中央银行与区块链的关系,中央银行区块链数字货币

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A. Is blockchain technology the way out for the central bank’s digital renminbi?

Digital renminbi is a legal currency endorsed by the state. It has been the focus of people’s attention since the concept was born. .

At present, the digital renminbi has basically completed top-level design, standard formulation, functional research and development, joint debugging and testing. It is understood that the digital currency will first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu and future Winter Olympics scenes.

If all goes well, we will be able to unveil digital currency in 2022.

Recently, Yi Gang, Governor of the People's Bank of China, made it clear that there is no preset technical route for digital RMB research and development work, and it can compete fairly in the market to select the best. , either blockchain technology can be considered, or new technologies evolved on the basis of existing electronic payments can be adopted to fully mobilize the enthusiasm and creativity of the market.

In other words: Blockchain is a technical route considered in the research and development of digital renminbi, but it is by no means the only option.

Digital RMB and Bitcoin

Blockchain is the underlying technology of Bitcoin .

Like Bitcoin, digital renminbi realizes point-to-point payment through smart contracts. It has strict procedures for cross-verification and is not easy to be forged; < /p>

Although they are both virtual currencies, the difference is that digital currency is a legal currency used for circulation and has legal effect; Bitcoin is a virtual asset and has investment value. .

Digital RMB and Blockchain

Although blockchain is not the only option, blockchain technology has strong competitiveness.

The digital renminbi adopts a two-tier operation system, that is, the People's Bank of China does not directly issue and exchange central bank digital currency to the public, but first exchanges the digital renminbi to designated operating agencies, which are then redeemed to the public. Operating institutions need to pay 100% reserves to the People's Bank of China. This is the 1:1 exchange process.

On July 28, the Agricultural Bank of China issued an announcement saying: Agricultural Bank of China Financial Technology Co., Ltd. (hereinafter referred to as "Agricultural Bank of China Financial Technology") was established through a subsidiary. ) was formally incorporated in Beijing, with its registered capitalThe original value is RMB 600 million.

According to the announcement, the business direction of Agricultural Bank of China Jinke is mainly to use financial technology to carry out technological innovation , software research and development, product operations and technical consulting. In the recruitment announcement issued by Agricultural Bank of China Jinke, the author found that there is a position in software research and development: blockchain research and development engineer.

The main responsibilities are: blockchain technology application research, project construction and optimization work, and promoting blockchain-based Chain banking business expansion and business optimization, and provide solutions.

From these actions, it can be seen that blockchain technology is one of the key technologies for banks to develop. No matter what the final digital renminbi will be, the area Blockchain technology will promote our continued progress and development.

Author of the article: Xiaolian Finance Dashi

B. Blockchain companies cooperate with central banks of many countries to develop CBDC central bank digital currency adoption areas Blockchain becomes possible

As we all know, the legal digital renminbi uses a centralized ledger based on the UTXO model, which is maintained and managed by the People's Bank of China. This is consistent with the decentralized distributed ledger as the core mechanism. One of the blockchain technologies does not match. The use of blockchain technology advantages by blockchain technology companies to participate in the central bank digital currency (CBDC) is a new breakthrough and new application of blockchain technology.

ConsenSys participates in CBDC research and development

It is reported that ConsenSys has released the "Blockchain Solution for Central Bank Digital Currency (CBDC)" on its official website. The article stated that digital currency can provide Cheaper cross-border remittances, improved inter-bank payment settlement and accelerated retail market innovation, etc. If central banks do not issue their own digital currencies, it will lead to markets relying on "private payment tokens", potentially creating a risk of failure and financial problems for private entities, as private tokens may not be available to everyone, Central bank digital currencies will bring risk-free, widely used alternatives.

Charles d'Haussy said that in 2016, ConsenSys began to work on CBDC through cooperation with the Singapore Monetary Authority and the South African Reserve Bank, and also gradually developed cross-border payment technology business. "Building on this foundation, we are exploring a larger concept - 'programmable money', which can be supported by any CBDC with a token architecture. CBDC is a perfect iteration of electronic cash that can improve the utilization of central bank funds. efficiency to ensure a more efficient value chain."

In addition, ConsenSys recently released a compliance service to help exchanges and decentralized finance (DeFi) projects identify trading activities in tokens issued by Ethereum that may be related to criminal activity. Lex Sokolin, co-head of global fintech at ConsenSys, said, “More and more people are building decentralized applications, which is part of the puzzle. What we are trying to do is make activities on decentralized financial infrastructure more Safe, transparent and easier to track."

With its strong blockchain technology background, ConsenSys has participated in the research and development of central bank digital currencies in countries such as Australia, France and Thailand, which may integrate blockchain technology with CBDC become possible.

