区块链跨境支付威胁银行利益60万,区块链的跨境支付解决方案有哪些

近年来，随着全球经济一体化的不断深入，跨境支付在金融领域占据着重要的地位，但传统的跨境支付方式存在着许多不足，如支付效率低、成本高、支付风险大等，严重影响了跨境支付的发展。而区块链技术正是为了解决这些问题而诞生的，它的跨境支付解决方案极大地改善了跨境支付流程，但也对银行利益构成了一定的威胁，据估计，区块链跨境支付威胁银行利益高达6000万美元。

那么，区块链的跨境支付解决方案究竟有哪些呢？

1、支付流程简化

区块链跨境支付解决方案可以简化支付流程，使得跨境支付更加便捷。传统的跨境支付流程由于涉及多个监管机构及机构之间的协调，使得支付流程变得复杂繁琐，而区块链的跨境支付解决方案则可以简化支付流程，使得跨境支付更加便捷。

2、成本降低

区块链的跨境支付解决方案可以降低跨境支付的成本。传统的跨境支付方式，由于涉及多个监管机构及机构之间的协调，使得跨境支付的成本很高，而区块链的跨境支付解决方案可以有效降低跨境支付的成本，从而降低跨境支付的门槛。

3、支付安全性增加

区块链的跨境支付解决方案可以提高支付安全性。由于区块链技术的特性，可以使得数据更加安全，而且可以有效防止支付篡改等恶意行为，从而提高跨境支付的安全性。

4、支付效率提高

区块链的跨境支付解决方案可以提高支付效率。由于区块链的特性，可以有效减少支付流程中的中间环节，从而极大地提高支付效率，使得跨境支付更加便捷。

以上就是区块链的跨境支付解决方案，它可以简化支付流程，降低成本，提高支付安全性和支付效率，从而极大地改善跨境支付流程，但也对银行利益构成了一定的威胁，据估计，区块链跨境支付威胁银行利益高达6000万美元。

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① What impact will blockchain have on future finance

1. Blockchain in the field of payment: reconciliation and clearing between financial institutions, especially cross-border financial institutions , settlement and other costs are high, and also involve a lot of manual processes; the application of blockchain technology can reduce the cost of reconciliation and dispute resolution between financial institutions, significantly improve the efficiency of the payment field, and make it easier for financial institutions to handle small cross-border transactions. Payment business helps realize inclusive financial services.
2. In the field of clearing and settlement: different financial institutions have different infrastructure structures and business processes, involving many manual processes, which greatly increases business costs and is prone to errors. Applying blockchain technology, combined with the on-chain assets mentioned in the second point, can complete point-to-point real-time clearing and settlement, thereby reducing value transfer costs, shortening time, improving efficiency, and both parties to the transaction can obtain good privacy protection.
3. Asset management field: Equity, bonds, bills and other assets are managed by different intermediaries, which increases the transaction cost of assets and brings about the problem of certificate forgery. Apply blockchain technology to digitize such assets and turn them into digital assets on the chain. With the irreversible, non-tamperable, and public characteristics of the blockchain, it can improve the efficiency of asset transactions and reduce asset management costs.
Because the characteristics of the blockchain are irreversible and non-tamperable, it makes information confidential and secure, point-to-point transaction transmission, decentralization, and reliable traceability of information; thereby reducing intermediate costs and improving efficiency, it is not only used for accounting and auditing , and can also be applied to all walks of life. Now we can also see the collaborative operation model of blockchain from behind the operation of all walks of life. Therefore, blockchain will definitely change human life extensively and profoundly. Therefore, The entire life service will enter the blockchain era. In this Internet development process, blockchain + physical industries, blockchain e-commerce, and blockchain community operations can all apply blockchain technology.

② What are the potential application scenarios of blockchain in the financial field?

Because the digital currency first produced by blockchain technology has had a huge impact on the financial field, research and application areas Blockchain technology has become an important task in today’s financial field. In essence, blockchain technology is still a technical means and tool. Its application in the financial field and its application in the real economy are both parallel. They have their own relative independence, but there is a certain overlap, that is, It is said that the promotion effect on the real economy is indirect. 1. Regardless of finance or entity, one of the foundations of transactions between supply and demand is trust. The current banks, enterprises, enterprises, people, etc. all use currency as a link. The right to issue currency lies with the state, and the right to operate lies with banks. With the further popularization and widespread application of blockchain technology, in the future, enterprises and enterprises, or individuals and individuals can self-organize the issuance of digital currencies (digital credit). Banks’ The status will change from the current monopoly operation to an equal competition operation in the market. Therefore, the widespread application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the connection between reality (entity) andAs a bridge between virtual worlds, blockchain technology can recreate, reconstruct and redefine the real world in the virtual world. For example, real banknotes are digital currencies in the virtual world, real stock transactions are digital stock transactions in the virtual world, and real import and export trade are digital settlements, digital customs clearance, digital documents, bills, etc. in the virtual world. It greatly improves the efficiency of business processes and saves transaction costs. At present, all transactions are inseparable from banks. Banks play the role of central hubs in transactions. Banks' application of blockchain technology will definitely improve the efficiency of their settlement and indirectly promote the efficiency of the real economy. However, this impact will gradually weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a centerless network system. 3. The application of blockchain technology is actually to valorize and credit the information currently flowing on the Internet, and to reorganize and restructure the information in the Internet (use value, exchange value, cultural value) through the blockchain. The formation of the Internet of Value is of great significance and will bring revolutionary promotion to both the financial industry and the real economy.

③ Ju Jiandong: Financial Sanctions and New Digital RMB Cross-border Payment and Settlement System

“Currently, the international financial system is facing the structural transformation of globalization, the technological revolution of financial digitalization, and the structure of Sino-US relations. The international situation is undergoing new changes due to the triple impact of changes. At the same time, technology and finance have become important means for the United States to exert pressure on China. Therefore, being wary of the United States' containment of China's technology and finance has become an important research topic."

