People's Daily articles: digital currency, how much do you know

Source: People's Daily Original title: "How much do you know about digital currency (financial staff)"

Author: Super Gemeng

The People's Bank of China recently announced that it has not issued any legal digital currency (DC / EP), nor authorized any asset trading platform to conduct transactions. The so-called legal digital currency issuance through the Internet, and the launch of "DC / EP" or "DCEP" by individual institutions in the name of the People's Bank of China may involve fraud and pyramid schemes. The public is requested to raise their awareness of risk, not to believe in credulity, and to prevent damage to interests. This is the second time that the central bank has rumored digital currencies.

The recent news of the central bank's digital currency keeps getting public attention. Many people are curious, what exactly is a digital currency? What is the difference between digital currency and existing RMB?

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Zhao Ji, deputy secretary-general of the Beijing Internet Law Research Association, said that the central bank's digital currency is legally compensable, and its functions and attributes are similar to existing RMB notes, except that the form is digital and a digital payment tool with value characteristics. Accounts are needed to enable value transfer. "For example, two people's mobile phones have digital wallets. As long as the mobile phones have power, no network is needed. As soon as two people's mobile phones touch, the digital currency in one person's digital wallet can be transferred to another person without binding any bank. Cards, similar to the bills I took out of my pocket and put in your pocket. "

How does digital currency operate? Mu Changchun, director of the Digital Currency Research Institute of the Central Bank, introduced that the central bank's digital currency adopts a two-tier operating system. The single-layer operating system is the direct issuance of digital currencies by the People's Bank to the public. At the time of digital currency issuance, the People's Bank of China first exchanges digital currencies with banks or other operating institutions, and then these institutions exchange them with the public, which is a two-tier operating system. "The central bank is the upper tier and the commercial banks are the second tier. This dual investment system is suitable for China's national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and also smoothly increase the acceptance of digital currencies.

Zhao Min said that the circulation method after the issuance of digital currency is that commercial banks open an account with the People's Bank and pay 100% of the reserve. Individuals and enterprises can open digital wallets through commercial banks or commercial institutions, which can either be a strong name system or weak. Real-name system. For users, there is no need to go to a commercial bank, as long as they download and register an APP, they can use digital currency.

China's mobile payment is highly developed. Many people are used to going out with their mobile phones and no cash. What changes will our digital life bring to our lives once they are launched? "In situations where you can connect to the Internet and don't care about anonymity, such as small daily consumption, there is no problem using mobile payments. But if you cannot connect to the Internet and users want to maintain privacy anonymously, digital currencies have a place. For example, In some buildings, the mobile network signal is poor, and most aircraft flights have not yet opened WiFi. To cope with these situations, users can download and install digital wallets in advance to receive and pay for digital currencies. "Wang, chief analyst of the financial industry at Guoxin Securities Economic Research Institute The sword said.

How far is digital currency from us? The relevant person in charge of the People's Bank of China recently stated that the central bank regards digital currency as one of the most important infrastructures in the future and actively carries out research and development of legal digital currency. A prospective study on digital currencies was launched in 2014, a digital currency research institute was established in 2016, and a special working group was established in 2017 to start digital currency research and development experiments. At present, digital currencies have basically completed the top-level design, standard formulation, function research and development, and joint debugging and testing on the premise of adhering to the double-layer investment, M0 substitution, and controlled anonymity. In the next step, we will follow the principles of stability, security, and controllability, rationally select pilot verification areas, scenarios, and service scopes, continue to optimize and enrich functions, and steadily promote the introduction and application of digital forms of fiat currencies.

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