The latest developments of the central bank's digital currency DCEP, no one can escape the "true fragrance law"
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2019.12.18
Xinhuanet Financial Observation: Many central banks are seriously considering researching and issuing central bank digital currencies
Xinhuanet published an article today, "Financial Observation: How long will it take for the "central bank digital currency" to break through the cocoon." The article stated that the Brookings Institution of the United States recently released a research report stating that many countries have made substantial progress in the research and development of "central bank digital currency" or intend to issue "central bank digital currency", including France, Sweden, Saudi Arabia, Thailand, Turkey, Bahamas, Barbados, Uruguay, etc.
In addition, the Bank for International Settlements last month appointed Benoit Clay, who is about to retire as a member of the Executive Committee of the European Central Bank, as the head of the Innovation Center of the Bank for International Settlements to preside over the institution's digital currency research and development. In addition, a survey of 23 central banks around the world conducted by IBM Corporation of the United States and the British think tank "Official Monetary and Financial Institutions Forum" shows that many central banks are seriously considering researching and issuing "central bank digital currency", which can be used by consumers. It may be available within the next five years.
Interpretation: From the original prudence and consideration to the current active research and development and upcoming release, after several months, many countries have not been able to escape the "true fragrance law".
If Libra is like a bomb, which "explodes" the awareness of countries on sovereign cryptocurrencies, although it is a bit caught off guard, everyone can feel that this is indeed a "bomb".
Then DCEP is like a smoke bomb, shrouding countries in the panic that "China will issue a central bank digital currency tomorrow". Everyone scrambled to break free from this fog. Even if they didn't know where they were, it was important to jump out. It didn't matter which way they ran, as long as they got out.
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2019.12.18
Securities Times commentary: The central bank’s digital currency can be combined with blockchain and other technologies to improve the efficiency and management efficiency of basic currencies such as cash
Today, He Dexu, dean of the Institute of Financial and Economic Strategy of the Chinese Academy of Social Sciences and a member of the Expert Committee of the Securities Times, published a review article in the Securities Times. The article mentioned that building a scientific and sound modern monetary policy formulation and implementation system is the core content of the modern central banking system. To build a scientific and robust modern monetary policy formulation and implementation system, it is necessary to integrate cutting-edge science and technology into monetary policy in a timely manner to improve the accuracy and efficiency of monetary policy.
For example, actively developing the central bank's digital currency research and development and launch mechanism, not only improves the anti-counterfeiting technology of legal credit currency, realizes the whole process monitoring of currency circulation, and effectively monitors illegal money laundering activities, but also can combine blockchain technology and big data technology to improve cash, etc. The efficiency and management efficiency of the base currency can also effectively trace and map the monetary policy transmission mechanism, improve the calculation accuracy of the reasonable range of money supply, and the calculation accuracy of the quantitative relationship between interest rate tools and the economic system.
Interpretation: To sum up, the central bank's digital currency combined with blockchain technology has several advantages over the traditional currency system:
1. Anti-counterfeiting, because DCEP is aimed at replacing M0 cash, which perfectly eliminates the possibility of counterfeiting banknotes
2. Anti-corruption and anti-money laundering. All capital flows in the digital currency system can be monitored in an all-round way. Compared with the use of anonymous banknotes for money laundering and corruption, it has played a very good deterrent and supervisory role
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2019.12.17
Director of the Research Bureau of the People's Bank of China: In the currency competition in the digital age, it is difficult for private currencies to take the mainstream
The third China Internet Finance Forum was held in Beijing today. Wang Xin, director of the Research Bureau of the People's Bank of China and secretary-general of the China Society for Finance and Banking attended the event and delivered a keynote speech.
Wang Xin believes that private digital currency is difficult to solve the problem of trust, so it cannot be widely used. If the private digital currency is generated through an algorithm, there is no central issuer behind it, it is through an algorithm, who will maintain the stability of the private digital currency, and what is the source of its value, this is very doubtful.
In addition, it is difficult for private currency to meet the needs of promoting economic development and maintaining financial stability. We all know that in order to maintain the needs of economic development, the supply and supply of money should be flexible, and should be carried out flexibly with economic development. For regulation, when a crisis occurs and the liquidity of private institutions and financial markets suddenly dries up, there must be a unified institution such as the central bank to provide liquidity to the market. In this case, if the private digital currency occupies a dominant position, it is difficult for the private currency to play such a role, so it is difficult to adapt to the needs of modern economic development and financial stability.
Interpretation: To put it simply, digital currencies issued by private or private institutions do not have the government's sovereign credit endorsement, and at a macro level, private institutions do not have the ability to maintain currency stability, such as USDT, you don't know if it is overissued, and the depreciation is the worst But it is still the people.
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2019.12.16
The cross-border financial blockchain service platform completed the first payment in Xiamen, and it only took more than 2 minutes for 100,000 US dollars
At the Xiamen Branch of China Construction Bank, Zhang Yongyou, the financial manager of Xiamen Xiashun Aluminum Foil Co., Ltd., successfully handled a $100,000 tax filing information inspection and completed the external payment through the "cross-border financial blockchain service platform", which took only 2 hours. Minutes. This is the country's first cross-border financial blockchain service platform for external payment and tax filing electronic scene business. It is also a new model of win-win cooperation between taxation, foreign exchange, banks and enterprises in the new digital era, and it is also a model for government departments to optimize the business environment. Another move.
In addition to Xiashun Aluminum Foil Co., Ltd., China Ocean Shipping Agency Co., Ltd. under Xiamen Port, and Xiamen Shangzhong Online Technology Co., Ltd. also successfully handled business under this application scenario on the 16th. The three companies handled a total of USD 650,000 in external payments.
Interpretation: Although the cross-border financial blockchain service platform is not the DCEP used, its exploration and application of blockchain technology in cross-border payment has also provided valuable experience for the DCEP pilot. At present, it is more than 2 minutes to 100,000 US dollars. I believe that in the future, when mature blockchain technology is applied to the central bank's digital currency payment field, it may reach 2 seconds to 100,000 US dollars.
This is the end of today's information. The series of DCEP intelligence stations will be updated from time to time. Welcome everyone to pay attention!