Ju Jiandong, a professor at PBC School of Finance at Tsinghua University and director of the Center for International Finance and Economic Research (CIFER) at the National Institute of Financial Research at Tsinghua University, focused on the theme of "Financial Sanctions and a New System for Digital RMB Cross-Border Payments", starting from the perspective of U.S. financial sanctions. Pressure, nine major challenges to financial security and corresponding solutions - the establishment of a new digital renminbi cross-border payment and settlement system was discussed and opinions were put forward.

The main means by which the United States imposes financial blockades and sanctions include: First, freezing the assets or transactions of specific entities or individuals (entrepreneurs or officials) in the sanctioned country within the jurisdiction of the United States. The second is to restrict relevant companies of sanctioned countries from accessing the U.S. stock market or bond market for financing, cutting off the sanctioned country’s ability to obtain U.S. dollars. The third is to prohibit the sanctioned country from using international payment and clearing channels controlled by the United States, and remove all or part of the institutions of the sanctioned country from the U.S. dollar large-value clearing network controlled by the New York Clearing House Interbank Payment System (CHIPS) or the Society for Worldwide Interbank Financial Telecommunication (SWIFT). ) was eliminated from the cross-border financial message transmission system dominated by the U.S. government, interrupting the U.S. dollar trade settlement of the sanctioned party. Fourth, financial institutions in the United States and around the world are prohibited from providing direct or indirect financial services to sanctioned targets.

Various signs indicate that it is highly likely that the United States will impose a "precision financial blockade" on specific industries, key enterprises and key individuals in China. American poleIt is possible to carry out targeted and local attacks on China's high-tech industries, enterprises or individuals. This includes further including some companies on the list of "Specially Designated Entities" and cutting off cross-border payments for such companies by prohibiting their affiliates from accessing the SWIFT or CHIPS systems. This kind of partial and targeted financial sanctions, on the one hand, avoids the systemic risk that comprehensive financial sanctions may cause in the US dollar-dominated international financial system. On the other hand, it effectively suppresses my country's high-tech industries financially and hinders industrial upgrading. Forcing our country to slide into a "Japanese-style crisis".

Nine major challenges facing my country’s financial security.

First, the United States has included some Chinese high-tech companies on the list of "Specially Designated Entities", resulting in the inability of their international business to conduct U.S. dollar payments and settlements through systems such as SWIFT and CHIPS, and transactions were forced to terminate.

Second, if financial institutions continue to provide international payment and settlement services for companies included in the entity list, they may face secondary financial sanctions from the United States.

Third, the United States has implemented selective, step-by-step, and gradually strengthened financial sanctions against Chinese financial institutions and entities.

Fourth, in the face of the US financial blockade, my country may have to open up cross-border capital flows in accordance with the areas, channels and methods preset by the US.

Fifth, based on the U.S. dollar’s ​​monopoly position in the international financial system, U.S. financial sanctions will stimulate the return of funds to the United States and promote the strengthening of the U.S. dollar. At the same time, it will increase the risk of holding RMB assets and increase the pressure for RMB depreciation.

Sixth, the United States has imposed financial sanctions on Hong Kong, preventing Hong Kong from playing its role as an offshore RMB center and further selectively cutting off my country's financial institutions from the international market. The impact on Hong Kong's status as an international financial center has put the linked exchange rate system between the Hong Kong dollar and the US dollar under unprecedented pressure, and the probability of a Hong Kong dollar crisis has increased.

Seventh, the United States has used various means to block my country's main channel for obtaining U.S. dollar liquidity, causing a short-term shortage of U.S. dollar liquidity, reducing my country's flexibility in using U.S. dollar reserves, and compressing my country's foreign exchange reserve operating space.

Eighth, the depreciation pressure on the RMB exchange rate has exceeded the endurance point, and my country has experienced large-scale capital flight on the cross-border capital flow channels and methods designed by the United States.

Ninth, the international financial market, under the leadership of the United States, concentrated on shorting RMB assets, inducing vicious depreciation of the RMB and triggering an exchange rate crisis between the RMB and the Hong Kong dollar.

How should we deal with these challenges? The orderly opening of capital accounts will inevitably lead to the expansion of cross-border payment and settlement scale, and the current cross-border payment and settlement system is dominated by the United States. my country must speed up the construction and upgrading of digital financial infrastructure and promote the establishment of a new digital renminbi cross-border payment and settlement system.

Establish a new digital renminbi cross-border payment and settlement system. Use new technologies such as blockchain to fully realize the cross-border exchange of RMBIt will use the digital currency (DC/EP) issued by the People's Bank of China to solve the pricing problem, temporarily put aside the reserve function of RMB, and improve the direct exchange rate inquiry mechanism between RMB and other currencies under the (DC/EP) framework. On this basis, a "new digital RMB cross-border payment and settlement system" will be established.

Pay attention to two key points in replacing the old system with the new system.

First, it is to overcome the network externalities of the existing system and realize the network externalities of the new system. Network externality means: the more users access the system, the value obtained by all users will increase exponentially. Once the system is accepted by most market entities, its convenience and low cost cannot be surpassed. A stable network with usage viscosity will spontaneously form. It is not impossible to realize the network externalities of the new system. First, the new platform uses digital technology for cross-border payment settlement, which has advantages in speed, cost and efficiency compared with current traditional cross-border payment methods such as bank wire transfers. Second, the central bank can carry out discounted exchanges for digital renminbi in the early stage, and provide certain exchange discounts to companies or individuals who purchase digital renminbi for payment and settlement on the new platform, thereby increasing the demand for the use of digital renminbi.

