The reporter zhang mo xiao-jie zhang 2019-09-26 Beijing source: economic information daily
More and more about the Chinese legal digital currency (DC/EP) information surfaced, compared with after five years of research and development of low profile, especially since August of this year, the central bank appears willing to reveal more information, it is undoubtedly a hint, we will usher in a change in cash, "digital yuan" face gradually clear,
"Digital currency", however, pilot and comprehensive ground will not be as fast as described in some media, the People's Bank of China governor yi gang, September 24 in response to reporters' questions when made it clear that the central bank for legal digital currency launched "no timetable, and said," there will be a series of research, test, pilot, assessment and risk prevention ", the expert inside course of study points out, in front of the "digital yuan" to fruition, need adequate and detailed preparation,
Central frequency sound "digital yuan" advance carefully
Two years ago at the beginning of the establishment of the institute of the People's Bank of China monetary figures, the concept of legal digital currency is still a relatively unreal, not too much into the public view, along with the recent period of time information is more and more rich, the face of legal digital currency increasingly clear,
MuChangChun vin number of the People's Bank of China monetary institute, is considered "digital yuan" fight one of the important signals, nearly a month since the central bank in dense mentioned legal digital currency, will be a new thing on the cusp of public opinion,
In August of this year, after the central bank has repeatedly mentioned legal digital currency, on August 2, central television meeting for key work for the second half of 2019, deployment, referred to "speed up the pace to develop the China's legal research and development of digital currency", and in later August 10, MuChangChun on payment and settlement department, deputy director of the identity of the People's Bank of China in the Chinese finance 40 yichun legal digital currency as keynote on BBS, and said, "last year, the institute of digital currency related personnel do related system development, is the 996",
On August 21, the central bank official to MuChangChun WeChat public speeches about the digital currency published in full, the synchronization of fly and a deputy governor of the People's Bank of China fan published in January 2018, an article entitled "digital currency when considering about the central bank", the thinking of both show highly consistent, and outlined the several important characteristics of the central bank's digital currency: at this stage of the central bank digital currency is M0 (cash), rather than M1, M2; Central Banks do not directly to the public issuance of digital currency, will use the dual operation system, namely the people's bank of digital currency exchange before the bank or other operations, again by these institutions to the public, in the process, insist on centralized management pattern,
Even more interesting information, MuChangChun on get APP course topic course "Libra and digital currency outlook", to the public in a more popular popular language to tell the "profound" digital currency,
At present, in addition to China, Singapore, Canada, Sweden and other countries the central bank also in the study of legal digital currency, but their respective legal connotation of digital currency and the path is not the same, from the point of the current public information, only Sweden intends to launch the digital currency e - krona and Chinese digital currency DC/EP have similarities in properties, are as substitute of M0 (cash), but the difference is that the number of China's central bank money is a double operation system, operation system and e - krona is a single layer, namely a digital currency issued by a central bank directly to the public,
Central bank research digital currency since 2014, the relevant work in the outside world seems to have been very low-key, but recently a lot of important information exposure, raised the legal digital currency launch the highly anticipated, "digital currency began a closed-loop test" such as "seven market institutions to participate in the distribution" anecdotal information from time to time, but according to "economic information daily" reporter understanding, some rumors are accurate,
Yi recently in response to reporters' questions clearly said: "we don't have any schedule, I think there will be a series of research, test, pilot, assessment and risk prevention, especially digital currency if cross-border use, there is also anti-money laundering and counter-terrorism financing, tax havens and" know your customer "and so on a series of regulatory requirements," the industry analysis, said yi gang, this statement is actually to market expectations, the launch of legal digital currency will be more cautious, advancing speed "" either, rhythm to grasp in their own hands, the central bank
Without binding bank account without network
Since 2014, the central bank have been carried out for five years, the study of digital currency "adhere to the centralized management mode of" "M0 alternative" "double operation system" "meet high concurrency performance", such as the outline of the outline of "digital currency", however, the wording is too obscure for the public, and interpretation is more, like cash flow easily, can be anonymous, without binding bank accounts, no network, "as long as mobile phones have electricity,"
