雄安区块链资金管理平台,雄安区块链项目管理平台
雄安区块链技术，近几年来迅速发展，已经成为当今社会经济发展的热点之一。雄安区块链资金管理平台和雄安区块链项目管理平台，是雄安区块链技术发展的重要组成部分。今天，就让我们一起来了解一下三个与雄安区块链技术相关的关键词：去中心化、可信计算和智能合约。
去中心化是指在块链系统中，没有中心化的控制机构，而是由网络中的每个节点共同参与控制。雄安区块链资金管理平台和雄安区块链项目管理平台都属于去中心化的系统，每个节点都可以参与其中，由网络中的每个节点共同完成资金管理和项目管理的任务，从而更加公正、可靠。
可信计算是指在块链系统中，所有参与者都可以信任的计算方式。雄安区块链资金管理平台和雄安区块链项目管理平台都采用可信计算的方式，每个参与者都可以安心参与，每个参与者的操作都可以被其他参与者监督，从而确保资金和项目的安全性。
智能合约是指在块链系统中，用于实现自动执行的计算机程序。雄安区块链资金管理平台和雄安区块链项目管理平台都采用智能合约的方式，可以实现自动执行，从而确保资金和项目的正常运营，节省人力成本，提高效率。
总之，去中心化、可信计算和智能合约是雄安区块链技术发展的三个重要关键词，雄安区块链资金管理平台和雄安区块链项目管理平台都采用了这三个关键词的技术，从而实现了资金和项目的安全、可靠的管理，为社会经济发展做出了重要的贡献。
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Ⅰ Xiongan has built a "digital forest". How is the regional chain integrated into everyone's lives?
Since the establishment of Xiongan New Area in 2017, it has It’s five years old. At present, Xiongan New Area is vigorously promoting intelligence. If you take a walk in Xiongan New Area, we can see all kinds of conveniences brought by intelligence and digitalization everywhere. Now you can start from a few Have a little feel for it.
In addition to convenient shopping and digital forests, the urban construction of Xiongan New Area is also worth mentioning. Each area has a convenient service center. The convenience service center relies on full digitalization. For example, the information of every steel beam constructed in our city can be verified on the digital platform. They use this digital concept and digital construction to comprehensively build the quality of Xiongan New Area and provide better technical support for the upcoming upgrade and development of Xiongan New Area.
Ⅱ "Digital Solution" Central Bank Digital Currency CBDC, new contribution from Algorand
Currently, China's digital RMB 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 Professor Silvio Micali, Turing Award winner and cryptography pioneer, has been The Republic of the Marshall Islands selected the blockchain infrastructure to issue the world’s first central bank digital currency and 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 thosePeople 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, associate professor at the University of Cape Town, South Africa, 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 degree, and visited MIT, Princeton University, Oxford University and Columbia University.
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 for issuing CBDC: discussing issuanceThe economic impact of a CBDC ranges 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 Dr. Georg, in a recent interview with the media, believed: "Commercial banks really should not regard digital fiat currencies as a threat" and "central bank digital currency is providing a lifeline to commercial banks."
For large technology companies, the Georg, who currently serves as chairman of the Financial Stability Research Group of the South African Reserve Bank, believes that "commercial banks have indeed regressed, and they will be afraid of technology giants."
Just as central banks have viewed blockchain-based, fiat-currency-linked stablecoins as a potential threat to regulating the economy, commercial banks have also realized that if Facebook’s Libra survives, “as we know it "That would be the end of the banking industry," Georg said. "It would be an entity without financial regulation, with 2.3 billion customers and more cash than JP Morgan Chase Bank's market capitalization. How will banks, including U.S. banks, compete with It competes? 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 thank the central bank for providing a lifeline in terms of public infrastructure. They can all come together, they can compete, and importantly, they can compete with technology companies." Competition."
"When you talk to a lot of the players in the market, they see CBDC as a way to sell it to China.A central bank product," Georg said. "It's 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 that an unnecessary fight is that some in the banking community view blockchain-based CBDC as real-time Competitors to settlement systems.
"The existing payment system works well," he said, and is cheap and reliable. Never failed. However, real-time settlement systems do 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, this space is clearly There's potential.
"If you can bring it into public infrastructure, assuming it's well regulated and maintained by trusted institutions, then this new kind of 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 make sure that no one in the system can copy the data, and the secret superpower of blockchain is 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 digital payments were introduced. "Because of the support of technology, "Blockchain can indeed promote new business models. ”
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Ⅲ In which cities are digital currencies being tested and why are these cities chosen?
