In terms of payment of digital currency, the Central Bank Printing Science and Technology Research Institute proposed to provide digital currency chip cards based on visual digital currency chip cards for digital currency payments.
The framework of China's central bank digital currency (DC/EP) research and development has gradually emerged.
On August 10, Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China, proposed at the forum that the research on the digital currency of the central bank has been carried out for five years. Relevant personnel started to develop the relevant system from "996" last year. "It can be said that now He is ready to go out."
- G7 Stabilization Coin Report (full text): Stabilizing coins may be more capable of acting as a means of payment and value storage
- Research Report | Guangzhou Blockchain Industrialization Policy Statistics, Investment Funds and Scenario Applications
- Libra has become a catalyst for the reform of the mothers? The central bank governor told the reality
- Panic is not yet fermented, keep watching
- EdenChain and NodeNum jointly released 12 dApp games, one-step login to experience
- Babbitt Column | The market lacks a stable income stablecoin
Mu Changchun summed up the design idea and structure of China's central bank's legal digital currency (DC/EP), including positioning, DC/EP is an alternative to M0: DC/EP focuses on the substitution of M0 (banknotes and coins) instead of M1, M2, and smart contracts that can be used to perform monetary functions.
According to the database of the State Intellectual Property Office, the 21st Century Business Herald found that as of August 27, there were 506 intellectual property rights related to digital currency. Among them, the “Central Bank Department” has applied for the most applications, the People’s Bank of China Digital Currency Research Institute applied for 49 articles, the People’s Bank of China Institute of Printing Science and Technology applied for 22 articles, and the China Banknote Credit Card Industry Development Co., Ltd. Hangzhou Blockchain Technology Research Institute applied for. Six articles. In addition, bitcoin mining machine manufacturer Bentland applied for 22 articles, and a blockchain company based in Hangzhou applied for 23. However, Bitcoin is focused on digital currency mining machines and digital currency mining systems.
Responding to traditional currency defects
Fan Yifei, deputy governor of the central bank, pointed out that the central bank's digital currency should adopt the two-tier operation mode of “central bank-commercial institution”, which is to be loosely coupled with accounts, and adhere to a centralized management model.
In terms of implementation, the 21st Century Economic Reporter combed the digital currency patents applied by the Central Bank Digital Currency Research Institute. Its demand focused on solving the problems of currency idling, liquidity traps, policy transmission, and structured monetary policy faced by traditional monetary policy. Through the invention of digital currency, the "pain point" of the traditional monetary policy is resolved, and the implementation is triggered by the loan interest rate, economic status, viewpoint conditions, and flow to the main body.
A patent entitled "Digital Currency Management Method and System Based on Loan Interest Rate Conditions" pointed out that the prior art urgently needs to solve the problem of the lag of monetary policy transmission caused by the loss of control over the currency. It believes that in the current currency, the central bank loses control over the currency, whether the currency can eventually flow to the physical sector, whether it can achieve the policy objectives intended by the central bank, and the powers and factors of the parties outside the central bank. The decision, which led to the poor or invalid transmission of monetary policy, caused the policy dilemma of capital flow to the asset market rather than the entity.
In view of this, the embodiment of the invention provides a digital money management method and system triggered based on the loan interest rate condition, which enables the benchmark interest rate to be effectively transmitted to the loan interest rate in real time.
A patent entitled "Digital Currency Management Method and System Based on Economic State Condition Triggers" proposes that there is an urgent need to solve the "liquidity trap" caused by financial procyclicality. The embodiment provides a trigger based on economic conditions. The digital currency management method and system adjusts the financial institution's interest rate for returning funds to the digital currency issuing unit according to the economic information of the recycling time.
In another patent, the company pointed out that the prior art urgently needs to solve the problems of currency idling and monetary policy transmission time lag due to the loss of control over the currency. In view of this, a digital currency management method and system based on time-point triggering can be implemented to solve the current problem of the existing monetary policy operation, so that the time when the currency takes effect is not limited to the current currency issue, but extends to the future. A certain point in time that meets the policy objectives.
In addition, it is difficult for the central bank to carry out targeted structural monetary regulation, which has obvious “dualistic” characteristics in the allocation of funds to entities in the country: state-owned enterprises with financial soft constraints, large enterprises and local financing platforms occupy a large amount of financial resources. In view of this, the embodiment provides a digital money management method and system triggered by flow subject conditions, which can accurately characterize digital money delivery, implement structural monetary policy, reduce currency idling, and improve financial service entity economic capability.
How to design digital currency
Mu Changchun, deputy director of the Payments Department, pointed out that China's current central bank digital currency design should focus on M0 substitution instead of M1 and M2 replacement. On the technical route, the issuance of digital currency in a big country like China, using a pure blockchain architecture can not achieve the high concurrency performance required by retail. Therefore, it is decided that the central bank should maintain technical neutrality and not presuppose technical routes, which means that it does not necessarily depend on a certain technical route.