The second is how to determine the reasonable exchange ratio between digital renminbi and other legal currencies. The exchange rate must not only be attractive to users, that is, it must not be distortedly lower than the legal currency transaction rate in the foreign exchange market; it must also prevent speculative capital from using different platforms for arbitrage, that is, it must not be distortedly higher than the legal currency transaction rate in the foreign exchange market.

The central bank should adhere to three principles in the construction of the new system. Service principle: The central bank is only responsible for the supply, supervision and liquidation of digital renminbi, and conducts regular liquidation of digital renminbi balances. Market principles: The central bank will hand over the application scenarios of digital renminbi in the field of cross-border payment and settlement to market-oriented platform entities to encourage free competition. Bottom line principle: As a regulator, the central bank is responsible for the "three antis" work of actual needs identification, compliance review, anti-money laundering, anti-terrorist financing and anti-tax evasion, and crackdown on any illegal activities using the platform.

④ The most comprehensive article on digital currency (Part 1)

Highlights: In line with the development wave of the digital economy era and under the background of “de-dollarization”, digital currency must coming.

The Ministry of Commerce recently issued the "Overall Plan for Comprehensively Deepening the Innovative Development of Service Trade", which announced the digital renminbi pilot areas: in the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions that meet the conditions Pilot areas carry out digital RMB pilot projects. According to Xinhuanet, the digital renminbi has completed top-level design, standard formulation, functional research and development, joint debugging and testing, etc., and will first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu and the future Tokyo Olympics scene. In other words, if everything goes well, we may be able to get a glimpse of the beauty at the 2022 Winter Olympics in Beijing.

In fact, as early as 2014, the central bankEstablish a Digital Currency Research Institute to study the feasibility of issuing legal digital currencies; at the end of 2017, with the approval of the State Council, the central bank organized commercial banks such as Industrial and Commercial Bank of China, Bank of China, and Shanghai Pudong Development Bank, and relevant institutions such as China Banknote Corporation and Shanghai Commercial Paper Exchange to jointly carry out digital currency research. The research and development of the RMB system (DC/EP), and in February 2018, the experimental production system of the Shanghai Commercial Paper Exchange’s digital bill platform was officially launched for trial operation; in 2019, when the central bank held a work conference call for the second half of the year, it requested to accelerate the implementation of my country’s legal The pace of digital currency (DC/EP) research and development.

So, what is the reason behind launching a digital currency?

For the intelligent internal reference in this issue, we recommend two research reports on digital currency by Guohai Securities and New Era Securities, which reveal the past and present of digital currency and the logic behind the central bank’s launch of digital currency.

1. Principles of digital currency and development status of various countries

Digital currency is the inevitable result of the continuous evolution of the monetary system and belongs to the Currency 4.0 stage. Currency is another important human invention besides writing. After experiencing barter exchange and the gold and silver standard, credit currency has become an important leap in the history of currency.

Among them, the original barter was a decentralized institutional arrangement. However, due to extremely low transaction efficiency, difficulty in coupling supply and demand, and the lack of a unified value measurement standard, human beings were greatly restricted. The scope of economic activities and trade has been gradually replaced by precious metals such as gold and silver. This trading system has gone through a relatively long time in the history of currency development. Due to the existence of natural losses, insufficient currency prices, shortages, and shoddy goods, , bad currency drives out good currency and other phenomena, banknotes based on national credit - pure credit currency began to appear. Banknotes not only saved issuance costs, but also overcome problems such as the inconvenience of carrying precious metal currencies, which greatly promoted the development of trade in modern history. , the central bank’s monetary policy operations also become possible.

If paper money has achieved the first leap of credit currency from concrete items to abstract symbols, then digital currency based on blockchain, artificial intelligence, cloud computing and big data has achieved credit The second leap in the development of currency from paper to paperless. Digital currency does not change the credit endorsement behind the currency, but changes the existence form of currency. At this point, currency has completed the commodity currency - precious metals act as general equivalents. ——Credit currency——The evolution of digital currency. Therefore, the evolution of the form of currency means that the operating cost of the currency system is lower, safer, and more efficient. Digital currency is the inevitable result of the continuous evolution of the currency system from commodity currency to credit currency.

Digital currency is not a substitute for electronic currency. Depending on the issuer, digital currency can be divided into legal digital currency issued by the central bank and privately issued digital currency. Currently, there is no unified standard or definition for digital currency. According to central bank figuresAccording to the definition of the Monetary Research Institute, digital currency in the narrow sense mainly refers to currency that is purely digital and does not require a physical carrier; while digital currency in the broad sense is equivalent to electronic currency and generally refers to all currencies that exist in electronic form, including electronic currency and virtual currency. and digital currency.

Depending on the issuer, digital currencies can be divided into legal digital currencies issued by the central bank and privately issued digital currencies. Among them, the digital currency issued by the central bank refers to the legal currency issued by the central bank in the form of an encrypted digital string representing a specific amount. It is not a physical entity itself, nor does it use a physical entity as a carrier, but is used for network investment. , transaction and storage, digital information representing a certain amount of value is held on the chain; private digital currency, also known as virtual currency, is issued and controlled by developers, is not subject to government supervision, and is exchanged among members of a virtual community. Digital currencies in circulation, such as Bitcoin (Bitcoin), etc.

Broad digital currencies can be roughly divided into three categories: one is a completely closed currency that has nothing to do with the real economy and can only be used in a specific virtual community, such as game currency in the virtual world; It can be purchased with real money but cannot be exchanged back to real money. It can be used to purchase virtual goods and services, such as Libra launched by Facebook; third, it can be exchanged and redeemed with real money at a certain ratio. It can not only purchase virtual goods and services, but also Real goods and services can be purchased, such as legal digital currencies issued by the central bank.