In early 2014, the People’s Bank of China established a special research group on legal digital currencies to demonstrate the feasibility of the central bank’s issuance of legal digital currencies. sex. On January 29, 2017, the central bank officially established the Digital Currency Research Institute. After successfully developing a legal digital currency prototype, the Central Bank Digital Currency Research Institute attempted to deploy institutions in multiple locations across the country and realize financial development technology research results through integration with R&D institutions and industries. In 2018, the Central Bank’s Digital Currency Research Institute settled in Nanjing and Shenzhen. In 2019, the central bank’s digital currency publicly announced that it would be piloted in Shenzhen, Suzhou, Chengdu, and Xiongan.
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Shenzhen has supported digital currency research since 2016.
On October 6, 2017, the Xiongan New Area Management Committee held a special meeting to study the big data management system and mechanism and "digital The basic idea of the construction of "Xiongan" and fully promote the construction of "Digital Xiongan". Not long after the meeting was held, various companies took notice and worked hard to build Xiongan New Area into a "testing ground" for innovation.
On October 14, 2017, Peng Yijie, vice president of Ant Financial and partner of Alibaba Group, and his delegation went to Xiongan New Area to report on the blockchain construction plan. Peng Yijie’s evaluation of Xiongan New Area was: building blocks The best soil for the chain. On November 8 of the same year, Xiongan New Area held a matchmaking meeting with Alibaba Group. Alibaba and Ant Financial will undertake the construction of the digital Xiongan blockchain infrastructure platform and are expected to be the first to test the waters in the rental scenario.
On November 23, 2017, Tencent and Xiongan New Area signed a financial technology strategic cooperation agreement. The two parties established the Tencent (Xiongan) Financial Technology Laboratory to pilot a big data risk control system in the new area, based on Tencent Cloud’s blockchain services and other financial black technologies.
On April 21, 2018, Hebei Xiongan New Area released the "Hebei Xiongan New Area Planning Outline" proposing to develop high-end high-tech industries and advance the development and testing of blockchain, terahertz, cognitive computing and other technologies. . Blockchain was written into the "Hebei Xiong'an New Area Planning Outline". A technology with far-reaching influence and far-reaching influence began to grow together with a rising digital city that shoulders a historical mission.
On June 8, 2018, China Academy of Information and Communications Technology and Xiongan New Area signed a strategic cooperation agreement. The two parties will build science and technology in the field of information and communications in Xiongan New Area.Research base, providing all-round support services such as development strategic planning, standards and policy formulation for the construction of the new area, focusing on building a Beijing-Tianjin-Hebei high-tech industry in the fields of 5G, industrial Internet, artificial intelligence, blockchain, network security, military-civilian integration, and Internet of Vehicles. A comprehensive service platform for technological innovation and a mass entrepreneurship and innovation demonstration base to promote industrial innovation and development.
On June 28, 2018, Xiongan New Area and 360 Group officially signed a strategic cooperation. 360 Group will give full play to its advantages in network security, big data, artificial intelligence, blockchain and other technical fields, Provide comprehensive network security services to build a safe and reliable "Digital Xiongan".
On July 23, 2018, China Xiongan Group signed a memorandum of understanding with the blockchain technology company ConsenSys. ConsenSys founder Joseph Lubin and others proposed to China Xiongan Group on how to use blockchain technology. Suggestions, hoping to apply its knowledge and experience in the blockchain ecosystem to Xiongan’s projects and support Xiongan’s innovative development model.
On December 21, 2018, Bank of Communications Hebei Xiongan Branch was unveiled. The branch will rely on the professional R&D team and strong R&D strength of the head office, and rely on financial business processing, artificial intelligence, blockchain, big data, cloud computing and other financial technology platforms to continuously innovate financial business models and contribute to building a green and smart Xiongan. , Digital Xiongan will make greater contributions.
On May 8, 2019, ICBC Technology Co., Ltd., a wholly-owned subsidiary of the Industrial and Commercial Bank of China, opened in Xiongan New Area and became the headquarters of a banking financial technology company located in Xiongan New Area. ICBC Technology and the Xiongan New Area Administrative Committee signed the "Financial Technology Cooperation Memorandum". The Xiongan New Area Administrative Committee officially launched the operation of the Xiongan relocation and resettlement fund management blockchain platform. It will apply ICBC's blockchain technology to realize expropriation and relocation. Full-process on-chain management of original file migration and penetrating fund allocation.