The feasibility of using blockchain technology for CBDC

Regarding the question of whether blockchain, which features a decentralized distributed ledger, can be combined with a centralized central bank digital currency Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, pointed out that whether CBDC adopts blockchain technology is still controversial. A typical view is that the decentralization of blockchain conflicts with the centralized management of the central bank, and it is not recommended for CBDC to adopt it. The technology.

However, blockchain technology is developing at an unprecedented speed and is deeply integrated with various mainstream technologies. Therefore, no matter from a technical perspective or a business perspective, the blockchain in real applications is in line with the "original teachings". The understanding of "ism" is different. How to use blockchain technology to better serve distributed operations under centralized management may be the current direction that CBDC needs to focus on exploring.

Yao Qian believes that although the technical characteristic of blockchain is that it does not rely on central institutions, it does not mean that it cannot be incorporated into the system of existing central institutions. As long as it is properly designed, the central bank can just use it Blockchain effectively integrates distributed operations and better realizes centralized management and control of CBDC. There is no inevitable conflict between the two. As an emerging technology that may become the future financial infrastructure, blockchain helps achieve distributed operations without affecting centralized management for the dual model of central banks and commercial banks. Bottom-up "exchange" can formulate a new CBDC implementation plan, which also achieves the goal of "centralized management and control, distributed operation".

A digital currency research project announced by the Reserve Bank of Australia is exploring the potential use and impact of a central bank digital currency (CBDC) using distributed ledger technology (DLT).

Under the project, Australia will develop a proof of concept for issuing a CBDC in the form of a token that market participants will be able to use for financing, settlement and repayment on an Ethereum-based DLT platform. Tokenized syndicated loans. The project is expected to be completed around the end of 2020, and various project participants plan to release a thematic report on the project and its key findings in the first half of 2021.

C. The establishment of financial sovereignty, look at the difference between central bank digital currency and blockchain coins such as Bitcoin

In recent months, central bank digital currency testing has been in full swing, especially The sudden explosion of the CCB App digital wallet on the 29th has pushed the central bank’s digital currency to unprecedented popularity.

Many people will think that since the central bank's digital currency will be launched soon, have blockchain-based currencies, such as Bitcoin, Ethereum, etc., also reached the practical stage? Will it be recognized in the country?

The answer is no, because there is an essential difference between the central bank's digital currency and the blockchain digital currency. It is even said that there is no relationship at all, and many principles are opposite. The main differences are as follows:

1. Central bank digital currencies are centralized, while blockchain coins are decentralized.

This can be said to be the fundamental difference. The essence of the development of blockchain coins is decentralization, that is, no one person or organization can control the blockchain network, and all participants jointly maintain the entire area. Blockchain; the central bank’s digital currency is organized by the central bank. The central bank is the center and is responsible for managing all related technologies and businesses.

2. The central bank’s digital currency is real-name, while the blockchain currency is anonymous.

This is the second biggest difference. Because of its anonymity, blockchain currency has become a hotbed for organized crime. Various blackmails and threats also require ransom to be paid in blockchain currency, because It is anonymous and cannot trace the real user. The central bank’s digital currency requires real-name authentication, and all users can be found without fear of being used for bad things.

3. Central bank digital currencies are guaranteed by legal payment, while blockchain coins are not guaranteed.

This is also the biggest risk of blockchain coins. You can say that a Bitcoin is worth 10,000 yuan, or you can say that it is not worth a penny. And in terms of the rigidity of redemption, it is just a bunch of numbers. Of no value. The central bank’s digital currency has a one-to-one correspondence with banknotes and can be exchanged for banknotes if necessary.

4. Central bank digital currency can be paid offline, while blockchain coins must be used online.

The central bank’s digital wallet supports online and offline payments, and can be used directly even without an Internet connection, which greatly expands the scope of application. Blockchain coins are more troublesome to use. Not only do they have to be used online, most also require the installation of a dedicated client, increasing the difficulty of use.

5. Central bank digital currencies support high concurrency, while blockchain coins have transaction speed limitations.

The nature of blockchain currency determines that its transactions are inefficient. If a high transaction speed is to be achieved, cost and security are difficult to guarantee. The central bank’s digital currency is not based on blockchain and may be used in some scenarios, but it does not require blockchain to ensure it, so it can achieve the same level of traditional electronic transactions.Speed, even if people across the country use electronic money, it can still meet transaction requirements.

From this we can see that central bank digital currency not only has nothing to do with blockchain currency, we can even say that central bank digital currency is the opposite of blockchain currency and will not endorse blockchain currency. , and even basically announced that it is impossible to use any blockchain currency in China.