Digital currency is the currency development form of the digital economy. Since the outbreak of the epidemic in 2020, the digital economy, which is characterized by "new investment, new consumption, new models, and new industry dynamics", has become an important force in promoting the stable development of my country's economy and society. According to data from the National Bureau of Statistics, although GDP fell by 6.8% year-on-year in the first quarter, the digital economy showed good development momentum. Among them, the output of electronic components and integrated circuits increased by 16% and 13.1% year-on-year, and information transmission and software The added value of the information technology services industry increased by 13.2% year-on-year, and investment in e-commerce services increased by 39.6% year-on-year.

After withstanding the test brought by the epidemic, my country's digital economy has entered a period of accelerated and rapid development. It is urgent to achieve coordinated development of data, technology, industry, business, and institutions, and to build a new production relationship in the digital economy. , further stimulate digital productivity through factor market reform, and digital currency is based on node networks and digital encryption algorithms to cater to the development needs of the digital economy and is its specific currency development form.

Digital currency is based on complex network theory, with blockchain technology as the core, fully embodying the characteristics of non-tampering and encryption security, realizing the underlying digital currency and the middle layer digital financial account system, covering the central bank Payment systems, commercial banks, non-bank institutions and other vertical general account systems have also realized the interconnection of payment and clearing systems of central banks of various countries, top-level digital identity verification systems, etc., through large-scaleData and cloud computing realize the transformation of the traditional currency system into a digital currency system.

The earliest emergence of digital currency can be traced back to 1982, when American computer scientist and cryptographer David Chaum founded DigiCash and launched two digital currency systems: E-Cash and cyberbucks. Both systems Based on Chaum's blind signing contract, it can keep users anonymous and their identities difficult to trace. However, there was lack of sufficient technical support at the time and the inability to achieve complete anonymity, so it ultimately failed.

Launched in 1996 by renowned oncologist Douglas Jackson, E-gold, backed by real gold, became so popular that it was even hoped to attract more than 5 million users in hundreds of countries. Unfortunately, the company ran into trouble in 2009 after the platform continued to suffer hacks and attracted a large number of illegal money laundering transactions.

In 1998, a Moscow company launched Web Money, a universal digital currency that could provide a wide range of peer-to-peer payment solutions, covering Internet trading platforms. It is also one of the few surviving digital currencies that has not yet been encrypted. To this day, the currency is still widely used and accepted by millions of people. At the same time, it can also be converted into fiat currencies such as rubles, US dollars, British pounds, and even Bitcoin.

In November 2008, Satoshi Nakamoto proposed the concept of Bitcoin and published the famous paper "Bitcoin, a Peer-to-Peer Electronic Cash System". In the article, the blockchain appeared for the first time, which can be used in untrusted transactions. Based on this, establish a decentralized electronic trading system. Bitcoin was officially born on January 3, 2009. Bitcoin is a P2P form of virtual encrypted digital currency that uses open source blockchain technology to store transaction information in a distributed ledger, which makes it almost impossible to crack the network; in addition, its point-to-point transmission builds an Centralized payment system. Since then, the Bitcoin system has gradually matured, and officials have successively released new versions, adding many features.

In 2013, Ethereum (ether) was born. It is a virtual cryptocurrency derived from Ethereum technology and is currently the second-highest cryptocurrency in market value after Bitcoin. Ethereum is based on the blockchain, which is similar to Bitcoin, but uses completely different technology. It is a public block chain platform with an open source smart contract function, and the contract terms can be executed by both parties. Between 2010 and 2014, Bitcoin multi-node mining and PPcoin were born, which played a role in mining. In August 2013, Germany legalized Bitcoin.

Although private digital currencies represented by Bitcoin do not have monetary functions in essence, they haveThe central banks of various countries are actively developing or promoting legal digital currencies to cope with this challenge. As early as 2013, Shoaib et al. proposed the concept of official digital currency. The report issued by the Bank of England (BOE) in 2014 clearly used Distributed Ledger Technology (DLT) as the classification standard for digital currencies. One category is encryption. Digital currency is a digital currency generated using distributed ledger technology, and points out that Bitcoin is the first encrypted digital currency in history;

The other type is non-encrypted digital currency, with Ripple as a typical representative; subsequently The Committee on Payments and Market Infrastructures (CPMI) under the Bank for International Settlements defines legal digital currencies as cryptocurrencies. According to whether the form of existence is based on central bank accounts, legal digital currencies are divided into central bank digital accounts and central bank digital currencies. According to the "Flower of Money" model proposed by the Bank for International Settlements (BIS), the concept of central bank digital currency is clarified, that is, central bank digital currency is a digital form of central bank currency, and is different from the central bank margin accounts and central bank margin accounts of traditional financial institutions. Clear the digital funds stored in the account.

▲"Flower of Money" Model

The relationship between digital currencies and governments is quite complicated, and governments around the world are both afraid and curious. Discussions, experiments and pilots of digital currencies in various countries will continue, because if an economy starts to use digital currencies, it will have a spillover effect around the world, so economies of all countries will pay more and more attention to this new phenomenon and trend. .

1. Federal Reserve Fedcoin project. This is a retail central bank digital currency that is equivalently convertible to the U.S. dollar (i.e. the exchange rate is 1:1). This currency protocol has many similarities with Bitcoin, and the differences are mainly reflected in two aspects. First, in Fedcoin, there is a user (the Federal Reserve) who has special permissions and can create and revoke the right to use the account book at will. Second, the issuance quantity does not have a predetermined rule like Bitcoin, but the issuance quantity can be adjusted like cash.

