The top-level design is basically complete, and the digital currency is accelerating

 The top-level design is basically complete, and the digital currency is accelerating

Since this year, the R & D process of the central banks digital currency has been significantly accelerated. In particular, on October 9, Shenzhen issued 10 million yuan Luohu digital RMB red packets to individuals in Shenzhen in the form of lottery. The amount of each red envelope was 200 yuan, with a total number of 50000. This test can be said to be the first public large-scale test of digital RMB in China so far, and it is also an important node towards practical application.

Chinas digital currency has completed the early technical indicators and other tests, and is currently conducting pilot projects at the regional level in some cities. And these pilot projects basically test some applications in limited time, limited scope, and limited scenarios, Chen Bo, director of the digital finance and economics research center of the Central University of Finance and economics, told the Securities Daily reporter that judging from the recent test situation in Shenzhen, the effect is still relatively good. In the future, some pilot cities, including Beijing, will also start to promote and carry out some relevant small-scale tests, but it will take some time before the large-scale tests.

Pan Helin, executive director and professor of Digital Economy Research Institute of Central South University of finance, economics and law, told Securities Daily that the reason why the development of the central banks digital currency has accelerated since this year is that, in the past few years, the top-level design, standard formulation and technical research and development of digital currency have been basically completed, especially in the technical link. The Institute of digital currency of the central bank has applied for 65 specialties Profit, including generation, circulation, recycling, etc.

However, what we are seeing at present is only simple use, and other functions of digital currency will depend on subsequent pilot projects. Horizontally, we are leading the world; vertically, we are still in the early stage of development. Pan and Lin think.

It is worth mentioning that on October 23, the central bank solicited public opinions on the peoples Bank of China Law (Draft Revision). It is mentioned that RMB includes physical form and digital form to provide legal basis for issuing digital currency; to guard against the risk of virtual currency, it is clear that any unit or individual is prohibited from making and selling digital token.

As for the risks existing in the current virtual currency, Yang Jun, a researcher on blockchain and digital currency, told Securities Daily that the digital currency issued by the central bank has unlimited legal compensation, while the virtual currency is issued by non-governmental organizations and has no legal compensation. Therefore, its value fluctuates greatly, which may directly affect the profits and losses of investors.

In addition to the greater investment risk due to the great fluctuation of value, virtual currency may also be suspected of the crime of issuing stocks, corporate bonds, corporate bonds without authorization, illegal business operation, organizing and leading pyramid selling activities, fraud, money laundering, etc., due to the issuing mode and operation mode. Yang Jun believes that as ordinary investors, we should first identify whether there is pyramid selling risk in the activities of various virtual currency issuers or trading platforms. If it is a typical development that exceeds (including) three levels of offline and level by layer commission rebate, it may be suspected of violating the law; in addition, ordinary investors also need to have a certain investment risk control mechanism to guard against the 7 u00d7 24-hour trading without price limit Easy mode causes investment loss.

In Chen Bos view, on the one hand, virtual currency is often associated with some pyramid selling activities, which is often difficult for ordinary people to accurately identify. Therefore, it is very important not to expect any benefits from virtual currency. On the other hand, we also need to strengthen the education of investors in digital currency and improve the relevant financial literacy.