Central bank digital currency headquarters set up in Chongqing
at present, the so-called issuance of legal digital currency in the Internet, and the behavior of indivial institutions launching "DC / EP" or "DCEP" in the name of the people's Bank of China to conct transactions on the asset trading platform may involve fraud and pyramid selling. The general public should raise their risk awareness, not be partial to trust, and guard against interest damage
as early as September 4, 2017, the central bank and other seven departments jointly issued the announcement on preventing the financing risk of token issuance (hereinafter referred to as the announcement), pointing out that the issuance of virtual currency, ICO and other suspected illegal financial activities seriously disrupted the economic and financial order, and no organization or indivial may engage in the above activities illegally.
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
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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
we speculate that once the central bank issues digital currency in the future, the periphery of the structure must be a decentralized system. At present, blockchain is the best choice
when talking about digital currency, the central bank also mentioned another concept, which is called programmable currency. How to understand? For the computer, it has a certain internal self-control function. Take the early object-oriented language as an example, it requires at least two functions, one is the constructor, the other is the destructor. You have to solve the problem of its creation as well as its extinction
through programming, the central bank can control the whole life cycle of money creation, circulation and withdrawal
in the absence of digital currency and programmable currency, the currency issued by the central bank circulates freely in the society. How to return to the cage in the end? One is the return of derivative currency of commercial banks, the other is the return of basic currency of central bank. The former is controlled by the central bank through deposit reserve and other policies, while the latter is controlled by the tax system. If we go up to programmable digital currency in the future, the central bank will have much more control. Even in circulation, control can be increased. That's why central banks are very interested in blockchain technology.
Hello, where are the first batch of pilot cities of the central bank's digital currency? Do you think they are well deserved super first tier cities "Beijing, Shanghai, Guangzhou and Shenzhen"? I want to tell you that it's not all right. Except Shenzhen, the other three cities are Cheng, Suzhou and xiong'an new area. At present, Shenzhen is the earliest city to launch digital currency. On October 9, Shenzhen issued 10 million digital currency. 50000 people, 200 yuan per person, can enjoy the welfare, which is distributed to everyone free of charge through the way of wagging number. Here, I can only envy you. The implementation of digital currency is so fast. The friends in the pilot cities are lucky. I just want to watch you win the lottery
the first batch of pilot cities are selected in these four cities, which is the first step for digital currency to go to the whole country. When it matures in the future, it will be promoted to more pilot cities. So don't worry, just wait. Even if our city is not a pilot, it doesn't matter. Next time it will be our city. The pilot is just to test the stability of the system, and we don't have a great chance to get the red envelope of digital currency. There are so many people in Shenzhen, and only 50000 numbers are selected. Here we would like to express our support and thanks to the cities selected as the pilot cities of digital currency