Central digital currency central finance

1. Yao Qian, head of the preparatory group of the digital currency Research Institute of the central bank, said that the digital currency issued by the central bank is mainly to replace physical cash, rece the cost of issuance and circulation of traditional paper money, and improve the convenience and transparency of economic transactions
Huang Zhen, director of the Institute of financial law of Central University of Finance and economics, said that digital currency mainly refers to the form of currency and will not cause currency shrinkage. The issuing scale of money is still controlled by the central bank, while the issue of paper money or digital money is just a change of form< In addition, Huang Zhen mentioned that the issue of digital currency is still in the stage of discussion, which is an innovative mechanism of currency value symbol, and many problems are still under study. However, in practice, people are more and more inclined to use e-banking and e-payment rather than carrying notes. Under this trend, the number of banknotes in circulation in the future may decrease
the central bank's issuing of digital currency is still inspired by encrypted digital currencies such as bitcoin and lettercoin, and so is the token of European crowdfunding platform. The digital currency issued by the central bank has monetary attributes, while the token of European crowdfunding platform can only be a kind of asset certificate, a niche proct.

2. CBDC, the full name of central bank digital currency, translated as the central bank digital currency. The Bank of England, in its Research Report on CBDC, gives this definition: central bank digital currency is the electronic form of central bank currency, which can be used by households and businesses to make payments and store value. The Chinese version of CBDC is described as digital RMB, which is issued by the people's Bank of China, operated by designated operators and exchanged to the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation. What we call DC / EP is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment tools". The center for International Settlements (BIS) and the Committee on payment and market infrastructure (CPMI), two authoritative international organizations, jointly concted two questionnaires on more than 60 central banks in 2018 and 2019. The content of the questionnaire includes the work progress of central banks on digital currency, the motivation of studying digital currency and the possibility of issuing digital currency. 70% of central banks said they are (or will be) involved in the research of digital currency
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3. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time

the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<

according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."

although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs

through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door

it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs

1. What is central bank digital currency<

what is the difference between central bank digital currency CBDC and other digital currencies

CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):

1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness

when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT

when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered

for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<

2. Motivation for issuing CBDC

in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":

1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank

2, Support non-traditional monetary policy

3. Rece overall risk and improve financial stability

4. Improve payment competitiveness

5. Promote financial inclusiveness

6. Curb criminal activities

looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation

throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.

if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits

from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency

the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment

in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document

4. Facts on the ground

how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice

if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future

the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...

5. The revolution has not yet been successful, and comrades still need to work hard

considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed

in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.

4. In the era of physical money, money itself has intrinsic value, so it can perform these functions of money. However, modern credit money or paper money itself has no value, why can it perform the function of money? This is because the credit currency is supported by the national credit, which has the nature of legal compensation and compulsion. National credit is not only the value basis for the standard currency to perform its monetary function, but also the basis for the state to monopolize the right to issue currency< At the same time, monetary policy is an important means for modern countries to adjust their economy. The change of money supply has a wide influence on economy. Nowadays, central banks all over the world make full use of monetary policy to regulate economic operation
monetary policy, like tax, police, court and other state machines, is the foundation of modern state operation and an important part of state machine. As long as there is no fundamental change in the social organization form of the state, the monetary system based on the national credit will always exist, and bitcoin and other virtual currencies will not become the standard currency of a country. Bitcoin is actually just the use of technology, which is at most an asset, not a real currency< Of course, credit money is prone to inflation. In a sense, people's concern about bitcoin reflects people's worry about inflation under the condition of credit currency. Therefore, central banks should strengthen liquidity management, reasonably regulate money supply and keep prices basically stable.

