Recently, the People's Bank of China issued the "China Financial Stability Report (2019)", which includes references to digital currency, Libra, blockchain technology, and the rectification of virtual currency exchanges.
In introducing the basic situation of China's financial technology development, the report pointed out that traditional financial institutions use technological means to innovate and develop. For example, to improve operational efficiency, develop new technologies such as artificial intelligence, develop smart investment business, introduce blockchain technology in payment clearing, credit management, asset custody, etc., and simplify risk management and transparency by using smart contracts.
In the section “The main practice of international financial technology supervision”, the report pointed out that the Bank of England is currently trying to establish a distributed clearing system. The French central bank is conducting a pilot experiment on the inter-bank market blockchain trading model. The Austrian central bank explores the use of the data cube model instead. Traditional regulatory data reporting, etc.
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- The Bank for International Settlements and the Federal Reserve are concerned about digital currencies, and international supervision is becoming more active
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In addition, in the section of the topic “Exploring and improving the financial regulatory framework to promote the healthy development of financial technology”, the report stated that in recent years, financial technology has developed rapidly, both in the use of big data, artificial intelligence, innovative financial services, and research and development of digital currency. The trend of deep integration of finance and technology has a profound impact on the real economy and financial system. Balancing the relationship between risk and innovation has become a common issue facing global financial regulation.
From the perspective of development trends, the development of financial technology in the past decade has highlighted the rise of various new payment instruments. The technology companies represented by Internet platforms and communication companies have flooded the global financial services market. On the other hand, financial The organization actively uses technologies such as automation and decentralization to improve internal operational efficiency and financial service quality. At present, there is a view that some financial services and some financial infrastructure provided by commercial banks and central banks may be replaced by new companies, automated procedures and decentralized networks in the future. For example, Facebook recently proposed the idea of digital token Libra, which has aroused widespread concern in the international community.