2. The Bank of Canada’s CADcoin project. This is a wholesale central bank digital currency. The Bank of Canada has built a large-value payment system based on distributed ledgers, and CADcoin is the currency used in this system. At a recent internal briefing in Calgary, the Bank of Canada demonstrated the electronic version of the Canadian dollar they are developing - CAD-Coin. The original intention of this innovation, codenamed "Jasper", is to help central banks issue, transfer or dispose of central bank assets through distributed ledger technology. Several major Canadian banks, including Royal Bank of Canada, TD Bank and Canadian Imperial Bank of Commerce, are participating in the project.

3. The Riksbank’s eKrona project. Currently, RuiThe world is gradually transforming into a "cashless society." Data show that the number of banknotes and coins in Sweden has dropped by 40% since 2009, with residents more likely to use bank cards, smartphones and e-wallets to handle various daily transactions. As the use of cash continues to decline, the Swedish central bank is trying to provide people with a way to pay without going through intermediaries such as retail banks. The Riksbank requires that eKrona must be able to be used for small purchases. Since it has not yet been determined which technology will be used, eKrona has two possible forms, one is a deposit currency unit (that is, an individual opens an account directly with the central bank, rather than opening an account at a commercial bank), and the other is a retail central bank digital currency.

▲The latest developments in digital currencies of overseas countries or organizations

Each country has different financial systems and monetary policy systems. Whether it is necessary to adopt the central bank’s digital currency interest rate as a new monetary policy tool? It must be analyzed on a case-by-case basis. Overseas countries do not want to lose the opportunity to gain a foothold in digital currency, so the policies and regulations introduced are often changing, sometimes lenient and sometimes strict.

Bank for International Settlements. In November 2015, the Bank for International Settlements released the "Digital Currencies" report, which detailed the impact of digital currency as a means of retail payment; in March 2018, the Bank for International Settlements released the "Central Bank Digital Currency on Payment, Monetary Policy and Financial Stability" "The Impact" report analyzes the issuance of central bank digital currencies.

International Monetary Fund. In June 2017, the International Monetary Fund (IMF) released a report on the development of the financial technology industry "Fintech and Financial Services: Initial Considerations", focusing on how to effectively supervise distributed ledger technology (DLT) and the technologies based on it. Digital Currency made recommendations. In 2018, the Organization for Economic Cooperation and Development and the G20 jointly issued a mid-term report "Tax Challenges brought about by Digitalization", proposing the supervision of digital asset transaction information formed by cryptocurrency and blockchain technology.

United Kingdom. The UK’s Treasury Committee has assessed crypto algorithms and concluded that they do not currently pose a risk to the UK’s currency or financial stability. However, cryptos do pose risks to investors, and anyone who buys them should be prepared to lose all their money.

Japan. As the world's largest Bitcoin trading market, Japan's government has a very positive attitude towards digital currencies. Since last year, Japan has exempted digital currency transactions from consumption tax and recognized the legality and monetary attributes of digital currencies. In 2017, Japan began to implement the "Funds Settlement Act" and recognized digital currency as a payment method.the legality of the means of payment. Afterwards, the Japan Financial Services Agency (FSA) promulgated the "Payment Services Act" to implement comprehensive supervision of digital currency exchanges. All exchanges operating in Japan must obtain licenses from the Ministry of Finance and the FSA.

Singapore. Under the guidance of the Singapore government's principle of "not seeking zero risk and not stifling technological innovation" in financial technology, Singapore actively develops blockchain technology and actively promotes the development of digital currency. Singapore is one of the countries in Asia that supports the development of digital currency most. one. Due to Singapore's positive and good institutional environment, many exchanges have chosen to operate in Singapore. For example, WBF EXCHANGE cooperates closely with the Singapore government.

In March 2020, the Monetary Authority of Singapore (MAS) officially announced the list of exempted companies from the payment service operating license. The entities on the list have obtained specific payment services or digital currency-related payment services during the exemption period. Singapore entities including Alibaba, Alipay, Amazon and other large institutions are on the list.

Regarding the exemption of digital currency-related payment services, nearly 200 companies including Binance, OKCoin, BitStamp, Bixin, Coinbase, CoinCola, TenX, Upbit, ZB, etc. can all use Operates legally in exempt status.

Thailand. In order to better supervise the digital currency industry, in June 2018, Thailand promulgated the "Digital Assets Law", announced the issuance of licenses for compliant cryptocurrency exchanges, and began to implement license management.

Australia. Due to the increasing number of financial crimes, Australia passed the Finance Bill 2017 Amendment (2017 Measure 6) in October 2017. At the end of 2017, it officially passed the Anti-Money Laundering and Counter-Terrorism Financing Bill 2017 Amendment, clarifying that Digital currency is not a monetary asset, but an electronic representation of value. Institutions that provide digital currency trading business must submit an application to the Australian Transaction Reports and Analysis Center (AUSTRAC) and obtain the corresponding regulatory license and access permit. Exchanges should conduct anti-money laundering and anti-terrorist financing assessments on their businesses based on the institutional standards under the anti-money laundering/CTF framework. Offenders could be jailed for two years or fined £500, or in more serious cases, jailed for seven years or fined £2,000.

Enlightenment from the digital currency practice of overseas central banks:

1) Central banks should strengthen their supervision of digital currencies. Digital currency rides on the infrastructure that serves the broader financial system, gaining the appearance of legitimacy from its link to the existing financial system, which is its obvious characteristic. In terms of laws and regulations, the central bank’s supervision should be strengthened to integrate digital currencyThe currency is separated from the physical currency to ensure that the digital currency is not parasitic on the physical currency.

The central bank should cooperate with commercial banks to play the supervisory role of "digital frontline" and prohibit commercial banks from engaging in unethical behavior of acting as "Bitcoin ATMs". At the same time, these digital currencies should not be allowed to interact with The existing infrastructure of the entire financial system coexists to ensure the normal operation of the payment system.

