The central bank has been cautious about the new thing of digital currency, but the central bank is accelerating research and development on the occasion of a major revolution in currency. On August 10th, at the 3rd China Finance 40th Yichun Forum, the Deputy Director of the Central Bank's Payment and Settlement Department, Mu Changchun, said that since 2014, the research on the central bank's digital currency has been going on for five years and will soon be "out of the box". In terms of operational structure, a “two-tier operating system” will be adopted. In addition, the Beijing Business Daily reporter found that the companies of the Central Bank Digital Money Research Institute are also actively recruiting talents.
Double-layer operating system
The single-tier operating system means that the central bank issues digital currency directly to the public. The “two-tier operating system” means that the central bank first converts the digital currency to a bank or other operating agency, which then converts it to the public.
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Mu Changchun believes that the two-tier operating system is first in line with China's national conditions and helps to resolve risks and avoid excessive concentration of risks and financial disintermediation. Mu Changchun concluded, "The central bank is the upper level and the commercial bank is the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of digital currency."
The two-tier operating system will not change the currency debt and debt relationship in circulation. Mu Changchun mentioned that in order to ensure that the central bank's digital currency is not over-represented, commercial institutions need to pay the central bank a full and 100% reserve. The central bank's digital currency is still the central bank's debt. It is guaranteed by the Central Bank Credit and has unlimited legal liability.
It is worth mentioning that the main purpose of the legal digital currency developed by the central bank is to achieve M0 replacement. Mu Changchun explained: "Using the central bank's digital currency to do an alternative to M1 and M2 will not help improve payment efficiency, and will cause huge waste of existing systems and resources. By contrast, the existing M0 is easy. Anonymous forgery, there are risks for money laundering. In addition, electronic payment tools, such as bank cards and Internet payments, based on the tight coupling model of existing bank accounts, the public's demand for anonymous payment cannot be fully satisfied. Therefore, electronic payment tools cannot completely replace M0. Especially in areas where account services and communication networks are poorly covered, people are still more dependent on cash. Therefore, our DC/EP design maintains the attributes and main features of cash, and also satisfies portable and Anonymous demand is a better tool to replace cash."
In terms of technology implementation, whether or not to adopt blockchain technology, Mu Changchun introduced that the pure blockchain architecture cannot achieve the high concurrency performance required by retail, so it is decided that the central bank should maintain technical neutrality and not preset the technical route, that is, Not necessarily dependent on a certain technical route.
Or cause an impact on the clearing house
The process of central bank digital currency research has been going on for five years, but senior financial analyst Xiao Lei pointed out that last year was a year of great acceleration. “The central bank has been affected by some external forces. In the past year, it has worked overtime to develop digital currency.” In June last year, the Central Bank Digital Currency Research Institute announced four patent applications within one month, and as of September last year, the central bank applied for 49 legal documents. Digital currency patents.
In the opinion of analysts, the R&D and landing of the central bank's digital currency will have a certain impact on the existing clearing institutions. CF40 executive director and chairman of China UnionPay Co., Ltd. Shao Fujun bluntly said, "UnionPay as a payment clearing institution, we really care about the emergence of digital currency after the emergence of digital currency, payment clearing institutions are still absent? What role will it play?"
Analyst Wang Pengbo, a senior analyst in the financial industry, said that the central bank's digital currency research will supplement and improve the existing system, but at the same time, the in-depth study and landing of the technology will have a certain impact on the clearing house. "The relationship between the original payment and the clearing institution is broken by new technology, which may cause the role of the clearing institution in the middle may not be so high," Wang Pengbo said.
It is worth mentioning that the central bank's digital currency will adopt a two-tier operating system, and there are two situations under this system. "One situation is that under the two-tier system of central banks and commercial banks, the blockchain covers the entire process of issuance and circulation of digital currency. The transfer of the entire transaction is directly completed by the blockchain network agreement. This will abandon the payment clearing institution. At the same time, the transfer payment institution is also marginalized. In another case, in the two-tier operation system, the agent issuer issues digital currency to set its own logo, and the payment clearing institution transforms the existing network to support the digital currency. The settlement of liquidation, through the payment of the reserve to the central bank to obtain the circulation of digital currency, the issued digital currency becomes the liability of the agency. This situation is similar to the existing bank account system, one more digital currency account." Shao Fujun said.
Shao Fujun pointed out that "the two-tier operation system needs to establish a blockchain network that connects the digital currency payment of each bank. At this time, the digital currency account has an inter-bank transaction, and the payment clearing institution can record the settlement amount of the issuer's end user. And the transfer clearing agency can play a role in finding the role inside."
For digital currency research and development institutions, Mu Changchun mentioned that this is the process of market competition. "At present, we belong to a horse racing state. Several designated operators adopt different technical routes to do DC/EP research and development. Whose route is good, who will eventually be accepted by the people and accepted by the market, who will eventually win the game. ""
The Beijing Business Daily reporter found that Shenzhen Financial Technology Co., Ltd., a company of the Central Bank Digital Money Research Institute, is actively recruiting.
It is reported that the Central Bank Digital Currency Research Institute, which aims to carry out digital currency research and promote the development of financial undertakings, has established Shenzhen Financial Technology Co., Ltd. in 2018 with a capital contribution of 2 million yuan, which is currently the only one funded by the Central Bank Digital Currency Research Institute. Holding a financial technology technology development company.
According to the recruitment information of Lagou.com, on August 9th, Shenzhen Financial Science and Technology Research Institute announced 31 recruitment positions, among which the company is recruiting blockchain R&D engineers and researchers at a salary level of 30k-60k.
The HR from Lagou.com told reporters that “the current salary of the blockchain is 25k-45k, which is the normal range. It usually reaches 13-16, and the application requirements and interview orientation will be adjusted on the existing basis.” For the salary level issued by Shenzhen Financial Technology Research Institute, the HR said that it is within the normal range.
According to the public inspection data of Shenzhen Eye, Shenzhen Financial Technology Co., Ltd. was established on June 15, 2018, and the legal representative is Li Honggang. According to a report by the central bank in charge of the media "Financial Times" on May 21, 2018, Li Honggang was appointed as the director of operations of the Central Bank Digital Currency Institute. In addition, the company changed the responsible person and senior management on April 18 this year. Prior to the change, the legal representative, chairman and general manager of the company was Huang Lie Ming.
In addition to carrying out daily business, Shenzhen Financial Technology Co., Ltd. also invested in Yangtze River Delta Financial Technology Co., Ltd. According to Tianyue, the Yangtze River Delta Financial Technology Co., Ltd. is located in Suzhou City, Jiangsu Province, with a registered capital of 50 million yuan. The company's main personnel caught the attention of the reporter. The data shows that the legal representative of the company is Di Gang, and Di Gang is currently the deputy director of the Central Bank Digital Money Research Institute; the company's supervisor is Huang Lie Ming, which is Shenzhen Financial Technology Co., Ltd. Legal representative.
Analysts said that the active recruitment of talent at this time may be to achieve the results of research as soon as possible. However, it is still necessary to pay attention to the related risks. Song Jiaji, a researcher at the Guosheng Securities Blockchain Institute, pointed out in the report that it is still possible to face two risks of blockchain technology development failure and regulatory policy change.
Source: Beijing Business Daily, August 12, front page
Beijing Business Daily reporter Meng Fanxia Intern reporter Ren Li