On December 25, 2019, Everbright Bank and China Xiongan Group Digital City Company jointly built a "Digital Financial Technology Laboratory" in Xiongan New Area, which will be based on the strategic needs and informatization construction of Xiongan New Area. Guide and gradually create a highland for blockchain commercial application research, technological innovation and talent training.
On March 31, 2020, the Xiongan Blockchain Laboratory was officially unveiled. The Xiongan Blockchain Laboratory has three major goals: to become a new highland for blockchain research and application, and to become an open Cutting-edge innovation base, exploring new models of laboratory economy. On the third anniversary of the establishment of Xiongan New Area, the Xiongan Blockchain Laboratory has special significance. This marks that the Xiongan New Area’s blockchain innovation practice has entered the stage of organization and large-scale implementation, marking that the Xiongan New Area’s digital The simultaneous planning and construction of urban and physical cities has opened a new chapter.
Xiong’an New District, a digital urban forest cultivated from seed, is naturally suitable for the central bank’s digital currency pilot. Xiongan on the top, Shenzhen on the bottom, Chengdu on the left, and Suzhou on the right. We look forward to piloting the central bank’s digital currency in these four places and growing flowers that will spread around the world.
IV Lianqiao Education Online｜About digital goodsCoin, everything you should know
1. What is digital currency
Digital currency, according to online information, is an alternative currency in the form of electronic currency, digital gold coins and cryptocurrency They all belong to digital currency, which is an unregulated, digital currency that is usually issued and managed by developers and accepted and used by members of specific virtual communities.
Li Lihui, leader of the blockchain working group of the China Internet Finance Association, mentioned in an article published on September 18, 2017, “Digital currencies must have legal status, national sovereignty endorsement, and clear issuance responsibilities. Subject." In the definition of central bank digital currency, any non-tangible currency is called digital currency.
Although there are currently some differences in the definition of digital currency, the unified understanding is that it is non-physical currency such as banknotes and coins in digital form, but it assumes the functions of physical currency and can support instant transactions and A currency in which ownership is transferred.
2. Comparison of electronic currency, virtual currency and digital currency
Electronic currency: issued by financial institutions, does not limit the scope of use, the number of issuances is determined by legal currency, and the value is consistent with legal currency. wait.
Virtual currency: issued by network operators, it can only be circulated on the network and cannot be paid to purchase physical items. It is purchased by network users from game companies with legal currency. For example, Q coins, World of Warcraft gold coins, Internet coins, etc. can only circulate in one direction.
To distinguish electronic currency, virtual currency and digital currency, it is necessary to compare from multiple dimensions such as the issuing entity, scope of application, issuance quantity, circulation method, etc.:
At present, my country's central bank The launched digital currency (DCEP) is a new encrypted electronic currency system based on blockchain technology. DCEP will adopt a two-tier operating system, that is, the People's Bank of China will first exchange DCEP to banks or other financial institutions, and then these institutions will exchange it to the public. Moreover, the central bank’s global currency had already begun preparations as early as 2014.
The wealth of the future is not US dollars or gold, it must belong to blockchain digital assets; digital assets will become the new favorite of the financial system and become a major trend in global economic change.
While Facebook’s issuance of the cryptocurrency Libra has become the focus of the global financial market on the Internet, the digital currency DCEP (Digital Currency Electronic Payment) created by the People’s Bank of China has also officially moved from behind the scenes to the stage. Comparing Libra with DCEP, China’s proposed central bank digital currency, one can’t help but exclaim, is this the “new world currency” China is preparing for economies around the world?
3. DCEP has all the conditions required for a “world currency”
Comparing DCEP and Facebook's launch of Libra currency, we can find that the two are very similar in terms of security, architecture, and concepts. The difference is that while DCEP retains the advantages of Libra, DCEP gives an almost perfect answer to the design flaws that prevent Libra currency from becoming a world currency:
(1) DCEP and RMB can be 1:1 free. exchange, supporting connection with central banks;
(2) DCEP adopts a two-tier system of commercial banks and central banks to adapt to the existing monetary systems of sovereign countries in the world;
(3 ) DCEP is a sovereign currency and a substitute for paper people's currency, which can ensure that the existing monetary theoretical system still functions;
(4) DCEP can be based on special design and can conduct peer-to-peer transactions without relying on the Internet. .
