatory goals
the development of e-money is the main problem affecting macro-control
first, the development of e-money has impacted the traditional monetary theory system. The traditional monetary theory system equates money with goods or physical assets, and believes that the monetary and financial system is strictly subject to legal restrictions and government management. In the era of network currency, electronic currency and digital currency, as pure value entities, exchange with other commodities, the role is completely spontaneous, unlike the current paper currency system, which must rely on the national coercive force< Second, network currency will change the monetary structure and connotation. The network currency will partly replace the currency in circulation, and the commercial banks will issue part of the currency, which will weaken the central bank's monopoly of issuing currency. This substitution will also affect the role of the traditional base currency< Third, network money will have a significant impact on money supply and money demand. The partial substitution of network currency for currency in circulation will directly affect the money supply, especially the narrow money M1; The impact on the direction of money demand is mainly to speed up the circulation of money and rece the demand for money. The credit creation function of network currency will lead to interest rate fluctuation, and rece interest rate as the transmission mechanism of monetary policy
at the micro level, the main problems brought by the development of e-money< First, the level of currency division is vague. So that the rationality and scientificity of the total target in the intermediate target of monetary policy will decline, and the intermediate target of price signal represented by interest rate will become the mainstream choice of monetary policy in the future< Second, the confusion of monetary measurement. When the government counts the amount of money in its economy, it should also consider the influence of the money held by residents but not deposited in its banks< Thirdly, it shakes the implicit assumption of traditional money demand theory that there are definite and stable boundaries between different uses of money< Fourthly, it is more difficult to predict the change of money multiplier because of the rise of money multiplier< 5. Under the condition of market economy, interest rate is not the only factor affecting the speed of money circulation, and the role of monetary policy tools will also be affected< Sixth, it may rece the balance of money demand and weaken the role of financial policies restricting liquidity< 7. The transmission mechanism of monetary policy< 8. The central bank must coordinate with relevant countries in formulating monetary policy, and the independence of monetary policy is questioned< 9. The security of e-money and how to prevent all kinds of risks need further study<
financial innovation makes the trend of financing securitization increasingly stronger. Commercial banks can avoid drawing legal reserves by creating new types of liabilities between current deposits and fixed deposits, thus changing the proportion of liabilities structure of financial institutions. The deposits of the whole banking system will be greatly reced, resulting in the decrease of legal reserves actually drawn, The effect of legal deposit reserve is weakened. At the same time, financial innovation expands a broader source of funds for financial institutions, reces the borrowing cost of funds and improves the convenience of capital borrowing, thus recing the dependence of financial institutions on rediscount, greatly weakening the importance of the rediscount window of the central bank and greatly recing the effectiveness of adjusting the rediscount rate< The impact of e-money on the legal system of financial supervision (2)
first, the construction of financial supervision framework
at present, some European and American countries generally adopt two ways to solve the supervision problems of e-money system. One is to establish a special working group on e-money in the relevant departments of the central government, such as the central bank or the General Administration of monetary affairs of the Ministry of finance, to study the impact of e-money on financial supervision, law, consumer protection, management, security and other issues, track the latest development of e-money system, and put forward macro policy suggestions and reports on the development of e-money. Second, according to the development of e-money, the existing regulatory agencies modify the original rules that are not applicable to the era of digital and network economy, and formulate some new regulatory rules and standards
the main measures adopted include: 1. Restrictions on e-currency issuers: these restrictions can be divided into two categories: one is restrictions on the subject qualification, such as Germany and Italy, which stipulates that only credit institutions can issue multi-purpose e-currency; For example, according to the provisions of Japan's prepaid card law, when the merchant and the issuer are the same person (2-party issuers), the issuing of e-money only needs to be filed with the province of Tibet, while other Issuers (3-party issuers) need to be registered in the province of Tibet first. However, some countries (such as the United States) have no restrictions on issuers. 2. Reserve requirements for issuers: most countries have no additional reserve requirements for e-money issuers, which are basically managed according to the existing rules of the financial instry. Japan requires issuers to pay a reserve equivalent to 50% of the balance of the electronic currency they issue. 3. Deposit insurance and other insurance requirements: Canada, Japan, France, Germany, etc. have incorporated electronic currency into their deposit insurance system. Switzerland has a separate loss sharing system. 4. Restrictions on the amount of value that electronic currency is allowed to keep and the single transaction volume of consumers: for example, according to the regulations of the United States, electronic currency should be mainly used for transactions below US $20. 2. For the supervision of e-money business of existing commercial banks, since the current supervision rules in most countries can not automatically cover the possible risks of e-money business, it has become a common practice for the regulatory authorities to expand and modify their existing supervision rules. These modifications and expansions mainly include: the filing and reporting system of market entry, types and scale of e-money issuance, etc; Adjust the rules of solvency management, business scope management and foreign exchange risk management; The principle of technical requirements and supervision responsibility; The validity of the transaction contract
