全球主要国家央行区块链政策
随着区块链技术的发展，全球主要国家央行也在探索如何利用区块链技术来实现金融系统的改进和改善。
美国央行表示，它正在研究如何使用区块链技术来改善付款系统，并且正在考虑将区块链技术用于美元的电子发行。
欧洲央行也认为，区块链技术可以用来改进金融服务，提高支付效率，并有助于防止金融活动的滥用。欧洲央行正在研究如何使用区块链技术来改善金融服务，并考虑推出一种新型的数字货币。
日本央行也表示，它正在研究如何使用区块链技术来改善金融服务，并且正在考虑推出一种新型的数字货币，以改善金融服务。
香港央行也表示，它正在研究如何使用区块链技术来改善金融服务，并希望在未来几年内推出一种新型的数字货币。
中国央行也表示，它正在研究如何使用区块链技术来改善金融服务，并且正在考虑推出一种新型的数字货币，以改善金融服务。中国央行已经推出了一种新型的数字货币，称为“DC/EP”，旨在改善金融服务，提高支付效率，并有助于防止金融活动的滥用。
总的来说，全球主要国家央行都在积极探索如何使用区块链技术来改善金融服务，提高支付效率，并有助于防止金融活动的滥用。通过使用区块链技术，全球主要国家央行可以更好地改善金融服务，更有效地管理金融活动，并为客户提供更好的服务。
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❶ 5 ministries and commissions + 16 departments have stepped up their efforts in issuing consecutive policies, and blockchain has become popular again today
Five departments including the Ministry of Finance jointly issued a document to deploy the pilot work of bank confirmation; < /p>
16 departments including the Cyberspace Administration of China jointly issued a document to promote blockchain technology;
Today’s news is huge, and it is a major benefit to the blockchain sector, especially the financial technology segment. Digital economy is the biggest topic in 2022, and blockchain's support of financial technology is a key area. As the largest area of financial technology innovation and application of blockchain, digital currency is now in the pilot stage of nationwide and cross-border promotion, and is a global leader. status.
As for the digital currency sector, after years of research by the central bank, it has now formed a multi-scenario comprehensive application in Beijing, Suzhou, Shenzhen, Changsha and other places. Related technologies and customer experience have achieved good results. Many A-share listed companies are involved in software, hardware and other fields. Among them, Cuiwei shares, as the leader of digital currencies, have experienced two consecutive surges. After a short-term horizontal row, they hit the daily limit on the last trading day of this Friday, and their leading position is very stable.
Other varieties in the digital currency sector, such as Qitian Technology, Xinkaipu, Chutianlong and many other varieties, although they started earlier, their growth rate and sustainability were relatively poor, and they were temporarily strong. After that, the correction was obvious, and the market has never seen a real Dragon 2 or Dragon 3. As a result, the entire digital currency sector has had a very severe correction, and its sustainability needs to be tested. At present, the correction of the entire sector index is basically in place, and some stocks have the opportunity to launch the next round of market prices.
From the perspective of national policy direction, digital currencies can be expected to make up for their growth in the future. The recognition of Cuiwei shares as the leader is further confirmed. The supplementary dragon currently sees Hengbao shares as more temperamental. Compared with Cuiwei shares, Hengbao shares have been repeatedly emphasized that the concept of Hengbao shares is richer. In addition to the authenticity of digital currency, financial blockchain, government digitization, The Internet of Things and so on are the hot topics and focus of the current digital economy. Judging from the current market value and stock price, it is at the initial explosive point. It is a high-quality company with a low price and a small market capitalization. It strengthens the long-term sideways trading of the stock and the main funds are deeply involved. Personal opinion The growth trend will be more fierce than Cuiwei's, and the future expectations are stronger. It once again reiterates that it is expected to cross the breed and become a bull-tiger stock.
The above information is personal opinion and is for reference only.
❷ "Digital Solution" Central Bank Digital Currency CBDC, new contribution from Algorand
Currently, China's digital renminbi is steadily advancing and piloting The region has expanded from "10+1" to 23 regions in 15 provinces and cities. The cumulative number of digital RMB transactions is approximately 264 million, with an amount of approximately 83 billion yuan, and the number of merchant stores has reached 4.567 million. In addition, the European Union and the European Central Bank actively support a digital euro, while India has pledged to launch a digital rupee.