2) Technical aspects need to be strengthened. The new technology of digital currencies should be appropriately adopted to improve the country’s financial services, especially in terms of payments in some emerging market economies. Central banks in emerging countries are likely to gain the most from blockchain and distributed ledger technology implementations, primarily because existing financial processes and technology systems are not very efficient and could benefit from implementing digital currencies or other blockchain-based applications. To achieve greater financial inclusion, the use of distributed ledger technology can improve efficiency and reduce friction in cross-border payments at both the consumer (retail) and interbank (wholesale) levels. After the cash business is completely electronic and users switch to online channels such as mobile banking apps, the bank's previous hardware channel construction will also face the test of transformation.

3) Be prepared for shocks. Due to its own shortcomings, digital currency cannot replace traditional currency, but once it is fully issued, the impact and impact it will bring are difficult to predict. Therefore, the central bank must actively prepare for the financial impact of technological progress. At the same time, digital currency disguised as legal is carried on institutions and infrastructure that serve the broader financial system, which may cause serious financial risks and threaten the stability of the financial system. The central bank must do a good job in promoting digital currency in the public interest. We will respond to various risks in the future, adhere to the principle of fair competition, strengthen the supervision of digital currencies, and standardize and guide the development of digital currencies and related technologies.

2. The development history of domestic digital currencies

The RMB has been the central bank currency in circulation in China for 71 years. With the rapid development of computer and Internet technology, RMB has gradually become electronic and entered the 2.0 era. Cash and deposits circulating in banks and other financial systems have long been digitized through electronic systems, and the large-scale popularity of third-party mobile payments such as Alipay and WeChat Pay has gradually reduced the proportion of cash in circulation. Nowadays, Chinese people almost do not need to use cash for daily consumption. Mobile payment has changed every aspect of people's lives, bringing a fast and convenient payment experience. People are beginning to imagine a future "cashless society", and China has become one of the countries closest to a cashless society.

However, China's mobile payment is more commercially driven and is an electronic payment method of currency, rather than a true digital "RMB". From precious metals to banknotes replacing precious metals as currency, to future digital currency, it is an inevitable product of economic and technological development to a certain stage; and as network communication technology becomes increasingly developed, societyTransaction activities are becoming increasingly frequent and active, coupled with changes in people's shopping and consumption habits and concerns about the security of currency circulation, people are increasingly inclined to use electronic banking and electronic payment rather than carrying banknotes. Therefore, the central bank provides more stable currency than banknotes. Fast, low-cost digital currency media tools are necessary to adapt to the development of the times.

It has been five years since the People's Bank of China established a special research group to study central bank digital currencies in 2014. The current central bank digital currency (DC/EP) is a test content in the technology research and development process. The digital RMB system is completed under the premise of adhering to the dual-layer operation of "central bank-commercial bank/-currency user", M0 replacement, and controllable anonymity. Top-level design, standard formulation, functional research and development, joint debugging and testing, etc., and follow the principles of stability, safety, controllability, innovation and practicality, and first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan, Chengdu and future Winter Olympics scenes , to continuously optimize and improve functions.

▲The development history of my country’s digital currency

Currently, my country’s legal digital currency is in the internal testing stage. DC/EP adopts the binary investment system of “central bank-commercial bank” and the “one "Coin, two treasury, three centers" operating framework

"One currency" refers to the DC/EP issued under the guarantee of the central bank, and "two treasury" refers to the issuance treasury of the central bank and the bank treasury of commercial banks: DC /EP first occurs between the central bank and commercial banks, that is, the issuance and withdrawal of DC/EP, and then is transferred from commercial banks to residents and enterprises. The “Three Centers” are the technical guarantee for DC/EP issuance and circulation, including the registration center, certification center and big data analysis center.

Among them, the registration center is responsible for recording the registration of the entire process of issuance, transfer and withdrawal; the certification center is responsible for centralized management of the identity of DC/EP users, which is the key for DC/EP to ensure the anonymity of transactions; DC A key to /EP is to make major improvements in anti-money laundering, anti-tax evasion and anti-terrorist financing. The big data center achieves regulatory purposes through big data analysis of payment behavior and the use of indicator monitoring:

▲ "One currency, two repositories, three centers" operating framework

my country's central bank's choice to launch digital currency has important breakthrough significance. It can be said that the central bank's choice to launch digital currency is not only an inevitable necessity to comply with the laws of currency evolution. Choice is also an important measure to protect the sovereign status of the RMB. Specifically:

1. Comply with the development wave of the digital economy era. Since the issuance, transportation, storage and other processes of banknotes consume manpower and material resources, and with the advent of the mobile Internet era, paperless currency can save the cost of currency issuance and circulation, and bring convenience to people's production and lifestyle.

In addition, the anonymous nature of traditional banknotes makes it impossible for regulatory agencies to grasp the use and circulation of banknotes.Economic crimes such as tax evasion and money laundering are unavoidable black holes in reality. The central bank's digital currency can implement controllable anonymity. While ensuring that citizens' legal private property is not infringed, when illegal crimes occur, the source of the digital currency can be traced. Therefore, it can effectively combat illegal activities such as money laundering and tax evasion, and improve the transparency of economic transactions.

The rapid circulation, convenience, high security and other characteristics of digital currency are incomparable to traditional banknotes. Just as paper currency eventually replaced metal currency, paperless currency is also a general trend and an inevitable result of the continuous evolution of currency. At present, Alipay, WeChat, UnionPay, etc. have achieved paperless currency in the M2 category, and the central bank's introduction of digital currency to replace traditional banknotes can achieve paperless currency in the M0 category, conforming to the development wave of the digital economy era. Of course, the development of everything does not happen overnight, and paperless currency will also be a long process of gradual development. This is also an important reason why the central bank may only choose to launch some digital currencies at the beginning to replace some paper currencies.