D. Is it a good idea for the central bank to establish a "blockchain bank"?

Theoretically, this is a good idea, which can better regulate people's use of blockchain technology.
From the perspective of blockchain technology development, it can be divided into three stages: the first stage is the application of digital currencies such as encrypted currency, transfers, remittances and digital payment systems; the second stage is encrypted stocks and bonds , futures, loans, smart assets and smart contracts and other broader asset target applications; the third phase will be applied in government, health, science, culture and art, etc. At present, the application of blockchain technology is only in the process from the first phase to the second phase. Currently, blockchain banking services include: 1. P2P cross-border payment and remittance for point-to-point transactions, trade settlement, and securities, futures, and financial derivatives Contract sales, etc. 2. Registration. Blockchain has a reliable database to record various information, and the stored anti-money laundering customer identity information and transaction records are credible and traceable. 3. Confirm rights. Procedures such as the identification of rights in registration and transfer matters in the equity legal system can be realized through blockchain technology. 4. Intelligent management. Since the "smart contract" can automatically detect the validity and meet the program conditions, the contract will automatically process interest payments and dividends, avoiding the risk of credit default caused by human intervention. GSN Social Bank - the establishment of decentralized credit
Theoretically speaking, the credit establishment mechanism of blockchain is likely to be lower than the establishment cost of centralized credit in terms of global costs. This is in line with The trend of global market evolution!

The significance of GSN social banking is to establish a distributed, point-to-point, open and transparent trust system with technical guarantee. As a global distributed database, GSN stores data blocks generated using cryptographic methods. Each data block contains information about each network transaction and is used to verify the validity and authenticity of the information.

GSN delivers value through technical architecture, making every transaction recorded absolutely credible and non-tamperable. From this point of view, the subversive significance of GSN lies in the establishment of a decentralized, open and transparent trust system guaranteed by technology. GSN no longer relies on a central node, but automatically realizes trust and delivers value through the technical architecture. This is the advantage of GSN.

E. Central banks around the world are deploying digital currencies one after another. What is the payment principle for digital currencies?

Central banks around the world are deploying digital currencies one after another. The payment principle for digital currencies is blockchain. technology.

1. Digital currency payment principleIt is through a unique digital key;

2. With decentralized blockchain technology, no one can control other people’s digital keys;

3. The use of digital currency can allow the country to Monitor the flow of funds and solve practical problems of the people.

The continuous popularization of the Internet has made everyone aware of the power of technology. As a hot industry in recent years, digital currency has attracted more and more people's attention. Central banks around the world are deploying digital currencies. The payment principle of digital currencies is actually to use digital passwords in blockchain technology. These digital passwords are the only ones that exist. Payments are made through this unique digital key. Blockchain technology is the way to go. With centralized technology, no one can control these currencies, but blockchain technology can track every consumption record, and digital currency payments can allow the country to monitor the flow of funds, thereby analyzing people's supply and demand and solving real life problems for people.

The country can monitor the flow of funds through digital currencies, and can summarize and summarize the main destinations of these currencies, so as to better solve the practical problems in people's lives. This is also the case for central banks around the world. The reasons why they are deploying digital currencies one after another.

F. What are the development prospects of the central bank’s digital currency DCEP?

The development prospects of the central bank’s digital currency DCEP are worthy of attention and expectation. On the one hand, DCEP uses blockchain technology to realize the issuance, circulation and transaction of digital currency, which is fast, convenient and safe. It can provide the people with more convenient and efficient payment methods, and can also promote the innovation and development of the financial system. On the other hand, the development of central bank digital currency also faces some challenges, such as how to balance the concerns of various aspects such as technology, law, and supervision, and how to unify and coordinate with the existing financial system.

In general, the development of central bank digital currency DCEP has many potentials and opportunities, and is expected to bring new development opportunities and changes to the financial and economic systems. But at the same time, it also requires the joint efforts of the government, financial institutions and other parties to strengthen the standardization of late letter management and technical support and promote the popularization and development of DCEP.

G. Is there any relationship between central bank digital currency and cloud data trade?

There is no direct relationship between central bank digital currency and cloud data trade.

Central Bank Digital Currency (CBDC) refers to a digital currency issued and managed by the central bank, using technologies such as blockchain to realize the digitization of monetary forms. Cloud Data Trading refers to a digital asset trading platform based on financial technologies such as blockchain technology and digital currency. It is an asset trading platform based on blockchain.

Although central bank digital currency and cloud digital currency both involve blockchain technology and digital currency, their nature and application scenarios are quite different. Central bank digital currency is a digital form of legal tender issued and managed by the central bank. It is designed to strengthen the implementation of monetary policy and the effectiveness of financial supervision. Cloud Digital Currency is a digital asset trading platform that provides digitalAsset trading, savings, loans and other services are an important direction for the development of the digital economy.

Of course, with the rapid development of digital economy and blockchain technology, central bank digital currency and cloud digital trade may also intersect in some aspects in the future, but there is currently no obvious connection between the two. direct relationship.