At a time when central bank digital currencies are in the ascendant, the Algorand public chain created by Turing Award winner and cryptography pioneer Professor Silvio Micali was selected by the Republic of the Marshall Islands in 2020 to issue the world's first central bank digital currency. The blockchain infrastructure of legal currency continues to demonstrate its ability to empower “FutureFi” in the field of central bank digital currency (CBDC).
On July 12, the Algorand research team released "Issuing Central Bank Digital Currency Using Algorand" (Issuing Central Bank Digital Currency Using Algorand) annual report, which has conducted continuous research on the CBDC progress of central banks around the world for more than a year, and proposed a CBDC hybrid model based on a public blockchain instance in a two-tier retail system.
Under this model, the central bank has full control over the CBDC, while licensed service providers (LSPs) such as commercial banks, remittance services and other financial technology companies can facilitate distribution and transactions. Blockchain-based retail CBDC also promotes wider financial inclusion compared to traditional systems, especially for those in the informal economy who may have difficulty opening a traditional bank account. Overall, the proposed design is expected to help central banks scale CBDC operations more simply and cost-effectively than traditional centralized digital currencies.
The Algorand research team released its first research report on CBDC in 2021. This report has a new section focusing on the benefits of CBDC and the central bank’s role in primary role in the wider context of the digital age. The report defines four key trends in the digital age, including the growing digital economy, asset tokenization as a new business model, growing demand for alternative forms of currency, and decentralized finance as a new form of finance. system. These trends directly challenge one of the key tasks of central banks: ensuring price stability. Public blockchain use cases, such as the model proposed in the report, can help central banks continue to fulfill their responsibilities in the digital age.
The report was co-authored by several leading economists and researchers. Among them, Dr. Andrea Civelli graduated from Princeton University and focuses on monetary policy transmission and inflation modeling research. She is currently an associate professor of economics at the Walton School of Business at the University of Arkansas and a senior economist at Algorand.
Dr. Co-Pierre Georg, Cape, South AfricaAssociate Professor at the University of London, Chairman of the Financial Stability Research Group of the South African Reserve Bank (South African Central Bank), and a member of the Economic Advisory Board of the Algorand Foundation. He received his PhD from the University of Jena, Germany, and has successively studied at MIT, Princeton University, Oxford University and Columbia. University visit.
Pietro Grassano, Director of European Business Solutions at Algorand, has worked at J.P Morgan for more than 15 years and has served as the agency's manager in France, Italy, Greece, etc. Leadership positions in European country branches. Earlier, he worked at BNP Paribas Asset Management and Arthur Andersen Consulting. Naveed Ihsanullah, Director of Engineering Research at Algorand, focuses on distributed systems and has over 20 years of experience in next-generation application security software.
In addition to the introduction and conclusion, the main contents of the other six parts of the report are: 1. Benefits of central bank digital currency: emphasizing four aspects of the digital era The main trend, the challenges posed to central banks, also inspired central banks to issue CBDC. 2. Designing an efficient CBDC: Based on the experience of various CBDC projects, the principles for designing an efficient central bank digital currency are outlined. 3. Economic considerations of issuing CBDC: Discuss the economic impacts of issuing CBDC, from balance sheet and financial stability impacts to monetary policy effects. 4. Algorand protocol: Overview of the Algorand protocol, including design principles and a high-level overview of the protocol itself. 5. Use Algorand to issue retail CBDC: Algorand’s method of issuing retail CBDC, including relevant design considerations and a detailed introduction to Algorand network support use cases. 6. Use Algorand to issue wholesale CBDC: Algorand’s design method and related use cases for wholesale CBDC.
Algorand consultant emphasized that CBDC is the lifeline of commercial banks
After the emergence of CBDC, From an international perspective, there are still certain differences. Commercial banks in some countries even regard the digital currency that may be issued by the central bank as an existential threat.