2. Reduce the adverse impact of the global U.S. dollar monetary system. After the collapse of the Bretton Woods system in the 1970s, currency issuance was based on national credit. The United States relied on its strong military and economic capabilities to make the U.S. dollar the world's leading reserve currency. However, in the process of the U.S. dollar performing its functions as the world's currency, while the U.S. has gained many economic benefits, it may also have various negative impacts on the economies of other countries. The most obvious example is that the U.S. can levy an inflation tax on the world by issuing U.S. dollars.

Moreover, the three major financial systems in the world today, SWIFT, CHIPS, and Fedwire, are all dominated by the United States. Whether it is the U.S. dollar, euro, Japanese yen or RMB, the United States can obtain real-time financial transaction information of various currencies. It is not uncommon for the United States to use this financial system to impose sanctions on many countries and companies, and Europe and other countries have complained. Currently, in addition to China, the European Union, Japan, Russia and other countries are studying how to build digital currency payment networks to promote the "de-dollarization" process.

3. Protect monetary sovereignty and promote the internationalization of the RMB. In June 2019, Facebook released the Libra white paper in an attempt to create a super-sovereign “world currency.” Libra is based on blockchain technology and uses a basket of bank deposits and short-term government bonds as reserve assets to increase credit for the Libra stable currency and minimize the risk of currency fluctuations. Its mission is to "build a simple, borderless currencies and financial infrastructure that serve billions of people.” Among them, the US dollar accounts for 50% of the basket of currencies, the euro accounts for 18%, the Japanese yen, the British pound and the Singapore dollar account for 14%, 11% and 7% respectively, but there is no RMB.

Since Facebook has 2.3 billion users worldwide, if LibraIf Libra is successfully used widely, there will be no restrictions on cross-border capital flows. This also means that Libra can be used for payments in non-reserve countries. Then, the monetary sovereignty status of non-reserve currency countries will inevitably be affected. For China, both the RMB and foreign exchange management will be impacted, and the process of RMB internationalization will also be hindered. Therefore, China must prepare for a rainy day, and the issuance of digital currency by the Chinese central bank is an important measure to deal with Libra.

⑤ As time passes, what exactly is the core of the blockchain economy?

Since the birth of Bitcoin, more than 1,600 virtual currencies have appeared around the world. Currency has formed a huge industrial chain ecosystem around the generation, storage, and transactions of virtual currencies. But overall, the industry is still in its infancy and is still far from the real value application area.

The core of the blockchain economy lies in the reconstruction of business logic and organizational form, so it is necessary to obtain application examples in multiple industries to demonstrate its value. This article will explore the business models of blockchain applications in various industries from the perspective of combining blockchain with industry needs.

First of all, the core of blockchain is to solve the problem of credit:

Credit is the foundation of all commercial activities and finance. The United States has implemented trusted identification since 2011, while China has implemented a real-name system to achieve supervised information dissemination. The significance of blockchain is that it has established decentralized trust from a technical level for the first time and realized a completely distributed credit system.

Secondly, blockchain solves the problem of value exchange:

Traditional networks can realize point-to-point transmission of information, but cannot realize point-to-point transmission of value. Because information is allowed to be copied, and value must be authentic and unique, it is necessary to rely on a centralized organization to achieve value transfer. Blockchain perfectly solves this problem and provides a method to realize point-to-point transfer of value. During the value transfer process, accounting is realized by the network without relying on a centralized institution. Therefore, blockchain is expected to become the infrastructure for building new finance and the cornerstone of the future value Internet.

Application of blockchain

Currently, there are two main modes of blockchain application:

1) Native type Blockchain applications: directly based on decentralized blockchain technology, realizing applications such as value transfer and transactions, such as digital currency;

2) "Blockchain+" model: combining traditional scenarios with Combined with the underlying protocol of the blockchain to improve efficiency and reduce costs. It is expected that the application of blockchain in various industries will be dominated by the second model.

Blockchain has five core attributes, namely: transaction attributes (value attributes), certificate attributes, trust attributes, intelligence attributes, and traceability attributes. The above core attributes and rowsCombining the needs of the industry and solving the pain points of the industry has become a business model for the application of blockchain in various industries.

Blockchain + Bank

1. Cross-border payment

Cross-border payment is a pain point that has long plagued the banking industry. Traditional cross-border payment methods include two major categories: one is online payment, including electronic account payment and international credit card payment, which is suitable for retail small amounts; the other is the bank remittance model, which is suitable for large-amount transactions; both have payment cycles Long, high fees, low transaction transparency and other issues. Especially with the rise of cross-border e-commerce in recent years, convenient, fast, safe and low-cost cross-border payment has become an urgent need for the industry.

The role of blockchain:

The characteristics of blockchain are deintermediation and open and transparent transactions. There is no third-party payment institution to join, which shortens the payment cycle, reduces costs, and increases Transaction Transparency. For example, in December 2017, China Merchants Bank teamed up with Wing Lung Bank and Wing Lung Shenzhen Branch to successfully implement cross-border RMB remittances between the three parties using blockchain technology. Its clearing process is safe, efficient and fast, greatly improving customer experience.

2. Supply chain finance

The pain points in this field are the long financing cycle and high costs. Centered on the core enterprise system of the supply chain, it is difficult for third-party credit enhancement institutions to authenticate the authenticity of various relevant vouchers in the supply chain, resulting in long manual review times and high financing costs.

The role of blockchain:

Blockchain introduces consensus mechanism, existence proof, non-tampering, traceability and other features into supply chain finance, without the need for a third-party credit enhancement agency Identify the authenticity of various relevant vouchers in the supply chain, thereby reducing financing costs and shortening the financing cycle. For example, in April 2017, the listed company Yijian and IBM China Research jointly launched the blockchain supply chain financial service system "Yijian Block". The system focuses on pharmaceutical scenarios and currently has more than 30 pharmaceutical distribution companies. Successfully registered in the "Yijian Block", as of the end of July, the number of transactions had been close to 8,000, and the total investment amount exceeded 100 million yuan.

