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With the rise of blockchain technology, legal digital currency has become a key research area for central banks in recent years. Central banks in many countries, including the United Kingdom and Canada, have expressed their intention to enter this field and have proposed their own plans.
At the beginning of this year, the People's Bank of China held a digital currency seminar to further clarify the strategic goal of the central bank's issuance of digital currency and expressed its intention to launch the digital currency issued by the central bank as soon as possible. How to build China's legal digital currency has become a hot topic in the fields of science and technology and finance. Prototype development is in progress. "Every day we discuss and deduce various problems that may arise in the issuance and circulation of digital currency, and overtime is commonplace. The preparatory team includes both technical experts and experts in the financial field." Yao Qian looked a little tired when he was interviewed by a reporter.
At present, there is no unified definition of digital currency in the world. Yao Qian believes that the digital currency that the central bank is studying and issuing refers to the digital RMB. Judging from the plans of various countries, it is a legal encrypted digital currency. It is a currency in itself, not just a payment tool.
It is reported that the central bank has set up a special research group for issuing legal digital currency since 2014, conducting forward-looking research on digital currency-related issues and demonstrating the feasibility of the central bank issuing legal digital currency. In 2015, the central bank further strengthened its strength and conducted in-depth research on the issuance and business operation framework of digital currency, key technologies, issuance and circulation environment, legal issues, impact on the economic and financial system, the relationship between legal digital currency and privately issued digital currency, and international digital currency issuance experience, forming a series of research reports on the issuance of digital currency. At present, the prototype plan for the central bank to issue legal digital currency has completed two rounds of revisions.
According to the research plan learned by the reporter, the core elements of the central bank's legal digital currency system can be summarized as: "one currency, two libraries, and three centers", including the digital currency issuance library, commercial bank library, certification center, registration center, and big data analysis center. Users use digital currency through a client based on a security chip. These research results have been submitted to the State Intellectual Property Office for patent applications.
"At present, the research and development of the prototype system of legal digital currency is underway. As for when China's legal digital currency will be launched, there is no clear timetable yet," Yao Qian emphasized.
Yao Qian said that issuing legal digital currency requires a gradual process, repeated scrutiny and testing, and continuous accumulation of experience. Due to China's large population and size, it takes about ten years for China to change a version of paper currency, which can be completed in a few months for a small country. "Therefore, the launch of legal digital currency should be steadily promoted in accordance with the principle of gradual progress. One or two closed application scenarios, such as the bill market, can be selected for promotion first, observe its use effect, gradually accumulate experience, improve and perfect it at any time, and then promote it nationwide after it matures." Yao Qian revealed.
According to the reporter's understanding, the current launch of legal digital currency also involves legal and regulatory issues such as the "People's Bank of China Law", "Property Law", "Anti-Money Laundering Law" and "RMB Management Regulations".
Blockchain technology is still in the exploratory stage <br/>Since virtual currencies such as Bitcoin and Ethereum all use blockchain technology, the market speculates that China's legal digital currency will also adopt this technology. However, Yao Qian believes that there are still many problems in the large-scale application of blockchain technology.
Yao Qian said that the choice of legal digital currency technology route can be divided into two types: account-based and non-account-based, and can also be used in layers and coexist in the same system. The operation of legal digital currency requires a system that can process massive concurrent transaction data in real time. Regarding the choice of distributed or centralized architecture, it will be planned and deployed flexibly based on the principles of security, reliability, flexibility, strong scalability and uninterrupted operation to meet the diverse needs of digital currency applications.
The rational use of blockchain technology can help improve the efficiency of financial transactions, reduce financial transaction costs and enhance financial services. For the traditional financial industry, the application of new technologies is both a challenge and an opportunity. At present, the application of blockchain technology is still in the exploratory stage, and there is still room for development and improvement.
Yao Qian said that the central bank will further increase the research and utilization of new innovative technologies, including blockchain technology, to better improve the level of financial services, fully foresee, respond in a timely manner, and effectively resolve risks that may arise in the application of technology.
Taking full account of the effectiveness of monetary policy regulation, the digital currency issued by the central bank is currently mainly a substitute for physical cash, reducing the cost of issuing and circulating traditional paper currency, and improving the convenience and transparency of economic transaction activities.
Theoretically, the payment system mainly deals with the demand deposit part of broad money, while digital currency mainly belongs to the category of cash. Logically, the issuance of digital currency by the central bank will have a certain impact on the existing monetary structure. For example, the speed of money circulation may increase, and the money multiplier may increase.
Yao Qian believes that the central bank will give full consideration to the existing monetary policy regulation, money supply and creation mechanism, and monetary policy transmission channels when designing digital currency. At the same time, digital currency will be more accurate in measuring money supply and structure, circulation speed, money multiplier, and spatial and temporal distribution, effectively improving the accuracy of monetary policy operations.
In addition, digital currency also needs to be appropriately distinguished from the existing payment system, focus on its own service areas, and play its role in replacing traditional currency. At present, the outside world is full of expectations for the "central bank's legal digital currency". Yao Qian believes that this new thing should be viewed objectively and calmly. "The digital currency launched by the central bank will only be more viable when the technology meets market demand." Yao Qian said.
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