Co-Pierre, one of the main authors of the research report "Issue Central Bank Digital Currency Using Algorand", Associate Professor at the University of Cape Town, South Africa, and Economic Advisor to the Algorand Foundation In a recent interview with the media, Dr. Georg believed: “Commercial banks really should not regard digital fiat currencies as a threat.” “Central bank digital currencies are creating new opportunities for commercial banks.The line provides a lifeline. "
Regarding the increasing involvement of large technology companies in banking services, Georg, who currently serves as chairman of the Financial Stability Research Group of the South African Reserve Bank, believes: "Commercial banks have indeed gone backwards, and they will be afraid of technology giants. . ”
Just as central banks have viewed blockchain-based stablecoins linked to fiat currencies as a potential threat to regulating the economy, commercial banks have also realized that If Facebook's Libra survives, "it will be the end of banking as we know it," Georg said. "It will be an entity that is not subject to financial regulation, with 2.3 billion customers and a market capitalization greater than that of JPMorgan Chase." of cash. How can banks, including U.S. banks, compete with it? They can't. "
The problem, Georg believes, is that commercial banks operate within walled gardens. "They do products, they don't do infrastructure," he said , “Commercial banks should be grateful to the central bank for providing a lifeline in terms of public infrastructure where they can all come together, they can compete and, importantly, they can compete with technology companies. "
"When you talk to many players in the market, they view CBDC as a product that can be sold to central banks," Georg said , “This is not the right thing to do. If you build a product, you end up just owning Facebook, whereas if you build the infrastructure, you end up owning the Internet. ”
This means that information can be shared in much the same way as the early developers of the Internet, which Georg claimed took about 30 years to Develop standards for network interactivity. At the same time, he also believes that CBDC has the need for interoperability from the beginning, and there are too many things that can be done.
“You can have a retail ledger that has a higher cost of participation but provides you with smart contracts; you can also have a retail ledger that doesn’t have smart contracts but has very high transactions per second ," Georg said. "As a central bank, you can operate both at the same time. ”
As for blockchain, Georg said there is an unnecessary fight between some in the banking world and that blockchain-basedCBDC is seen as a competitor to real-time settlement systems.
"The existing payment system works well," he said, and is cheap and reliable. "It has never failed to my knowledge." But , the real-time settlement system does not “facilitate some of the new innovations we are seeing from private cryptoassets that require decentralized ledgers,” such as the tokenization of physical or digital assets. Given the phenomenal growth of cryptocurrencies, there is clearly potential in this space.
“If you can bring it into public infrastructure, assuming it’s well regulated and maintained by trusted institutions, then this new infrastructure can support New business models at the heart of the digital economy. I think that's why blockchain comes in," he said. "You need a distributed ledger to ensure that no one in the system can copy the data. The secret superpower of blockchain It's that it makes the data unique."
In terms of potential, he noted that "the last iteration of payment systems came in the 1960s and 1970s, when the Digital payments." Because of the support of technology, "Blockchain can indeed enable new business models."
(END)
For commercial and non-commercial reprinting, please obtain authorization from the author and indicate "Produced by Hermetz Digital Workshop".
❸ Does the country support blockchain?
As a new technology, countries around the world have corresponding policies to support its development, with a wide range of radiation - from this year's perspective More than half of the provinces and cities across the country have included blockchain in the 2020 government work report. In addition to first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, central and western cities such as Gansu, Ningxia, and Xinjiang have also joined the blockchain technology research and application camp. Developed cities in the east continue to play a leading role in technological research and application innovation; cities in the central and western regions adapt to local conditions and combine new technologies to accelerate digital economic transformation. Strong support - this year the Central Bank, the Ministry of Transport, the State Administration of Foreign Exchange, the State Administration of Radio, Film and Television, the Ministry of Justice, the Ministry of Agriculture and Rural Affairs, etc., have respectively proposed the use of blockchain technology to accelerate the development of applications in various fields. Many other provinces and cities have also continued to introduce new policies, most of which are special support policies for blockchain. It is expected to build more industrial parks and open up more government application scenarios. The direction is clearer - there are clearer details under the general direction of blockchain assisting the transformation and upgrading of traditional industries and empowering the digital economy. Application scenarios such as transportation, agriculture, intellectual property, and certificate storage have become the first batch of experimental directions. In terms of government affairs, it is an important