3. Digital Bills

The pain point of the digital bill industry lies in the long-standing problems of "false bills" and "one vote selling more than one", which have brought challenges to the bill financing business of the banking industry. risk.

The role of blockchain:

The existence proof and non-tampering characteristics of blockchain effectively solve the problem of false digital bills; at the same time, blockchain solves the problem of double Spending money can avoid "one ticket selling too many". For example, Shenzhen Blockchain Financial Services Co., Ltd. issues bill chain products to provide bill financing services based on blockchain to solve the bill financing needs of small, medium and micro enterprises. Cooperative banks include Ganzhou Bank, Guiyang Bank, Suzhou Bank, Shizuishan Bank, Langfang Bank, Wuhai Bank, Jilin Jiutai Rural Commercial Bank, Yaodu Rural Commercial Bank, Shenzhen Rural Industrial Bank, and Weifang Bank, Zhongyuan Bank, etc. In addition, Zheshang Bank, JD Finance, Hang Seng Electronics, HNA, etc. are also verifying blockchain digital bill services.

Blockchain + Securities

1. Asset Securitization

Asset securitization uses future income as a guarantee to obtain current financing. The pain points in this field are: there are many participating entities, many operating links, low transaction transparency, information asymmetry, and the authenticity of the underlying assets cannot be guaranteed.

The role of blockchain:

Blockchain introduces attributes such as existence proof, non-tamperability, and consensus mechanism for asset securitization, which can monitor the true situation of assets in real time and solve the problem of It solves the problem of trust of all parties in the transaction chain in the underlying assets. Various assets such as equity, bonds, bills, income certificates, warehouse receipts, etc. can be integrated into the blockchain and become digital assets on the chain, improving asset circulation efficiency and reducing costs. For example, in May 2017, Internet Finance and partners including Baiqian Leasing and Huaneng Trust jointly issued an asset securitization ABS project supported by blockchain technology, with an issuance scale of 424 million yuan.

Blockchain + Insurance

1. Insurance business

The insurance industry has problems such as information asymmetry and lack of trust between customers and insurance institutions: Users It is difficult to choose an insurance product that suits you, and insurance institutions face the risk of insurance fraud.

The role of blockchain:

The decentralized, open, transparent, and traceable characteristics of blockchain establish a good communication channel between insurance institutions and users; insurance subject matter Information is managed uniformly on the blockchain and cannot be tampered with, helping insurance institutions avoid the risk of insurance fraud; at the same time, smart contracts can improve work efficiency and reduce costs. For example, French insurance giant AXA is using the Ethereum public blockchain to provide automated flight delay compensation for air travelers. If the flight is delayed for more than 2 hours, the "smart contract" insurance product will automatically pay claims to passengers.

2. Credit information management

The pain point in this field is that credit information agencies have limited data collection channels and lack of data sharing, making it difficult to accurately characterize the credit status of individuals or institutions; in addition, There is also the issue of how to protect user privacy during the data collection process.

The role of blockchain:

The blockchain has the characteristics of trustlessness, consensus, and non-tampering. At the technical level, it ensures that effective protection of user privacy can be achieved. Limited, controllable credit data sharing and verification. For example, Ping An's blockchain credit reporting business is now online. In addition, domestic startups such as Shanghai Juzhen, LinkEye, Bubi Blockchain, etc. are also exploring joint credit reporting and safe certificate deposits.

As a basic technology, blockchain is used in many applications with distributed processing, peer-to-peer transactions,It has great application value in industries that require rapid establishment of trust relationships. Its core is to solve the problem of credit and realize the point-to-point transfer of value. Therefore, it is considered to be the cornerstone of the future value Internet.

The core of the blockchain business model is to use the innovative attributes introduced by the blockchain and combine it with traditional industry applications to realize the reconstruction of business logic in order to create new application scenarios or improve efficiency. cut costs.

Blockchain will also extend to all areas of social life: Blockchain solves problems such as the management, transaction, and transfer of digital assets, and therefore will play an important role in the wave of asset digitization, such as supply Applications such as chain management, data services, asset management, public services, and the Internet of Things are gradually being implemented in various fields, and "blockchain+" is becoming a reality.

⑥ What does blockchain mean? What are the applications of blockchain in cross-border payments?

Why is it said that the Internet era is coming to an end? Blockchain The time is coming?

Once the blockchain develops, more innovations will burst out. Since the birth of Bitcoin, the first product of the blockchain, many innovations have been born. For example, small-amount cross-border payments, recording transfers between currencies, recording various stocks, registering house property rights, recording program codes, etc.

The steam age liberated social productivity, the electrical age revitalized social collaboration capabilities, and the Internet The era has connected the world together, and the blockchain era will allow us to truly achieve freedom.

⑦ What are the application scenarios of blockchain?

Although blockchain technology is still in its early stages, the advantages of this technology have begun to be reflected in many fields. , blockchain can generate huge value, and I believe there will be more practical application scenarios in the future,

Blockchain + cross-border payment

The current mainstream cross-border remittance method is wire transfer, and its cycle is usually three to five working days. In addition to the intermediary bank that will charge a certain handling fee, a software called SWIFT (Society for Worldwide Interbank Financial Telecommunication) ) will also charge higher fees for the text exchange carried out by its system. In my country, cross-border remittances through Bank of China will be charged a single fee of 150 yuan.

The use of blockchain technology allows the remitter and payee to pay and settle directly, eliminating all intermediate costs, allowing cross-border payment and settlement to be completed quickly point-to-point, improving In addition to the speed of clearing, it can also achieve round-the-clock payment, real-time arrival, simple implementation and no hidden costs.