The worlds first central bank digital currency? A super 800 yuan!

category:Finance
 The worlds first central bank digital currency? A super 800 yuan!


In fact, the competition of central banks in the field of digital currency has never relaxed, and the digital currency of central banks is ready to emerge. At present, many countries are developing digital currency or have relevant cooperation plans. On July 20, Kyodo News Agency reported that Japan, the United States and the European group of seven (G7) basically decided to cooperate in the issuance of central bank digital currency, and planned to hold a summit meeting in the United States at the end of August. According to the report, the G7s discussion is a response to the fact that digital RMB has started to be tested and China is in a leading position in the research of digital currency of the central bank, which may threaten the dominant position of the US dollar.

On July 23, the Lithuanian central bank in Northeast Europe released the worlds first digital collection currency lbcoin based on blockchain technology. According to the Lithuanian central bank, the digital currency collection issued this time is not the central bank digital currency (CBDC), but is mainly used as a commemorative collection rather than for various payment and circulation scenarios.

Photo source: Official Website of Bank of Lithuania

Photo source: Official Website of Bank of Lithuania

It is understood that the Central Bank of the country issued a total of 4000 collection coins, each lbcoin selling for 99 euros (about 805 yuan). The buyer can store it in lbcoins e-wallet, or exchange it with other users and transfer it to the corresponding network encryption wallet. Marius jurgilas, vice president of the Bank of Lithuania, said the issuance of lbcoin was an important experiment in exploring the digital currency of the central bank.

Throughout the G7 members, many countries have carried out different degrees of research on the central bank digital currency. Britain, Canada, Japan and other countries have carried out research for many years and published important reports on related topics. France has recently begun testing digital currencies after joining the bank for International Settlements (BIS) innovation center in Europe with Germany, which is currently exploring central bank digital currencies.

In addition, the Bank of Thailands digital currency has entered the third stage and is ready to be deployed to local companies. The Bank of Thailand has begun to apply digital currency to financial transactions with large enterprises, according to the assistant governor of the Bank of Thailand. In September, the Bank of Thailand is expected to use its central bank digital currency in its transactions with the Hong Kong Monetary Authority.

Guosheng Securities believes that countries will not easily give up the leadership of the central banks digital currency under the wave of digital economy. The research and development of digital currency of the Central Bank of China itself has been promoted to some extent, and the competition pattern has changed rapidly.

In addition, with the rapid rise of digital cryptocurrencies such as bitcoin, the digital money market has also maintained a high heat. At present, the price of bitcoin has broken through 10000 US dollars again, and the price of a single bitcoin has reached 10236.1 US dollars before the press release. On July 25, the federal court of the United States recognized bitcoin as a virtual currency as a currency. The chief justice of Washington, D.C., said bitcoin was a currency as a means of exchange, payment or value storage, according to the US federal court.

However, a senior person in the currency circle believed that bitcoins new record high price had little to do with the news. This kind of news was first reported in 2013, but also appeared in 2018. Recently, it has been hyped, which can be understood as the main force taking advantage of the opportunity to attract new capital to enter..

Chinas digital currency layout accelerates again

In line with the popularity of overseas digital currency, Chinas layout and exploration in the field of digital currency has also accelerated in recent years.

Recently, the official account of the drop trip official said that the central bank digital Monetary Research Institute has reached strategic cooperation with dripping travel to jointly explore the innovation and application of digital RMB in the field of intelligent travel, which is the first time that the central bank monetary research institute has collaborated with Internet Co.

It is said that the digital currency Research Institute of the central bank has also contacted bilibilibili, meituan and other companies, which means that the central banks digital RMB (DCEP) may be tested and run in the market to explore the application in more user consumption scenarios, and the layout of DCEP may be further accelerated.

What is the digital currency issued by the central bank? Previously, Mu Changchun, director of the digital currency Research Institute of the central bank, said that the central bank digital currency is a digital form of RMB, and it is not a new currency in itself. In other words, the digital RMB is issued by the peoples Bank of China. It is operated by the designated operating agencies and converted to the public. Based on the generalized account system, it supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, and has value characteristics and legal compensation.

In other words, digital RMB is the legal currency issued by the peoples Bank of China with national credit endorsement and legal compensation capacity. Compared with virtual currency such as bitcoin, DCEP is legal currency, which is equivalent to legal currency and has the highest security. While virtual currency like bitcoin is virtual asset, without any value basis, not subject to any sovereign credit guarantee, and unable to guarantee the stability of value. This is the fundamental difference between the central banks digital currency and crypto assets such as bitcoin.

According to the data, China, as the first country to study the central bank digital currency, started the research on digital currency as early as 2014. With the establishment of the central bank digital currency Research Institute in 2016, China has become the first country in the world to establish a legal official institution for research and development of central bank digital currency. At the end of 2017, the State Council approved the central bank to take the lead in the development of digital RMB system.

The above-mentioned senior currency circle personage told securities companies that unlike virtual currencies such as bitcoin, DCEP was launched more to cope with the competition of future sovereign currency countries. Compared with bitcoin, DCEP is centralized, with more stable asset value and higher security. He believes that the establishment of a cross-border payment and settlement system centered on DCEP can improve Chinas international voice in the fields of international payment system upgrading, international standards and supervision of financial technology.

At present, the central banks digital currency has been tested in Shenzhen, Suzhou, xiongan, Chengdu and other cities. Fuzhou and other cities are also actively striving for the second batch of digital currency pilot projects, proposing to build a national level blockchain demonstration area, carry out the first trial of digital currency application and research, and promote the quality and efficiency of digital economy. In terms of policy, the central bank has also issued the notice on promoting the application of blockchain technical specifications and the evaluation rules for the application of blockchain technology and finance, which are the first relevant normative documents of blockchain issued by the highest authority in China. The central bank also requires industry associations to strengthen self-discipline management in the application industry of blockchain technology and finance, and establish and improve mechanisms for self-discipline inspection and information sharing. The above documents specifically involve banks, securities, fund companies, futures companies, private placement, insurance and payment industries, including financial business systems and technology products related to blockchain technology. Source of this article: Yang Bin, responsible editor of securities companies in China_ NF4368

At present, the central banks digital currency has been tested in Shenzhen, Suzhou, xiongan, Chengdu and other cities. Fuzhou and other cities are also actively striving for the second batch of digital currency pilot projects, proposing to build a national level blockchain demonstration area, carry out the first trial of digital currency application and research, and promote the quality and efficiency of digital economy.

In terms of policy, the central bank has also issued the notice on promoting the application of blockchain technical specifications and the evaluation rules for the application of blockchain technology and finance, which are the first relevant normative documents of blockchain issued by the highest authority in China.

The central bank also requires industry associations to strengthen self-discipline management in the application industry of blockchain technology and finance, and establish and improve mechanisms for self-discipline inspection and information sharing. The above documents specifically involve banks, securities, fund companies, futures companies, private placement, insurance and payment industries, including financial business systems and technology products related to blockchain technology.