breakthrough and has been implemented. Beijing City’s “innocent approval”, Jiangxi Province explores “blockchain + undocumented handling”, Fujian Province implements the “on-chain government affairs” project, and Gansu Province accelerates the construction of “Digital Gansu”.", Shandong and Hainan are all committed to e-government and other fields. It is foreseeable that the future blockchain e-government scenario is worth looking forward to. Legal basis: Article 3 of the "Blockchain Information Service Management Regulations" The National Internet Information Office is responsible for the national blockchain in accordance with its responsibilities The supervision, management and law enforcement of blockchain information services. The Internet Information Offices of provinces, autonomous regions and municipalities directly under the Central Government are responsible for the supervision, management and law enforcement of blockchain information services within their respective administrative regions. Article 4 encourages blockchain industry organizations to strengthen industry self-discipline and establish and improve The industry self-discipline system and industry guidelines guide blockchain information service providers to establish and improve service specifications, promote the construction of industry credit evaluation systems, urge blockchain information service providers to provide services in accordance with the law, accept social supervision, and improve the blockchain information service industry. The professional quality of personnel promotes the healthy and orderly development of the industry. Article 5 Blockchain information service providers shall implement information content security management responsibilities and establish and improve management systems for user registration, information review, emergency response, and security protection. Article 6 Blockchain information service providers should have technical conditions suitable for their services. For information content prohibited by laws and administrative regulations, they should have immediate and emergency response capabilities for publishing, recording, storing, and disseminating information. Technical solutions should comply with national standards. Relevant standards and regulations. Article 7 Blockchain information service providers should formulate and disclose management rules and platform conventions, sign service agreements with blockchain information service users, clarify the rights and obligations of both parties, and require them to promise to abide by legal regulations and platform conventions .
❹ What is the country’s policy on blockchain
Currently, the country has a recognized attitude towards blockchain technology and supports and encourages the research and development of independent blockchain technology. Yes, the country’s expectation for the blockchain industry is to be supported by specific implementation and application value. The future expectation for the blockchain is that the blockchain will become a breakthrough for independent innovation of core technologies. And the blockchain is legal, Blockchain is a term in the field of information technology. In essence, it is a shared database, and the data or information stored in it has the characteristics of being unforgeable, leaving traces throughout the process, traceable, open and transparent, and collectively maintained.< br>1. The composition of the blockchain system:
1. Data layer
2. Network layer
3. Consensus layer
4. Incentive layer
5. Contract layer
6 , Application layer
2. Types of blockchain
1. Public blockchain
2. Industry blockchain
3. Private blockchain
3. Characteristics of blockchain
1. Decentralization. Blockchain technology does not rely on additional third-party management agencies or hardware facilities. There is no central control. In addition to the self-contained blockchain itself, through distributed accounting and storage, each node realizes Information self-verification, transmission and management. Decentralization is the most prominent and essential feature of the blockchain.
2. Openness. The foundation of blockchain technology is open source. In addition to the private information of the transaction parties being encrypted, The data of the blockchain is open to everyone, and anyone can query the blockchain data and data through the public interface.Develop related applications, so the entire system information is highly transparent.
Legal basis:
"Civil Code of the People's Republic of China"
Article 123 Civil subjects enjoy intellectual property rights in accordance with the law. Intellectual property rights are the exclusive rights enjoyed by obligees in accordance with the law with respect to the following objects:
(1) Works;
(2) Inventions, utility models, and designs;
(3) Trademarks;
( 4) Geographical indications;
(5) Trade secrets;
(6) Integrated circuit layout designs;
(7) New plant varieties;
(8) Other objects specified by law
❺ Policies to promote the development of blockchain include
Legal analysis: On October 25, national leaders presided over a collective learning meeting of the Political Bureau of the Central Committee and listed blockchain as an independent innovation An important breakthrough in technology.
In the 19 days since then, local governments have issued a total of 44 related policies to encourage the development of blockchain, involving 20 provinces.
Government affairs, medical care, finance and smart cities have become the areas where local governments value blockchain implementation most.
In the process of actively promoting the implementation of blockchain, local governments are also trying to combine their own advantages and local characteristics. For example, in Shanxi, energy has become a key area for blockchain implementation.