The Central Bank Printing Science and Technology Research Institute proposed that the digital currency system includes the central bank digital currency system, the commercial bank digital currency system, and the certification system. Among them, the central bank digital currency system is used to generate and issue digital currency, and the digital currency is registered for ownership; the commercial bank digital currency system is used to perform banking functions for digital currency; the authentication system is used for the central bank digital currency system The interaction with the terminal device used by the user of the digital currency provides authentication and provides authentication for interaction between the central bank digital currency system and the commercial bank digital currency system.
The central bank's Digital Money Institute pointed out in a patent that existing digital currency technology solutions have problems, such as the inability to support real digital currencies issued by digital currency issuers, without system interaction and access mechanisms; existing electronic wallets are safe The protection mechanism relies on the back-end system, and there is a shortage of wallet security.
In addition, the private quasi-digital currency wallet with Bitcoin as the token is only managed by the private key. The function is too singular, there is a lack of security, and it can only be closed in the chain, and can not be applied to existing financial services and transactions. In the scene. The existing account-based wallet is completely independent from the quasi-private digital currency wallet based on blockchain technology. Therefore, the account system and the blockchain token system are completely isolated and cannot be interoperable.
It points out that the digital currency wallet is a brand new design, which is different from the account-based wallet and the valueless support like Bitcoin and the token wallet managed by the issuer. It is a real alternative to the traditional physical currency. Digital physical wallets for payment and support for other financial and business needs, for digital currency applications.
To this end, it has been designed in the registration method, opening, and key of the digital currency wallet.
For example, a digital currency wallet login method is to interface with a digital money issuer system, and does not rely on a back-end system to open a digital currency wallet based on the user identity of the existing account system, thereby realizing the indifference of the existing financial infrastructure and users. Experience and smooth transitions.
For another example, the payment process of the digital currency wallet has not been implemented on the basis of the existing bank account system. To this end, a digital money wallet payment method and system is designed. After receiving the payment request of the digital currency wallet, the digital certificate of the CA certificate is obtained, and the transfer request is sent to the digital money issuing bank to receive the payment with the digital signature of the issuing bank. Successful results.
Prudent smart contract
In terms of the payment of digital currency, the Central Bank Printing Science and Technology Research Institute proposed to make digital currency chip cards based on visible digital currency chip cards for digital currency payment. The digital currency trading system should design the business model with mobile payment as the core. The key storage carrier can be provided by the hardware SE module (security module), HCE and TEE. The background system should be based on cloud computing, authentication method, password, biometrics. The authentication is mostly used for far-field payment, and smart card authentication is mostly used for near-field payment.
Wherein, the payment visible digital money chip card sends a payment request to the payment terminal device without establishing a network connection with the commercial bank digital currency system, and the payment request includes the digital currency to be paid and the transaction amount.
The central bank’s attitude toward smart contracts is more cautious.
Fan Yifei pointed out that loading smart contracts other than the function of legal currency itself will affect its liability function, and even degenerate it into a valuable ticket, reducing the free use of the central bank's digital currency, and will also adversely affect the internationalization of the RMB. influences. However, digital currency patents for smart contracts have been proposed, focusing on financial activities such as investment and financing.
The Central Bank’s Digital Money Institute points out in a patent that trading methods based on digital currency-based investment financing include investor wallet applications receiving smart contracts, adding investment confirmation information to smart contracts, investment amounts, investor digital signatures and investors. Personal information, after the verification is passed, the smart contract takes effect.
In addition, the Hangzhou Blockchain Technology Research Institute proposed a digital currency wallet based on blockchain, but involved smart contracts.
It pointed out that in the existing digital currency system, once the user successfully creates a digital currency wallet, such as Bitcoin and Ethereum wallet, the private key and public key can be determined. In the actual transaction process, the user can input the other party through the digital currency wallet. The address is used for various transactions. At this time, the transaction details are recorded on the blockchain. There is basically no protection for this information. The outside world can view the user's related privacy by tracking the digital currency wallet address.
To this end, the original wallet address is updated and the updated wallet address is saved to the above smart contract on the premise of successful transaction.
It can be understood that in the process of saving the updated wallet address to the smart contract, the updated wallet address is bound with the real identity information of the transaction party, which is equivalent to automatically cutting off the original wallet address and the transaction party. The binding relationship between the true identity information. Therefore, even if the outside world traces the original wallet address through the transaction detail information recorded on the blockchain, the privacy corresponding to the real identity information of the transaction party cannot be viewed through the original wallet address, thereby effectively performing the digital currency transaction when the user performs the digital currency transaction. Protect user privacy.
Source of this article: 21st Century Business Herald
Author: Zhao Xin Following