5. . He Maochun, director of the Central Economic Committee of the Democratic League of China, said that in a broad sense, digital currency is a kind of electronic currency, which is closely related to network technology, has the attributes of payment and circulation, and can be used as a substitute for paper money. Zhou Xiaochuan said that the issuance, circulation and transaction of China's digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
although the issuing method of digital currency is still under study, paper currency has been regarded as "the currency of the previous generation" by some professionals, and it is the general trend to be replaced by new technologies and procts. He Maochun predicted that when the era of digital currency really comes, people will carry less and less cash, travel more and more safe, poverty alleviation more and more accurate, corruption more and more difficult to escape, and thieves more and more difficult to be
on the other hand, the application-oriented digital currency based on the token of coin profit China platform is also emerging.

6. . He Maochun, director of the Central Economic Committee of the Democratic League of China, said that in a broad sense, digital currency is a kind of electronic currency, which is closely related to network technology, has the attributes of payment and circulation, and can be used as a substitute for paper money. Zhou Xiaochuan said that the issuance, circulation and transaction of China's digital currency should follow the idea of integration of traditional currency and digital currency, and implement the same principle of management
although the issuing method of digital currency is still under study, paper currency has been regarded as "the currency of the previous generation" by some professionals, and it is the general trend to be replaced by new technologies and procts. He Maochun predicted that when the era of digital currency really comes, people will carry less and less cash, travel more and more safe, poverty alleviation more and more accurate, corruption more and more difficult to escape, and thieves more and more difficult to be
on the other hand, the application-oriented digital currency, which is mainly based on the token in China, is also emerging.

8.

To calculate the helical gear parameters, you need to know the basic parameters:

normal molus M_ n. Number of teeth Z, normal pressure angle α_ n. Helix angle β

generally, the crown height coefficient h * is 1, and the root height coefficient C * is 0.25. If there is displacement, it is necessary to calculate the displacement: x

the following is the basic parameter

end face molus: M_ t=m_ n/cos β

Calculation formula of pressure angle at the end face: Tan α_ t)=tan ( α_ t)/cos( β)

diameter of dividing circle: D = m_ n × z/cos( β)

addenm circle diameter: no displacement: Da = D + 2 × m_ n × H * with displacement: Da = D + 2 × m_ n × H * + x)

root circle diameter: no displacement: DF = D-2 × m_ n ×( H * + C *) with displacement: DF = D-2 × m_ n ×( H * + C * - x)

diameter of base circle: DB = D × cos α_ t)

in addition, there are more important dimensions, such as normal pitch, end pitch, etc., which can be obtained by referring to relevant manuals

Extended data:

judgment of helix rotation direction: first, we make the gear axis vertical, if the right height of helix is right rotation; On the contrary, the height on the left side of the helix is left-handed

end face and normal surface parameters:

end face: the plane perpendicular to the gear axis, and the parameters on the end face are generally added with subscript t

normal plane: the plane perpendicular to the helix, and the parameters on the normal plane are generally subscript n

(1) pitch and molus: = t= π

(2) pressure angle: generally, the parameters in normal plane are standard parameters

The correct meshing condition: the helix angle must be equal in size and opposite in direction. The normal molus m is equal to the normal pressure angle

B. geometric dimension calculation: in calculation, the calculation formula of spur gear can be directly applied to the end face of helical gear because a pair of helical gear transmission is equivalent to a pair of spur gear transmission on the end plane

there are many kinds of gear transmission, among which the efficiency of helical gear is very high, for example, the efficiency of spur gear transmission is lower than that of helical gear transmission

Like spur gear mechanism, helical gear can be used to improve the load capacity of transmission by recing the center distance a, which can be used for high-speed operation. Helical gear recer is a new type of recer. The helical gear recer is small in volume, light in weight and good in economy

Advantages:

(1) good meshing performance: the meshing process between helical cylindrical gears is an excessive process, and the force on the teeth is graally from small to large, and then from large to small; Helical gear is suitable for high speed and heavy load

(2) large coincidence degree: the increase of coincidence degree can improve the bearing capacity of gear. So the life of the gear is prolonged. The coincidence degree mainly depends on the meshing time, while the long meshing time and large contact area of helical gear rece the stress. The transmission is stable and the economy is increased

(3) compact structure: the less the minimum number of teeth, the more compact the structure