Legal basis: "The Fourteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Outline of Long-term Goals for 2035" Article 3 Strategic Orientation To promote high-quality development during the "14th Five-Year Plan" period, we must be based on the new development stage , implement new development concepts and build a new development pattern. Grasping the new development stage is the realistic basis for implementing the new development concept and building a new development pattern. Implementing the new development concept provides an action guide for grasping the new development stage and building a new development pattern. Building a new development pattern is to respond to the opportunities and challenges of the new development stage. , strategic choices to implement new development concepts. We must persist in deepening supply-side structural reforms, lead and create new demands with innovation-driven, high-quality supply, and improve the resilience of the supply system and its adaptability to domestic demand. We must establish an effective system to expand domestic demand, accelerate the cultivation of a complete domestic demand system, strengthen demand-side management, and build a strong domestic market. We must unswervingly advance reform, break down institutional obstacles that restrict economic circulation, and promote the circulation of production factors and the organic connection between production, distribution, circulation, and consumption. We must unswervingly expand opening up, continue to deepen openness based on the flow of factors, steadily expand openness based on institutions, and rely on the domestic economic cycle system to form a strong gravitational field for global factor resources. It is necessary to strengthen the leading role of the domestic general cycle, improve the efficiency and level of the domestic general cycle with the international cycle, and realize the mutual promotion and advancement of the domestic and international dual cycles.
❻ Governor of the Central Bank of Chile: CBDC monetary policy channels may be faster and more powerful, but blockchain is not necessary
According to foreign media reports, during a panel discussion at the OECD Global Blockchain Policy Forum last week At the meeting, Mario Marcel, Governor of the Central Bank of Chile, delivered a briefing entitled “Senior Central Bank Digital Currency Policy Brief”Group Discussion" speech. In the speech, Marcel said that a central bank digital currency (CBDC) can provide additional flexibility during periods of unconventional monetary policy. He also said that while a central bank digital currency may have many benefits, it does not necessarily require Blockchain.
Mario Marcel believes that disruptive financial technologies such as Bitcoin and other cryptocurrencies solve some gaps in traditional finance, which can be roughly divided into five categories: Access , speed, cost, transparency and security. At the same time, distributed ledger technology can provide some benefits that traditional currency technology cannot provide. Not only that, because there is now a central bank’s real-time gross settlement (RTGS) system, the central bank’s digital currency itself does not It’s a novel concept. He explained that blockchain technology may be more useful when participants who don’t trust each other need to access a ledger of information, but when a central bank issues currency in physical or digital form, trust is already a factor. “Given”.
In addition, Mario Marcel also took the digital currency of the Central Bank of Uruguay as an example. The country’s central bank digital currency called “e-Peso” is not based on blockchain. Chained. Interestingly, the Central Bank of Chile is exploring other use cases for blockchain, such as bonds. Mario Marcel said that the Central Bank of Chile has cooperated with the country’s Central Securities Depository (CSD) to explore the issuance of blockchain The feasibility of chain bonds is expected to be released in November.
He also pointed out that distributed ledger technology and central bank digital currency can "improve market efficiency" and in an "unconventional" monetary policy environment, These digital currencies can be more flexible and can provide the central bank with more intervention tools and reduce the risk of bank runs. But at the same time, he also pointed out that central bank digital currencies do not necessarily require blockchain, but in a world with central bank digital currencies, monetary policy channels May be faster and more powerful.
❼ What is the recent policy of the country’s most virtual currency exchange?
The country’s policies and regulations on virtual currency transactions: strict supervision, expressly prohibited: June 2018 In March, at the joint ministerial meeting on illegal fund-raising, the People’s Bank of China stated that it would severely crack down on “virtual currency” related activities suspected of illegal fund-raising, targeting ICOs and Bitcoin and other virtual currency exchanges suspected of illegal fund-raising and illegal securities activities. , the central bank, together with relevant departments, issued timely announcements to clarify its attitude, warn of risks, and deploy local rectification measures.
·In August 2018, the China Banking and Insurance Regulatory Commission, the Central Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the Market The State Administration of Supervision issued the "Risk Tips on Preventing Illegal Fund-raising in the Name of "Virtual Currency" and "Blockchain", emphasizing that under the banner of "financial innovation" and "blockchain", through the issuance of so-called "virtual currency" and "virtual assets" "Activities that absorb funds through "digital assets" are actually using "financial innovation" as a gimmick. They are Ponzi schemes of "borrowing new and paying back old", and it is difficult to maintain long-term fund operation. China now has very strict policies on virtual currencies and explicitly prohibits them. .seeadoption.