1. The digital currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding heights of the current global digital economy era.
The arrival of digital currency stems from the convergence of two historical development lines. One is the development of digitalization, and the other is the development of currency itself.
The development of informatization and networking has created a digital virtual space. When a variety of digital goods, digital services, and digital assets emerge in endlessly, the emergence of digital currencies is logical.
The digitalization of the economy has caused the total amount of data to grow rapidly. Research shows that the current total amount of global data is growing at a rate of "10 times in 10 years" and will reach approximately 163ZB by 2025 (1ZB is approximately equal to 1 trillion GB). Among them, China's total data volume is expected to exceed 8ZB by the end of 2020, accounting for about 18% of the world, and may surpass the United States for the first time and rank first in the world. In April 2020, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Market-oriented Allocation System and Mechanism for Factors" clearly proposed to develop the data factor market and accelerate the process of data assetization. This means that the formation, circulation, transaction, development and other processes of data assets will be included in the standardized market framework.
Why can’t traditional currencies be issued in large quantities to meet the needs of the digital economy? This has to do with the nature of traditional currencies. Traditional currency is "currency", that is, it can be exchanged for any commodity, and its use occasions are not restricted. Since it does not carry information, it is also difficult to trace. This means that if traditional currency expands with the growth of data volume, it will directly lose its function as a measure of value, that is, it will become waste paper. Digital currency is different. Although it is also a "currency", it can carry information, so it has stability and can serve as an "anchor" for data assets instead of being "carried away" by data assets.
In fact, the core attribute of Bitcoin, which was the first to implement the concept of digital currency, is that the total amount is controllable, so that it can be used to measure the value of other commodities rather than being used by others.The commodity determines its supply. Of course, by nature, Bitcoin is a specific virtual commodity that does not have the same legal status as currency and cannot and should not be used as currency in the market. Therefore, from an overall strategic perspective, under the background that informatization and digitalization have become one of the main trends in economic development, the issuance of sovereign digital currency is the general trend.
2. The advantages of central bank digital currency implementation
Digital currency has national credit and is equivalent to legal currency, which is essentially different from virtual currencies such as Bitcoin. First of all, digital currency does not require an Internet connection. It is very convenient for users to use and provides a high level of experience. The central bank's digital currency can be paid offline without the need for an Internet connection. Payment can be easily completed as long as the electronic wallet is opened on the mobile phone. Currently, the well-known mobile payment cannot be used in areas with poor communication networks, or if the mobile phone is disconnected. This is a major advantage of digital currency compared to other payment methods.
Secondly, the biggest difference between central bank digital currency and ordinary bank accounts is that it subverts the bank account system and replaces it with a unified electronic wallet. This means that in the future, you no longer need to go to a bank to open an account. You only need to download the digital currency APP. Some functions of banks will be replaced by digital currencies. At the same time, people no longer need to use WeChat or Alipay to bind their bank cards to make online and offline purchases. They can simply pay digital currencies directly.
Digital currencies can disrupt the way paper money is used and save costs. From the perspective of currency development history, the development of currency in the direction of low cost, reliability and convenience is an irreversible trend. From ancient times to the present, the form of currency has become more and more free, and when paper currency matures, digital currency will inevitably be produced. At the same time, the issuance, anti-counterfeiting, printing, and storage of banknotes and coins require costs. In the era of digital currency, these costs can be saved, greatly increasing production efficiency and making financial transactions more efficient and convenient.
3. Digital currency controls the flow of various funds and facilitates national tax collection
In the past, payments were made with cash or WeChat or Alipay. Without invoices, income was difficult to track. Tax avoidance and evasion are therefore possible. But after using digital currency, every income and expenditure can be traced back to the source, and the space for tax evasion is much smaller than before.
Tax evasion and avoidance through cash is no longer feasible. The state has long required banks to report large-amount cash business information and push it to relevant departments for sharing. Analyze large-amount cash business information by industry, purpose, and amount. Once digital currency is fully promoted and implemented, all contract transactions, salary payments, and cash transactions will be recorded in the bank. All company and individual account transactions will be transparent, and the taxes that need to be paid will also be obvious, making tax evasion extremely difficult. Easily investigated.
With the development of technology, currency has gone through many stages since the hunting and gathering period of primitive tribes:
In the history of the evolution of currency, the initial barter exchange - metal exchange - banknotes, banknotes - the current online payment Q coins, electronic cash, etc., all evolved with the changes of the times.
