Wen: Zhao Xue jiao
Editor: the king artful


Libra and DCEP digital currency (central bank) has started in a battle,

Side, Libra team in full speed up the development progress, on the other side, the People's Bank of China digital currency (DCEP) also in closed loop test, and began to recruit,

Released on October 3, Libra first project roadmap, provids will launch, an estimated 100 partners run all nodes,

After a week in October (11), the central bank institute of digital currency release recruitment information, in 2020 began to recruit technology research and development, financial science and technology talents,

Libra to what extent will compete with DCEP form? DCEP how to undertake the important task of realize the internationalisation of the renminbi?

Recently, the zinc interviewed MOAC link chain, well, looking up to heaven, "bottom", founder of the science and technology, talk about Libra and DCEP future development and competition in the global problems,




DCEP block chains can compete with Libra

Libra and DCEP are different on the properties and technical route,

Properties, the difference between the Libra and DCEP for any central bank authorization, DCEP, DC refers to a legal * * digital currency, EP refers to the electronic payment, is authorized by the central bank digital currency,

While Libra, there is no central bank authorization, is through the legal tender of a basket of cash collateral, is similar to the hk distribution of Hong Kong, hk $is 100% and the legal status of the jurisdiction,

Didn't the fed's mandate, but in the Libra of the basket, the proportion of $50%, if Libra run smoothly, anchor currency around the world will not only is the dollar, but the dollar + 1/2 of Libra,

, therefore, may say, Libra is $white gloves, low status of the dollar as the world background, to maintain the dollar hegemony,

Only innovation on technology route, Libra, is the smart MOVE in a new programming language on the contract, it is Facebook's own, but Libra didn't solve the problem of hierarchical block chain, at the bottom of the speed is about 1000 TPS,

DCEP using mixed architecture, not the default technical route, in essence, DCEP whether using block chain technology depends on the technical route of commercial Banks, but from the perspective of the development trend of technology, if DCEP don't block chain, the future is cannot compete with Libra,

From the perspective of the recruitment requirements of central institute of digital currency, the central bank should be aware of this problem, is also stepping up recruitment block chain technology development and application of talent,


DCEP should satisfy anonymity and convenience user privacy

Hypothesis, you buy bowl of soybean milk were recorded with DCEP, big data tools for analysis of your payment, you drink soya-bean milk is not, is all kinds of soybean milk ads ringing phone,

Sacrificing privacy for convenience, many people may choose to give up, this is the DCEP problems existing in the current version: adopted real-name accounts way,

It to the user's payment behavior of the strong coupling, the personal information of the owner is also design in, has violated the petty cash payments anonymous convenience and user privacy protection and didn't comply with the local authentication trade principles, local authentication refers to trade without having to rely on the third party to participate in to reduce the transaction costs,

So, the central bank of the DC should not pay by the strong coupling system,

According to this problem, the general block chain of solution is to use the technical features of chain blocks, not rely on third-party intervention and locally, micropayments anonymous way, system does not store personal privacy to protect the user's right to privacy,

Demand for KYC and the regulation of the big deals, Wells tong and related units, the Ministry of Public Security cooperation, developed a citizen network identification system based on block chain, on the premise of not leak privacy information remote online identification,

In addition, the internationalisation of the renminbi can be achieved by DCEP, on the one hand, the key depends on the design of the EP, can satisfy the cross-border payment required for convenience, easy to use, low cost and can be regulated, on the other hand, also to meet the needs of the international financial regulatory requirements necessary to


Libra super * * concept may not work

Strictly speaking, Libra is not the first super * * the concept of currency, the euro has is super * * currency, the euro zone, * * countries still exists, and its defence policy to NATO, foreign policy to the European Union, and monetary policy to the European central bank (ECB),

It is important that monetary policy is not a single closed-loop system, also need to fiscal policy coordination,

The problem is that in the euro area has a unified monetary policy, but there is no uniform fiscal policy to support, while the European Union to ask some fiscal framework, such as deficit and GDP than the red line, but in practice, Germany and France two cornerstones lead the foul, fiscal policy, after all, especially tax and welfare policy, involving the interests of the domestic voters,

Strictly speaking, Libra exceed * * monetary system, is a super big capital club, if Libra mastered the monetary policy in many countries, so how do you contact with these political, there is no relationship between public opinion in the country's fiscal policy implementation interaction, is the future development and the problems need to be solved in practice,

Another problem is that the Libra's super concept is not only money, * *

First of all, Libra anchored to a basket of currencies, is equivalent to the IMF (international monetary fund) the SDR (Special Drawing Rights), but this kind of design is a kind of credit construction, does not correspond to the retail business of payment,

Second, the idea of a stable currency can reach is unknown, Libra corresponds to a basket of currencies, how to allocate the proportion of these currencies, there is no answer,

In general, * * money according to the trade relations and the current account transactions, to determine the allocation of a basket of currencies, the proportion is confidential, once leakage and improper operation, will lead to hedge funds aggressively attack,

If Libra volume is big, the proportion of this stability, will make some interaction, the foreign exchange market between countries of the foreign exchange market, in addition to market factors, there will be a trade war factors,

Central Banks have a lot of white gloves in a variety of manipulation, to maintain Libra currency stability is a pretty difficult technical operation, not the mortgage and the affiliated bank balance and maintain a basket of currencies stable logic,

Finally, Libra in the system, but also involved with specific local legal tender of the exchange, the exchange rate fluctuations, may * * countries in order to maintain the stability of fiat, fluctuations in Libra itself instead,

On the realization of it, Libra on stable currency operation mechanism design may be premature,


Who is faster, more understand the user, who can win

The yuan to internationalization, faced with global competition, Libra

Libra so-called pratt &whitney financial, the first step will occupy the third world countries, such as South America, southeast Asia, South Asia, Africa,

All the countries and regions and the internationalisation of the renminbi, the preferred area, would be a "RMB zone",

Therefore, Libra and DCEP first competition, should be the area along the way of the relevant countries, especially the southeast Asian countries,

Look from the field, the two sides will pay in cross-border first, cross-border remittances and cross-border exchange and closed in the future, most likely will also appear in the areas of financing financial competition,

In the competition, who moves faster, whose product is more convenient, meet the demand of the local users, who can win,

"At present, the international monetary and financial system is facing serious challenges, while the dollar dominant and its spillover effect is all the problem," in August, the bank of England governor Mark Carney in Jackson Hole, the central bank conference speech pointed out that in the long run, the dollar hegemony can't be forever, but any unipolar system are not suitable for a multipolar world,

In the future, the United States, China, the European Union will launch its own central bank digital currency system, and finally form a pattern of three cent world, at that time, as long as the central bank allows businesses and individuals to open an account and pay the deposit interest directly, commercial Banks will disappear, the hierarchy atrophy for commercial loan services companies and private management,

In this situation before the arrival, however, central Banks in the design of digital currency on the running mechanism of still have a long way to go,