❽ The development status of the global blockchain industry in 2021 is based on both the global perspective and the domestic perspective
As an emerging information technology , the blockchain will continue to develop in depth in 2021, with continuations and breakthroughs in regulatory policies and applications. Related NFTs, Metaverse, and central bank digital currencies are ushering in an explosion.
In the era of digital economy, it is particularly important to grasp the development and development trends of blockchain. This article will start from two perspectives: a global perspective and a domestic perspective
(1) Global perspective: the blockchain industry is growing in leaps and bounds, and the track in emerging fields is hot
1. Blockchain has become a multinational strategy, and cryptocurrency policies are polarized
2. Blockchain spending grows, with banking industry spending leading
Blockchain and other distributed ledger technologies have shown great potential in improving the efficiency of business operations and creating new ways of delivering value, across industries and Companies are implementing these technologies and integrating them into existing infrastructure and industry plans. According to Statista, global spending on blockchain solutions is expected to reach $6.6 billion in 2021. Forecasts indicate that spending on blockchain solutions will continue to grow in the coming years, reaching nearly $19 billion by 2024
3. NFT, cryptocurrency, and the metaverse are booming
In 2021, new models and new business formats based on blockchain will continue to emerge. Among the hot words of 2021 announced by Collins Dictionary, NFT ranked first on the hot word list, and the words Metaverse and Crypto were also shortlisted for the list.
Starting in March 2021, NFT has experienced explosive growth. The full name of NFT is Non-Fungible Token, and the Chinese expression is non-fungible token. NFT is a data unit stored on the blockchain. It uses photos, videos, audios and other types of digital files as underlying assets, and supports the verification of the authenticity and uniqueness of the underlying assets.
4. More than 90% of the world’s economies are exploring central bank digital currencies
(2) Domestic perspective: The blockchain industry is making steady progress, and the digital renminbi has achieved gratifying results
1. Promote the development of blockchain technology and rectify virtual currency transactions and "mining" activities
2. The number of registered blockchain companies continues to rise, and the industry is about to enter a "steady recovery period"
3. The digital renminbi is in full bloom, and three major challenges need to be overcome
❾ Technical Economics Observation | The Brookings Institution of the United States: Policy and technical considerations in the design of central bank digital currencies
Today, various new payment methods are emerging, the use of cash has dropped sharply, and privately issued currencies are proliferating. In order to maintain financial stability, improve payment system efficiency, and expand financial inclusion, central banks around the world are actively exploring, evaluating and even piloting CDBC. Since central bank digital currency involves multiple entities such as the public, commercial banks, and central banks, and needs to meet multiple goals such as privacy, security, and compliance, its design is an extremely complex project that requires careful research and evaluation. What are the potential impacts of CDBC on the economy, society and international relations, and what security risks exist; what are the technical challenges in CDBC system design, and what are the opportunities for integration with new technologies; and how to formulate appropriate legal policies to mitigate new technologies and financial systems The potential risks of change and balancing innovation and regulatory requirements are common concerns for central banks around the world. The report "Policy and Technical Considerations in the Design of Central Bank Digital Currency" released by the Brookings Institution in the United States provides enlightenment on the above issues.
1. Potential benefits and risks of central bank issuance of CBDC
There is currently no unified definition of CBDC, which usually refers to legal digital currency issued in electronic form by the central bank. The main motivations for central banks in various countries to issue CBDC include improving payment efficiency, maintaining the stability of the monetary system, expanding financial inclusion, and avoiding illegal activities such as money laundering. The potential benefits and risks of the central bank issuing CBDC include:
1. Potential benefits
The potential benefits of the central bank issuing CBDC include: reducing currency costs, improving transaction efficiency and stability, such as achieving instant payments; bring more economic activities into the tax range to expand the tax base and limit tax evasion; use the traceability of digital transactions to reduce illegal activities such as money laundering and terrorist financing; new monetary policy tools such as nominal negative interest rates can be introduced; develop financial popularization Benefits, expanding the scope of financial services, etc.
