Digital currency "spoiler" is more convenient than Alipay is just the "tip of the iceberg"
If you and I have a DC/EP digital wallet on your mobile phone, you don’t even need the internet. As long as your mobile phone has electricity, you can transfer the digital currency in one person’s digital wallet to another by touching the two phones.
Our reporter Ma Aiping
The long-rumored digital currency is getting closer and closer to us. Since the China Construction Bank launched the digital currency menu and started testing, the majority of netizens have begun to pay close attention to the progress of the digital currency test. It can be said that everything is ready, and we only owe the country an order. .
On September 14, Fan Yifei, vice governor of the People's Bank of China, published an article "Some Considerations about the Central Bank's Digital Currency", which was considered by the outside world to be the most official "spoiler" about the digital currency of my country's central bank.
my country's digital currency research and development progress is the world's leading
Kang Luzhi, a senior researcher at Huobi Research Institute, told Science and Technology Daily that countries around the world have begun to study central bank digital currencies.
Compared with other countries, my country's central bank digital currency research and development is very rapid, and my country has already had a wealth of practical experience in electronic payment, so my country's central bank digital currency is a sample that is currently very popular in the world.
In the world competition of central bank digital currency, China is at the forefront.
On August 14, the Ministry of Commerce of my country issued the "Overall Plan for Deepening the Pilot Program for the Innovation and Development of Trade in Services", which proposed in the section "Comprehensive Deepening of the Pilot Tasks, Specific Measures and Division of Responsibilities for the Innovative Development of Service Trade": Pilot digital renminbi pilot projects will be launched in Hong Kong, Macau, Greater Bay Area and regions in the central and western regions where conditions permit.
The People's Bank of China formulates policy guarantee measures, first assisted by Shenzhen, Chengdu, Suzhou, Xiongan New District and other places, and then expanded to other regions as appropriate.
Kang Lüzhi said: "China's central bank digital currency and electronic payment tools have chosen the most stable and academically proven development model. Electronic payment tools use a central bank-commercial bank two-tier price mechanism, which can effectively protect business Banks, avoid the structural disintermediation risk that the central bank digital currency may bring to commercial banks, the centralization risk of the central bank’s internal credit allocation process, and the risk of bank runs under the financial crisis. The promotion process will basically not affect the existing The financial infrastructure has had too much impact."
“The People’s Bank of China began to research and develop the central bank’s digital currency, namely the digital renminbi, in 2014. It is one of the central banks that have begun to develop the central bank’s digital currency earlier in the world. The People’s Bank of China has been using different scenarios to test it in the past time.” said Huang Yiping, deputy dean of the National Development Research Institute of Peking University and director of the Peking University Digital Finance Research Center.
May completely replace electronic money
In modern life, Alipay and WeChat wallet have become important payment tools for mass online and offline consumption, life payment, and mobile phone recharge due to their convenience of payment.
So with Alipay and WeChat Wallet, why do they need to develop central bank digital currency?
Huang Yiping introduced that first, compared with the electronic money used in mobile payment, the central bank digital currency has the characteristics of legal repayment, that is, all public and private debts in our country, any creditor shall not refuse for any reason at any time Receive central bank digital currency.
On the contrary, electronic wallets such as Alipay are not legally repayable. In some scenarios, such as when the other party does not have an Alipay account, they can be refused payment.
Second, the central bank's digital currency payment does not have to rely on the network system, and the cost of payment is lower, which may further enhance the convenience and even inclusiveness of the central bank's digital currency payment.
Third, if the central bank digital currency payment is not large, it is possible to realize anonymous transactions, which is similar to cash transactions.
In addition, both Alipay and WeChat Pay are supported by bank accounts, behind which companies are operating, there are still certain risks in account security and privacy protection.
The digital currency is a currency issued by the central bank and endorsed by national sovereignty, which means that digital currency is at least more reliable in terms of protecting personal privacy and security.
"From the current research and development, if the central bank's digital currency gradually replaces the existing currency, the central bank will exercise more currency-related rights and obligations, and major changes in the structure of traditional financial infrastructure may occur. The future of commercial banks The role of the company may undergo major changes, and the financial system will become flatter, full of opportunities and challenges. The current electronic currency may be completely replaced by the central bank's digital currency." Kang Lizhi said.
Digital currency brings more than convenience
What kind of scenario and experience is using digital currency?
Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China, said that the central bank digital currency that China plans to launch is a substitute for paper money. Its functions and attributes are exactly the same as paper money, except that its form is digital.
"Digital currency does not need to be bound to any bank account when paying, unlike WeChat and Alipay, which need to be bound to a bank card." Mu Changchun said, "If you have DC/EP digital wallets on my mobile phones, even There is no need for a network. As long as the mobile phone has electricity, the digital currency in one person’s digital wallet can be transferred to another person by touching the two phones.” Experts in the industry pointed out that combining 5G and Internet of Things technologies, various terminals Both may be payment carriers.
In addition to the use level, digital currency has more far-reaching significance.
Kanglu’s example, for example, the de-accounting of digital currency allows people to receive and pay even if they don’t have a traditional bank account. So-called inclusive finance is easier to achieve.
For example, people in financially underdeveloped areas can purchase corresponding central bank digital currency financial products through the central bank digital currency wallet.
In addition, the government can more easily issue special subsidies to areas with underdeveloped finances, and more conveniently and accurately complete the promotion and implementation of similar policies such as poverty alleviation.
Public information shows that according to the number of banknotes in circulation across the country at the end of 2019, the cumulative cost of the country's annual banknote printing and other issuance links is expected to exceed 100 billion yuan.
Digital currency can save huge expenditures on labor and materials, and can more effectively control costs.
Digital currency can also combat illegal behaviors in currency payments.
"The central bank's digital currency can effectively prevent counterfeit currency from disrupting the social and economic order. Although our banknote anti-counterfeiting technology is constantly being upgraded, the counterfeiting technology of criminals is also constantly improving. The continuous upgrade of banknote anti-counterfeiting technology has no end, only more investment Costs cause greater consumption. For this phenomenon, the central bank digital currency may be the best answer given in the digital age." Kang Lvzhi said.
In addition, digital currencies only disclose transaction data to the central bank, a third party.
This means that under the premise of protecting public privacy, the central bank can master the necessary data, making it easier to detect criminal acts such as tax evasion, terrorist financing, and money laundering.
Economic data may be more accurate, thus making macroeconomic regulation more precise.
Huang Yiping believes that the central bank's digital currency may promote cross-border settlement and investment to become faster, safer, and lower-cost.
For example, it usually takes several working days to complete the transaction from Beijing to New York or London, and the fees are relatively high.
The digital currency is actually a string of passwords, which can be completed instantly when changing hands.