The original title "" Face "is too fast, just because the central bank's digital currency is" really sweet "?"
What is the "magic" of central bank digital currencies? Why did many countries just set up a special research project team just after saying that they would not release? And why are there many countries that have been working hard to advance the process of developing central bank digital currencies?
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Japan: Recently, Takako Masai, a member of the Bank of Japan, just said that the Bank of Japan has no plans to issue digital currency at the moment, and Japan ’s Deputy Foreign Minister Kiyoshi Nakayama stated that he hopes that the Federal Reserve will cooperate with six other central banks, including the Bank of Japan, to conduct research Digital currency. And according to relevant news, Japanese lawmakers will also release a digital currency proposal this Friday, which is intended to pave the way for Japanese digital currency use.
Canada: On November 15, 2019, Timothy Lane, deputy governor of the Bank of Canada, said on Friday that his country's central bank currently has no reason to issue digital currency, but it can be foreseen that it may need to be prepared for this in the future. In mid-December 2019, Bank of Canada Governor Poloz said that he is studying whether it makes sense to issue our own digital currency.
Switzerland: In mid-December 2019, the Swiss Federal Council adopted a report examining the opportunities and risks of introducing crypto francs. The council concluded that the widespread implementation of the central bank's digital currency currently does not bring additional benefits to Switzerland. Instead, it will trigger new risks, especially with regard to financial stability.
Just recently, a 7-line CBDC R & D team composed of the International Clearing Bank and the United Kingdom, the European Union, Switzerland, Sweden, Canada, and the Bank of Japan decided to hold a digital currency discussion meeting in mid-April to discuss how to develop their own digital currency.
South Korea: At the end of November last year, the Bank of Korea just expressed its wait-and-see attitude towards the central bank's digital currency and had no plan to issue a digital currency at the central bank.
In fact, it is not because the central banks of various countries are "face-striking" too quickly, but because the trends and opportunities change too quickly, once they are not well grasped, they are likely to miss the best development period and be thrown out or lose the opportunity to be in the forefront. As stated in an article: "In this world-class currency form revolution competition, all relevant interest groups understand that they must not leave behind. Whether it is to take the lead or follow the big brother, they must show positive Come join the banner of CBDC R & D. "
From beginning to end
Sweden: During the joint spring meeting of the World Bank Group and the International Monetary Fund last year, the Deputy Governor of the Bank of Sweden Cecilia Skingsley revealed that the Bank of Sweden is more than 50% likely to issue its own digital currency e-krona in the next decade. In mid-December, the Swedish Central Bank said it would sign an agreement with consulting firm Accenture to create a pilot platform for digital currency called e-krona.
France: Since the launch of the Libra project, France has actively expressed that it will develop the central bank's digital currency to meet the challenges in the medium to long term in response to the threat of currency sovereignty that Libra may pose to EU member states. Earlier this month, the French central bank said it would soon begin testing digital currencies and "will issue a project call before the end of the first quarter of 2020." At the end of January this year, he also said that the French Central Bank is planning to use digital currencies for experiments.
Regarding the purpose of actively issuing central bank digital currencies, countries are actually playing their own wishful thinking. According to Qian Jiayan, research assistant of the Guanghua Blockchain Lab of Peking University and research assistant of the Institute of Financial Technology of Renmin University of China, the direct motivation of central banks in various countries to explore and explore digital currencies can be divided into four categories:
The first group of countries is to resist US economic sanctions and maintain domestic economic stability, such as Venezuela.
The second group of countries hopes to take this opportunity to reduce their dependence on the US dollar and gain more economic sovereignty, such as the Marshall Islands, a weak sovereign currency country.
The third group of countries is pursuing fintech development and improving existing systems. For example, China, Russia, Singapore, etc., these countries generally have relatively stable economies, in order to pursue the development of financial technology, grasp the initiative of future economic development, and supplement or improve the existing monetary system.
The fourth type of country is that its currency system is threatened or impacted due to some external factors at the current stage. It hopes to stabilize the existing domestic currency system through legal digital currency as a supplement to fiat currency and ensure the central bank's control of domestic currency. , Such as Norway, Sweden, etc.
In the final analysis, there are two reasons why central banks in various countries actively research and develop central bank digital currencies. One is to follow the trend, follow the trend, and not leave behind, and actively research and develop to prevent and acquire any future challenges and opportunities related to digital currencies. Solve the real pain points and problems in economic, financial, and monetary policies in your own country, and seek more development opportunities. Undoubtedly, digital currency and digitization will be the general trend in the future. Rather than being passively choked in the future, it is better to seize the opportunity, plan ahead, and actively control the initiative!
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