According to MuChangChun description in early August, legal digital currency is "loose coupling" account, can transfer from traditional bank accounts to realize value, trading links to account much less dependent on the central bank digital currency can like cash flow easily, beneficial to the circulation of the RMB and internationalization, and at the same time can realize controllable anonymous,
Van a fly's article "digital currency on central bank are considered" more detailed description of the central bank's digital currency, the article said, at present, M1 and M2, based on commercial bank accounts, the implemented electronic or digital, to use digital currency digital necessary again, by contrast, the existing notes and COINS issued, the printing, draining and storage cost is higher, the distribution system level, and inconvenient to carry, easy to be faked, anonymous uncontrollable, is used in the risk of money laundering and other illegal and criminal activities, to realize the necessity of the digitalization, in addition, the non-cash payment instruments, such as the traditional, such as credit CARDS and Internet payment "tightly coupled" model are based on the account, can't fully meet the needs of the public is easy to use and anonymous payment services, can't completely replace M0, particularly in the account services and poor communication network coverage areas, people are still high levels of dependence on cash, the bank digital currency to maintain the properties and main characteristics of the cash, to meet the requirements of the portable and anonymous, will be the best tool to replace cash,
"You can imagine the scene: as long as you on my mobile phone has a DC/EP digital wallets, that don't even need to network, as long as there is electricity, phone two phones to touch, you can put a digital currency in personal digital wallets, transferred to another person," MuChangChun said recently in get APP course,
MuChangChun examples, such as the underground supermarket to buy things, no mobile phone signal, WeChat, pay treasure can use, or taking a low-cost airline flights need to pay to have a meal, in the future in these scenarios can be paid by the central bank's digital currency, more extreme large earthquakes, "communication is broken, electronic payment, of course, also not line, that time, only two possibilities, one is the bills, one is the central bank's digital currency, it (the central bank's digital currency) does not need to pay, the network can we called 'double offline payment, refers to the balance of both offline and able to pay, as long as there is electricity, phone even if the whole network is broken also can realize to pay",
Well technology CEO and co-founder MOAC block chain Zhou Sha also to "economic information daily" reporter said, cash management has three features: one is the anonymity, 2 it is to protect user privacy, three is not to need to third party validation, the central bank to cash is the digital currency substitution, will also reflect the characteristics of "anonymity, for example, I went shopping in breakfast stalls, pay with paypal, because be real-name accounts, my message is left, but if you pay in cash, the boss received my money, but don't know who I am," said Zhou Sha, central bank digital currency cash should conform to the characteristics of anonymity, but at the same time to ensure the "three-mirror", namely the anti-money laundering, tax evasion, counter-terrorism financing,
MuChangChun recently when it comes to legal digital currency "three-mirror also said," how to ensure that the work can use big data solutions, "that is, while ordinary trading is anonymous, but if we use big data to identify some behavior characteristics, or can lock the true identity,"
The world bank's chief information security architect zhang said in an interview with "economic information daily" electronic payment has been very common in China, but there are currently no user privacy protection, the central bank's digital currency if can protect the privacy of users, so in the daily purchases paid the applications will become many people's first choice,
Technology "horse race" businesses ready
For digital currency, commercial organizations and the public's concern is not the same: the latter pay curious experience will have what different, the former is more care about the central bank to "no", such as the default technical route of trying to capture the involved in the operation of the legal research and development of digital currency even chance,
In public awareness, digital currency often bound and chain block technology, however, according to central bankers, the bank in the process of promoting legal digital currency not default technical route, that is not dependent on a particular technology route, block chain is one of the underlying technology of central bank digital currency optional,
"We will adhere to the centralized management, on the research and development work is not the default technical route, can be fair competition in the market selection, can consider block chain technology, also can take the existing electronic payment based on the evolution of new technologies, mobilizing the enthusiasm and creativity of the market, we also set up the incentive compatible mechanism and market mechanism," yi gang, 24, said at the news conference,
"Just like that year in the national promotion POS cash registers, it is a big project, if we take the flowers, allowing a lot of private sector participation in the construction of the ecological system, the country will need to formulate corresponding technical standards and compliance requirements, participants must meet these requirements to be able to enter the market, if the work done well, legal digital currency only instead of cash, it brought about by the financial risk should be relatively small," said zhang zhijun,
