Since the People’s Bank of China established a dedicated research group on legal digital currency in 2014, research on the central bank’s digital currency (DC/EP) has been underway for five years. In the past two months, the discussion on the topic of central bank digital currency has also gone from warming up to being concerned and then to hot discussion.
Facebook unveiled its digital currency project Libra on June 18 this year. Although Libra's current implementation is not yet known, its vision to promote cross-border capital flows around the world has triggered the close proximity of many governments and financial regulators around the world. attention. Taking this as an opportunity, the research on digital currency at the national level has stepped into the fast lane of development.
On August 21, the People’s Daily published an article titled “The Beginning of “Digital Renminbi”, saying that the central bank’s launch of digital currency “is neither a popular e-wallet or online payment, nor a complete “reinventing” Replacing the existing RMB system, it is a new and encrypted electronic money system with a certain alternative to circulating cash."
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Also on August 21st, the central bank's official WeChat public account updated two articles, the article of the central bank's deputy governor Fan Yifei published in January 2018, "Some considerations about the central bank's digital currency" and the deputy director of the payment department On August 10, 2019, Changchun’s important speech at the 3rd China Finance 40th Yichun Forum was reorganized as a headline and a secondary article.
The contents of the two central banks have been separated by more than a year. Overall, they have not broken away from the core design of the previous “two-tier operating system”.
However, on the basis of this, in addition to the refinement of the nature and design of digital currency, Mu Changchun’s central bank digital currency is “out of the box”, further releasing the signal that the regulatory level accelerates the development of digital currency and promotes the digital currency of the central bank. On the 2nd of this month, the People's Bank of China has clearly pointed out in the video conference held in the second half of 2019 that it is necessary to speed up the pace of research and development of China's legal digital currency (DC/EP), track the development trend of domestic and foreign virtual currency, and continue to strengthen. Internet financial risk remediation. According to Mu Changchun, after the basic design framework and operating system were determined, the development of the central bank's digital currency entered the state of “horse racing”, and several designated operating agencies were conducting DC/EP research and development according to different technical routes. Compete for the development of the central bank's digital currency.
And not only to discuss the central bank's digital currency research and development itself, the continuous interpretation and discussion of similar products or technologies with similarities will also make the public more details on the design difficulty, technology selection, research and development progress of the central bank's digital currency. The understanding is gradually clear.
For example, it is worth noting that although the central bank's digital currency has been continuing to advance, based on China's current leading edge in third-party payment, the need for the central bank to introduce the central bank's digital currency is not clear. And the development of cryptocurrency and blockchain technology that we are familiar with is far from reaching the level of traditional financial markets. For the public, the conceptual boundaries between the central bank's digital currency that has not yet appeared and the most commonly used electronic mobile payments are often blurred.
Although the international technology giant Fcabook released Libra, it is too advanced for the current financial regulatory level, so it is difficult to be launched immediately, but its forward-looking in the cross-border payment field still poses certain challenges to traditional finance. Therefore, with the further maturity of related financial products and technologies including Libra, the research progress of the central bank's digital currency has been promoted to some extent.
Author: Xi breeze
Source: Finance and Economics Network on Finance