China steadily promotes digital currency research and development (Expert Interpretation)
Recently, the Spanish "National News" pointed out in a report entitled "China Accelerates the Implementation of Digital Currency". At the end of April this year, the People's Bank of China announced that the digital currency will be closed in Shenzhen, Suzhou, Xiong'an, Chengdu and the future Winter Olympics scene. Pilot test. Leading the world in promoting digital currency, China has made leaps and bounds in this technology.
Peru’s 21st Century reported that the digital currency issued by the People’s Bank of China has traceability and can effectively combat illegal criminal activities such as money laundering. The widespread implementation of digital currency will facilitate people's daily financial transactions. People do not have to go to the bank to queue up in person to complete the transaction.
The Spanish newspaper Pravda pointed out that China has opened up the country's legal digital currency. The central bank's digital currency will shake the dollar's hegemony in the international settlement system. China's issuance of legal digital currency is an expression of determination and innovation.
In late April, the relevant person in charge of the Digital Currency Research Institute of the People's Bank of China said that the current digital RMB research and development work is being steadily advanced. First, internal closed pilot tests will be conducted in Shenzhen, Suzhou, Xiong'an New District, Chengdu and the future Dongao scene to continue Optimize and perfect functions. In the 2020 videoconference on national currencies, gold, silver and safe work, the People's Bank of China said it would further "prioritize" the digital yuan.
It is reported that the digital renminbi system basically completes top-level design, standard formulation, function development, joint debugging testing, etc. on the premise of insisting on double-layer operation, currency substitution in circulation, and controllable anonymity, and follows steady, safe, controllable, and innovative And practical principles.
Since 2014, the central bank has been studying the issuance of digital currency for 6 years. The digital currency launched by the People's Bank of China is a new encrypted electronic currency system based on blockchain technology, which is conducive to the circulation and internationalization of the RMB. The development of Chinese Internet technology, especially blockchain technology, provides support for digital currencies. In 2016, the State Council issued the "Thirteenth Five-Year" National Informatization Plan, which included the blockchain in the national informatization plan and designated it as a strategic frontier technology. In recent years, some chaos in the blockchain industry has been effectively regulated, and blockchain technology has become increasingly mature. This has created favorable conditions for the development of digital currencies. Digital currency has become an important application scenario of blockchain.
The central bank's digital currency has the advantages of not being easily copied, low issuance costs, and convenient transactions. It can form a complementary relationship with the sovereign currency.
There is a phenomenon of counterfeiting counterfeit currency in the existing cash. In recent years, government departments have cracked down on this. Electronic payment tools such as bank cards and Internet payments cannot fully satisfy the public's demand for anonymous payments. The design of the central bank's digital currency is mainly aimed at the replacement of cash in circulation. It not only maintains the properties and main characteristics of cash, but also meets people's needs for portability and anonymity. At the same time, it also finds a balance between privacy protection and combating illegal and criminal acts. . As Wang Xin, Director of the Central Bank Research Bureau and Director of the Currency, Gold and Silver Bureau said, the central bank's digital currency in China mainly replaces cash to a certain extent, which will help optimize the central bank's currency payment function and improve the central bank's currency status and monetary policy effectiveness.
While improving the efficiency of currency operation monitoring and enriching monetary policy tools, the central bank's digital currency also provides new directions for the development of the international monetary system. At present, the international monetary system is centered on the US dollar standard, and many countries use the US dollar as a transaction currency and reserve currency. Often when the US economy has problems, the Fed’s monetary policy adjustments will have a joint impact on other countries. In the future, the digital currency can be used as a supplement to restrict the excessively arbitrary fluctuations of the US dollar and reduce the occurrence of a global disaster caused by the US dollar crisis.
At present, China is in the stage of accelerated research and development in terms of digital currency, and there are still a series of problems to be solved at the technical level. In the future, as the acceptance of the central bank's digital currency increases and its credibility increases, the digital currency should establish an appropriate proportional relationship with the sovereign currency and gold reserves.
(Reporter Yan Yu's interview and arrangement)