As mentioned above, the central bank to encourage technology "horse race", competition in the market selection, and also drew the bottom line for technology and standards, MuChangChun said, "any kind of technical route, the central bank can adapt to, the premise is you technical route to accord with certain threshold, such as to meet the demand of high concurrency, at least at least 300000 transactions per second," said MuChangChun, the threshold of this requirement is required in order to meet the retail performance of high concurrency,
Zhang said, 300000 transactions per second the concurrency value of standard should be quite high, he said, such a high speed general block chain technology can not reach, because the chain of blocks through consensus mechanism is needed to the transaction record into the books, consensus takes time, so let's agree to sacrifice the speed, the league chain some consensus algorithm can reach thousands of transactions per second, the speed of 300000 per second so high are either centralized solution, or with a more unique distributed technology, books can be close to such a large capacity,
The former governor of the People's Bank of China, the Chinese finance association, zhou xiaochuan wudaokou in May this year in tsinghua university school of finance seminar on also said that no block chain speed according to the development of imagination to make transactions per second (TPS) are big enough, far cannot support the retail trade payment system, but can do small scale pilot financial market transactions or other applications, it is understood that the People's Bank of China is now in the forward block chain in two low TPS market applications: one is the paper trading, 2 it is letter of credit financing deal,
Central bank does not publish full white paper about digital currency operation scheme, some technical details is not clear, but the reporter discovers in interview, some high technology research and development ability of the private sector have participation,
"I think, is on the second floor of the central bank, commercial Banks to the architecture, the commercial bank link, have the opportunity to participate in the private sector," said Zhou Sha, general block chain technology cannot meet the relevant technical requirements, but on the basis of block chain technology to build some architecture, could meet the requirements of the central bank's concurrency,
Real ground is not so simple
Legal digital currency, has been overwhelming, it is the inevitable outcome of the development of digital technology, also accord with the need of the internationalisation of the renminbi, but its landing has not rushed, in the transformation from traditional, innovation and safety on the balance beam, "horizon" of the "digital yuan" need some more time to prepare,
China unionpay co., LTD., chairman of Shao Fujun said the central bank's legal digital currency will produce a great positive influence: one is improve on the efficiency of monetary operation monitoring, rich means of monetary policy; The second is conducive to raising the level of intelligent in transaction process; Three is to improve pay, especially the efficiency of cross-border payments, to establish open payment environment,
And the change of "notes" external pressure comes from China, including the bank of England, the bank of Canada and Sweden's central bank, central Banks are developing the legal digital currency and at the same time, some commercial giant also launch encryption in accelerating currency,
In June, the social networking giant Facebook (Facebook) released its virtual currency (Libra) project, the white paper "Libra currency", according to the paper, the anchored to a basket of currencies, commitment and legal tender: 1 for the encryption of currency, issued by has 2.7 billion Facebook users, Visa, mastercard, Uber different fields such as giant will support, allegedly the pay scale will reach nearly $700 billion, in August, the United States patent and trademark office, disclosure documents show retail giant wal-mart digital encryption currency is applied for patents, although in the short term, these businesses also challenging the encryption of currency fall to the ground, but the tension of global central bank,
"More and more people think dollar hegemony is one of the root of the global economic issues, there is a voice on international is currently in a super-sovereign currency official (such as the IMF eSDR) against the dollar hegemony, the other is some unofficial institutional enterprises, such as face book Libra to preempt the dollar hegemony weakened market space," said Zhou Sha,
"Digital yuan" fall to the ground, obviously not so simple, need to be adequate and detailed preparation,
Van a fly's article pointed out that big central bank digital currency issue is a complex systems engineering, and China's vast, population and regional economic development, resource endowments and population diversity level of education, in the design and delivery (issue), circulation of the central bank in the process of digital currency, system should be fully considered, the diversity and complexity of system design,
"Not for the sake of innovation and innovation, legal digital currency, need to build the whole support system to the public to Chen Yingxin cost should have detailed density," deloitte Qin Yi Asia Pacific head of the investment management industry partners, told reporters, efficiency and cost estimated overall measure of relative gain and loss, should be the regulators gains after comprehensive consideration, explicitly and implicitly
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