2. Potential risks
Potential risks of the central bank issuing CBDC include: accelerating the disintermediation of the banking system; improper government intervention will hinder private sector innovation, but without central bank coordination, there may be Systemic risks and incompatibility issues; without supporting regulatory measures, financial innovation may bring financial risks; there are potential privacy leaks in new data forms; there may be technical loopholes in the system that affect information security; transaction exchange rate fluctuation risks and cross-border capital Liquidity risks may increase, etc.
2. Main contents of CBDC design and technical challenges faced
The report covers ledger infrastructure, account and identity management, digital wallets, privacy and transparency, smart contracts, and security hardware Six aspects introduce the main content of CBDC design, as well as the technical challenges and opportunities faced.
1. Ledger infrastructure
The design focus of CBDC is to ensure information security, usuallyThese include confidentiality (not leaking information), integrity (correct storage and calculation), and availability (quick response). Ensuring information security relies on distributed and decentralized system design. Among them, distributed systems mainly include distributed ledgers and a group of devices that use state machine replication or consensus algorithms to collaboratively maintain transaction history. Decentralized systems refer to systems composed of composite devices that are not controlled by a single central organization. They usually include separation of roles (different roles are responsible for different processes) and decentralized trust (one role is filled by multiple organizations, and each organization only serves a part of the users). and threshold trust (requires collective authorization by multiple authorities). Based on the degree of centralization of distributed ledgers, they can be divided into several types such as centralized ledgers, centralized but verifiable ledgers, semi-centralized ledgers, and decentralized ledgers. Centralized or semi-centralized ledgers are beneficial for central bank control and fault repair, but may involve private tampering and information leakage, which is detrimental to public trust. The report points out that based on comprehensive considerations of information security and privacy, the central bank should maintain the ability to control, change or reset transactions, so a centralized but verifiable ledger is a feasible solution.
2. Account and identity management
Who is responsible for managing accounts and verifying identities is the primary issue in CBDC design. Potential management methods include using cryptocurrency accounts to avoid unified management, delegating management tasks to commercial banks through cryptocurrency exchange custody and central banks. Digital identity verification methods include online video verification, verifying identity agent information, biometric identification, through social trust networks, and self-selected identity proofs. The report compares and analyzes different managers and identity verification methods, and points out that it is more reasonable to adopt a two-tier architecture and have the central bank authorize commercial banks to manage accounts, but appropriate incentives need to be provided to promote managers to protect account privacy and security. Innovation; existing methods of identity verification through online videos, biometric identification, social trust networks, and self-provided certificates are still insufficient in terms of security and cannot be applied to financial scenarios such as CBDC.
3. Digital wallet
Digital wallet is a software application for users to interact with CBDC. It needs to focus on the design content of user authentication, transaction authentication and user interface. Currently, there are major technical challenges in overcoming single points of failure, key storage management, and protecting transaction privacy.
4. Privacy and Transparency
There is a natural opposition between privacy and transparency. Cryptocurrencies such as Bitcoin do not assume the functions of ensuring financial stability and preventing criminal activities, but CBDC needs to provide users with appropriate privacy protection while also providing necessary information to audit and law enforcement agencies so that they can track the flow of funds and fight crime. . The report points out that central banks should choose an appropriate middle ground based on their national cultural environment and build a system that takes into account privacy protection and enforcement compliance. Related available technologies include zeroKnowledge proof, privacy protection monitoring, etc., but generally have limitations.
5. Smart contracts
Digital currency can use smart contracts to achieve functional expansion, but there may be potential risks such as coding errors and hacker attacks. In program analysis and verification, transaction reversibility and There are technical challenges in terms of being able to revise and handling concurrent transactions, which require restrictions on the smart contract language. The report pointed out that a CBDC design using a two-layer architecture may be more effective, that is, the central bank issues digital certificates to commercial banks, and commercial banks maintain digital wallets and define smart contract languages. But this involves chain-to-chain asset transfers, so a lot of research and development work is devoted to developing cross-chain interoperability protocols.