The form of currency ranges from physical currency, metal currency, reserve currency, credit currency, electronic currency to digital currency. The value of currency itself also relies on the physical value and the credit value of the issuer.
Currency (credit cards, banknotes) requires additional systems (such as banks) to complete production, distribution, management and other operations, which brings great additional costs and usage risks, such as counterfeiting, credit card fraud, theft, Transfer etc.
Realize a digital currency that maintains the characteristics of existing currency, eliminates the defects of paper currency, and improves portability, location, counterfeit detection, anonymity, transactions, resources, issuance and other capabilities.
Digital currency under centralized control requires a central management system, but in many cases there is no safe and reliable third-party accounting agency to play the role of central control.
At the end of 2019, digital RMB pilots and tests were launched in Shenzhen, Suzhou, Xiongan, Chengdu and the Beijing Winter Olympics venue; in October 2020, Shanghai, Hainan, Changsha, Xi'an, and Qingdao were added , six pilot test areas in Dalian.
At present, the scope of digital renminbi pilots is expanding in an orderly manner, application scenarios are gradually enriched, application models are also continuously innovated, and the system operation is generally stable, which preliminarily verifies the feasibility and reliability of digital renminbi in theoretical policies, technology, and business sex. The digital RMB pilot test adheres to the principles of stability, security, and controllability, and focuses on small-amount transactions by invited whitelist users. The current number of participants, number of transactions, and net exchange amount are generally relatively small. During the pilot process, all parties have a relatively high interest in digital renminbi, and users in the pilot areas are highly motivated. The pilot scenarios now cover multiple fields such as living payment, catering services, transportation, shopping and consumption, and government services.
In the next stage, based on feedback from all parties involved in the pilot, we will continue to improve and optimize digital renminbi technology, business and policy plans, deeply explore digital renminbi application models, and strengthen the versatility and inclusiveness of digital renminbi. Improve product functions and applicability, and improve system security and stability. The pilot areas are generally still in the pilot testing stage, and there is no timetable for when it will be officially launched.
The COVID-19 epidemic has accelerated the digitization of the economy, and contactless transactions and payments have become the daily routine of many people. Amid the epidemic, global central bank digital currency (CBDC) research has further intensified. What stage is China’s digital currency development at? How will digital currencies change payments? What impact will it have on the financial system and ordinary people’s lives?
At the "Digital Payment and Digital Currency" sub-forum of the Boao Forum for Asia 2021 Annual Conference, Li Bobiao, the new deputy governor of the People's Bank of ChinaSaid that the current development focus of digital RMB is to promote its domestic use. "The internationalization of the RMB is a natural process. Our goal is not to replace the U.S. dollar or other currencies, but to let the market make choices to further facilitate international trade and investment." As early as 2014, the central bank began to focus on digital Conduct research on currency issuance framework, key technologies and other issues. In August 2019, the central bank made it clear that "accelerating the pace of research and development of my country's legal digital currency (DC/EP)" was one of its key tasks in the second half of 2019.
Cross-border assistance and interoperability between central bank digital currencies have become the focus
Since the end of 2018, most economies around the world have fallen into a comprehensive recession, exacerbating inflation and devaluing legal currencies. ;At the same time, science and technology are developing rapidly, computer Internet-related technological breakthroughs, and blockchain are developing rapidly. Digital currency is an important link in technology linking global finance, digitization, and the entire blockchain industry, and its role will become increasingly important.
At present, although the number of users of digital currency is growing, the number of users still accounts for a small portion of the world, with the usage rate not exceeding 10%. In addition, the correlation between digital currency and investment operations is very high, and most users are still focused on currency speculation. Once the digital currency market drops sharply, it will affect the overall market confidence.
Therefore, with regard to the supervision of digital currencies, governments of various countries will inevitably go further in 2020 and propose more complete regulatory policies based on the current performance of the digital currency market based on maintaining their existing financial systems. If global governance can form a certain consensus, it may promote the final form of digital currency.
Under the supervision of all parties, the financing threshold for project issuance tokens has increased, which will lead to an improvement in the quality of market project parties and accelerate the implementation of the industry; more and more inferior currencies in the market will be eliminated, and digital currency innovation will increase. . Mainstream digital currencies may legally intervene in the financial system and transform into various forms such as securities and financial management; new regulatory forms will encourage exchanges to develop in a diversified direction.