generally speaking, the supervision of e-money is mainly based on the division of the supervision scope of the original regulators, and generally no new regulators are established, but it increases the difficulty of coordination between regulators, regulators and other government departments. At present, the regulatory authorities are generally concerned about providing a safe environment for the e-money system. The starting point of regulation is to protect the interests of consumers. 3
Second, the adjustment of financial regulatory functions
the impact of e-money on the regulatory functions of the central bank mainly focuses on two aspects: first, the regulation of e-money innovation; second, the regulation of e-money innovation; The second is to supervise the e-money business of existing commercial banks. Due to the different understanding of these two issues in different countries, the regulatory measures are also different. Generally speaking, there are mainly the following measures: first, the restrictions on the issuers of electronic currency. This kind of restriction can be divided into two categories: one is the restriction on the subject qualification, such as the regulation in Germany and Italy that only credit institutions can issue multi-purpose electronic currency; For example, according to the provisions of Japan's prepaid card law, when the merchant and the issuer are the same person, the issuance of electronic currency only needs to be filed with the province of Tibet, and other issuers need to be registered in the province of Tibet; The third is the reserve requirement for issuers: most countries have no additional reserve requirement for e-money issuers, which are basically managed according to the existing rules of the financial instry. Japan requires issuers to pay a reserve equivalent to 50% of the balance of the electronic currency they issue; Fourth, deposit insurance and other insurance requirements: Canada, Japan and France have included e-money into the deposit insurance system, while Switzerland has developed a separate loss sharing system; The fifth is to limit the amount of value that electronic money is allowed to keep and the single transaction volume of consumers. For example, the United States stipulates that electronic money is mainly used for transactions below US $20. In addition, the regulatory authorities have also made some modifications and extensions to the regulatory rules of financial institutions, mainly including: the filing and reporting system of market entry, the types and scale of e-money issuance, etc; Regulatory common sense management, business scope management and foreign exchange risk management rules; The principle of technical requirements and supervision responsibility; New regulations on the validity of trading contracts, etc. 5
according to Coase and North's new institutional economics and Buchanan's public choice theory, the government has the comparative advantage of recing transaction costs in providing public financial order; Under the condition of network and digital economy, the central bank should position its core function as providing legal guarantee and security guarantee for online e-payment of online e-commerce activities, including the formulation of legal provisions on financial payment and financial settlement in a series of laws such as e-commerce law, digital signature law, electronic contract law, electronic currency law, etc, To formulate security standards and proceres for online e-commerce and e-capital flow, conct qualification certification for e-money issuers and online e-payment and settlement centers, and how to avoid the risk of e-clearing system, that is, to avoid the collapse of the entire e-clearing system and the loss of all electronic financial data, It also certifies the scientific research technology strength and reputation of the e-money development software manufacturers to implement the security standards stipulated by the law. The central bank plays these core functions well, which creates a prerequisite for the formation of a normal and orderly electronic money circulation order on the Internet.
the financial regulatory authorities need to consider how to deal with the new challenges brought about by technological innovation and other changes in the payment system. Two examples are given. First, in some countries, although anti money laundering laws are applicable to all institutions, the market would rather choose enterprises as the issuers of e-money than institutions subject to banking supervision; Second, because the encryption technology used for electronic money procts is constantly updated, it is difficult for law enforcement agencies to collect the necessary information to find and punish criminal acts. Now, some countries in the group of ten are considering how to improve the laws and policies in this field, so that it is not only concive to the design and use of e-money procts, but also can fully protect the privacy of consumers. For example, many members of the group of ten are considering whether to extend the scope of current anti money laundering laws (such as transaction reporting, consumer identification and record keeping) to some or even all electronic money procts. From this point of view, governments must fully consider the impact of consumer factors (such as the requirements for personal privacy protection) on the innovation and operating costs of suppliers. If every e-money transaction is required to be recorded or reported, a large number of suspicious business data will be generated within the market scope or the market value that should be enforced by law will be increased. In this way, the extra cost of e-money procts will be increased. Compared with other unaffected payment instruments (such as cash), it is easy to cause unfair market competition; At the same time, the market operators of e-money will also fight against financial crimes by keeping a large number of transaction records for anti fraud and other commercial purposes. However, even if the above situation occurs, the privacy of consumers should also be considered. Similarly, law enforcement agencies should pay full attention to emerging technologies and use them to achieve regulatory goals
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