6. Secure Hardware
"Secure hardware" generally refers to a computing environment designed to protect data and calculation results, and can be used to execute secure applications and protect data and execution processes from Isolation from other untrusted computing platforms. The report introduces representative applications such as Trusted Execution Environment (TEE) and External Security Hardware Module (HSM), and points out that current security hardware technology has problems such as side-channel attacks, physical tampering, the need to implicitly trust suppliers, and vulnerability to complete destruction. , it is more suitable as a supplement to other protection technologies and a system enhancement tool.
3. Legal factors to be considered in CBDC design
The report introduces jurisdiction, compliance, privacy protection, processing errors or fraudulent transactions, and liens that should be considered in CBDC design. rights, traceability, taxation and other general legal issues and existing regulations.
In terms of jurisdiction, the specific legal requirements for CBDC depend on the jurisdiction and must be incorporated into its domestic legal system;
In terms of compliance, existing anti-money laundering and combating terrorism ( Whether the general prohibitions (such as the U.S. Money Laundering Control Act), reporting disclosure requirements (such as the U.S. Bank Secrecy Act) and anti-circumvention rules in AML laws apply to CBDC, carefully choose weak authentication, non-traceability, etc. with AML Technical design that is incompatible with regulations;
In terms of privacy, the balance between user privacy and law enforcement needs is mainly considered. Reference is made to existing privacy laws on the conditions for allowing financial institutions to disclose customer information, which usually include purpose restrictions, Disclosure object restrictions, data format restrictions, etc.;
In terms of handling erroneous or fraudulent transactions, the main consideration is how to prevent and correct erroneous transactions, including principal-agent issues, fake authorization issues, and correcting unintentional errors, requiring CBDC to retain The administrator has the right to modify, has an interface to apply laws and verify legal commands, and can report system status in a timely manner;
In terms of liens, consider how to treat CBDC and related digital assets as collateral, and how to Issues of creating, recovering and canceling liens;
In terms of taxation, the main consideration is how to characterize CBDC andClarify its tax classification and the valuation method of CBDC as a tax base.
CBDC design needs to consider the limitations of existing laws, while specific legal requirements require careful consideration of technical regulations in CBDC, which may promote supportive legislation. Currently, the hybrid two-layer CBDC design is easiest to meet existing legal requirements, that is, commercial banks serve as the main interface between users and CBDC to manage digital wallets and related transactions for individuals and entities, but it cannot ensure personal account privacy and may Technical issues such as incompatibility of different interfaces.
4. Related Practices
The report outlines the technical design of Libra and digital renminbi to provide use case reference for CBDC design.
1. Libra
Libra is a digital currency that has not yet received regulatory approval and is being prepared to be issued by the Libra Association led by Facebook. It will play a role in promoting the construction of CBDC in various countries. Libra plans to produce a stable currency for a single currency, using 1:1 real assets as reserves and guarantees (called Libra reserve assets). Users with limited commitments can exchange their Libra holdings for local legal currency at any time; the Libra Association will also A platform-specific cryptocurrency, called ≋LBR, is created with a fixed ratio in combination with single-currency stablecoins, managed through smart contracts, and designed to be used for cross-border settlements. Its core technologies currently include Byzantine Fault Tolerance (BFT) ledger blockchain, Move programming language, and consensus protocol LibraBFT.
2. Digital RMB
China is the first major economy to experiment with a sovereign digital currency. Its digital renminbi (DC/EP) is intended to be used as a legal tender to replace cash, adopting the "central Bank-commercial bank” two-tier structure. DC/EP first transfers between the central bank and commercial banks, that is, issuance and withdrawal; then it is transferred from commercial banks to residents and enterprises. DC/EP also adopts the "one currency, two treasury, three centers" operating framework. "One currency" refers to the DC/EP issued under the guarantee of the central bank, "two treasury" refers to the central bank's issuance treasury and commercial banks, and "three centers" Refers to DC/EP including registration center, certification center and big data analysis center. In addition, China’s patents related to digital currency include “controlled anonymity” that hierarchically sets access permissions for users and banks, hierarchical account command and control architecture, and digital wallets incorporating security hardware technology.
The report finally pointed out that the potential benefits and risks of CBDC are very complex, and its design should comprehensively consider financial, legal and technical factors. Each country should consider its own specific circumstances and initial conditions in these aspects, Determine whether the potential benefits of introducing a CBDC outweigh the costs.
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