Central bank digital currency can be divided into two types: wholesale and retail. The wholesale type is mainly used for settlement and clearing between enterprises and the financial system, while the retail type is mainly used for daily payments. Zhou Xiaochuan, former governor of the People's Bank of China, said that the starting point of digital renminbi is to do a good job in retail and upgrade the retail system. Improving the efficiency of retail systems is the basis for all other operations. On this basis, wholesale systems and cross-border payment operations are possible.
With the development and advancement of digital currencies by central banks of various countries, cross-border payment issues have become a hot topic. In 2019, the Central Bank of Thailand and the Hong Kong Monetary Authority launched research to use the central bank’s digital currency and blockchain platform to solve various problems in cross-border payments. Cross-border payments are very complex and have an impact on foreign exchange management and capital flow management. These problems must be solved. So now Thailand is just buildingA dedicated payment corridor was established, and possible impacts were kept within a controllable range through pilot projects.
China is studying the regulatory rules for Bitcoin and stablecoins. Since the birth of Bitcoin, its positioning has been controversial. Bitcoin and stablecoins are crypto-assets, and crypto-assets are investment options, not currencies themselves. Cryptoassets should function as an investment tool or alternative investment in the future. Many countries, including China, are studying what kind of regulatory environment there should be for using it as an investment tool. Although it may be a minimum regulatory rule, there are still and must be regulatory rules to ensure that speculation in this type of assets will not cause serious consequences. financial risks.
If you want crypto-assets like stablecoins to become widely used payment solutions, you need stronger regulatory rules, which are stricter than Bitcoin’s current regulations. Any stablecoin in the future, if you hope to be able to To become a widely used payment instrument, it must be subject to strict supervision, just like banks or quasi-bank financial institutions.
IV What is CBDC
1. The “Central Bank Digital Currency” (CBDC) issued under the leadership of the central bank. Central bank digital currency has a relatively large positive effect in improving the effectiveness of monetary policy and developing inclusive finance. Countries such as Ecuador and Tunisia have issued their own central bank digital currencies, but the results are not ideal. Other countries represented by China are also planning to issue central bank digital currencies. Public information shows that among the countries that have issued and planned to issue digital currencies, China has developed There are many homes, but there are fewer in developed countries.
2. What differentiates CBDC from established currencies is that proponents hope that it can use new payment technology (usually blockchain) to potentially improve payment efficiency and reduce costs. They are similar to stablecoins, pegged to a specific fiat currency at a 1:1 ratio. But stablecoins like Tether (USDT) are operated by private entities that hold central bank-issued cash or cash equivalents, and they hold these assets so that their stablecoins reflect the accurate value of fiat currencies.
Extended information
1. Central bank digital currencies
Central bank digital currencies are a legal digital currency issued by the central banks of relevant countries and can be used for payments and stored value. The central bank's digital currency is called digital renminbi in China. It is issued by the People's Bank of China, operated by designated operating agencies and redeemed by the public. It is based on a broad account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins.
2. Operation system
Fan Yifei, deputy governor of the central bank, stated in the article that the central bank’s digital currency should adopt a two-tier operating system. This model does not change the creditor-debt relationship of currencies in circulation, does not change the existing currency delivery system and binary account structure, and does notIt will constitute competition for commercial bank deposit currencies, will not increase commercial banks' dependence on the interbank lending market, will not affect commercial banks' lending capabilities, and will not lead to the phenomenon of "financial disintermediation." At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the procyclical effect under pressure, and it can improve the convenience and security of payment. It also has the credit advantage of being endorsed by the central bank.
3. Advantages
The central bank’s digital currency is conducive to the development of inclusive finance for small and micro enterprises. Just as banknotes have replaced precious metals, the promotion of central bank digital currency will further reduce the costs in the currency issuance, circulation and recycling processes. All links are completed through computer systems. Users do not need to go to the physical branches of commercial banks to exchange banknotes. They only need their mobile phones. Or designated hardware devices, digital currency can be used through the network, and some scenarios can even be used offline. The issuance of CBDC allows financial services to more comprehensively reach more areas without traditional commercial bank branches. The lower threshold for use makes it easier for small and micro enterprises, especially those in rural areas (including farmers) to open Accounts, cash deposits and withdrawals, payment transfers and other financial activities. CBDC weakens the role of financial institutions in basic financial services and reduces the results of basic financial services. It will further promote the infrastructure of financial institutions relying on CBDC and provide a more basic foundation for small and micro enterprises, the "capillaries" of the real economy. Personalized services beyond financial services.
What is VI CBDC?
CBDC, the full name is Central bank digital currencies, translated as central bank digital currency.
The Bank of England, the Bank of England, gave this definition in its research report on CBDC: Central bank digital currency is an electronic form of central bank currency that can be used by households and businesses to make payments and store value.
The Chinese version of CBDC is described as a digital renminbi, which is issued by the People's Bank of China, operated by designated operating agencies and redeemed by the public. It is based on a broad account system and supports the loose coupling function of bank accounts and is compatible with banknotes. It is a controllable and anonymous payment instrument that is equivalent to coins and has value characteristics and legal liability.
What are the differences between CBDC and other digital currencies?
1. CBDC has nothing to do with crypto assets. They are not decentralized, they do not necessarily have to be blockchain-based, and they are certainly not anonymous, permissionless, or censorship-resistant.
2. Contrary to current digital cash, the operational structure of CBDC will be different from other forms of central bank currency. CBDCs are more powerful, they are programmable, can generate interest, can be liquidated in near real-time, have cheaper fees, and are more open.
What are the advantages of CBDC?
From a technical perspective, CBDC is much better than current forms of fiat currency, they can be tracked better,Easier tax collection, better transmission of monetary policy, better financial inclusion, and reduced costs of producing physical currency.
The most obvious advantage is that payments are cheaper and faster, whether they are domestic payments or cross-border payments.
In addition to the design and implementation challenges, a key issue with issuing a CBDC is that CBDC may increase the risk of bank operations. However, this will only happen if the bank commits that the bank’s deposits can be redeemed for CBDC on demand, which is not necessarily the case according to this BoE document.
What are the motivations for issuing CBDC?
1. Ensure that the central bank provides sufficient cash to the public and maintain the central bank’s seigniorage revenue
2. Lower the interest rate floor and support non-traditional monetary policies
3. Reduce overall risks and improve financial stability
br>4. Improve the competitiveness of payments
5. Promote financial inclusion
6. Suppress criminal activities
Ⅶ It is said that open source is the general trend. What are the open source products of domestic blockchain
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QuLian Technology’s open source products include BitXHub, an open and interoperable cross-chain technology platform, and HyperBench, a comprehensive and powerful blockchain performance testing platform.
BitXHub, as a consortium chain cross-chain platform with high performance, complete authority system, and a rich number of application chains in the industry, was fully open sourced in March 2020 and supports the Shanxi Provincial Public Security Bureau Alliance Chain, People’s Chain, and Xiongan Chain and other core blockchain infrastructure projects have been implemented, and it has participated in the formulation of multiple interoperability standards at home and abroad. It is currently an open source cross-chain platform with great influence in China;
Blockchain performance testing tool HyperBench , fully open sourced in September 2021, is currently adaptable to heterogeneous blockchain platforms such as Quchain Blockchain, Ethereum, Hyperledger Fabric, Open Atomic Super Chain, and China Telecom CT-Chain. It has a wide range of blockchain performance testing tools and has established good ecological cooperative relationships with Zhejiang University, China Telecom, Zhejiang Blockchain Research Institute and other units.
Ⅷ What Alibaba did on the blockchain
Jack Ma: I want to know what Bitcoin can bring to society
At the two sessions, Jack Ma... Oh, I'm sorry, Comrade Jack Ma, who didn't want to wear a red hat, did not attend the two sessions.
So, let’s review Jack Ma’s remarks when evaluating Bitcoin:
In November 2017, Alibaba, Ant Financial and Xiongan Signed a strategic cooperation agreement to build the "Digital Xiongan Blockchain Implementation Platform". Currently, Ant Financial has provided blockchain application technology in the rental field in Xiongan. It can be said that Xiongan has become Alibaba’s first experimental field for the overall implementation of blockchain technology.
Ⅸ What are the applications of blockchain in government services?
The most well-known ones that have been implemented in China are the blockchain house rental platform and blockchain fund management platform in Xiongan New District, and Foshan’s blockchain in the fields of people’s livelihood such as medical care, food, and industry. Government affairs platform, in addition, there is a SMIC blockchain public platform in Hunan, which mainly involves government affairs disclosure, intellectual property protection, judicial appraisal, etc.
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