1 thought on “One article understands the central bank's digital currency, how will it change the future life?”
Janet
Digital currency and electronic payment
1/6. The future world of DCEP
In one day in the future, you buy bags in a luxury store When paying, when paying, the salesperson who had a smile on his face suddenly looked at you with contempt: "Sorry, you can't use this money, it adds the signature of charity donation, which can only be used for the purchase of charity." R. " R. n The was frightened: "WTF, there is a name on the money?"
The salesperson said coldly: "Of course, the money in this era is named. Do you wear it more? "
has not fallen, and the sound of police car has been passed in the ear ...
above is the DCEP (central bank digital currency of the central bank. ) A future use scenario. At present, digital RMB pilots have basically completed the top -level design, standard formulation, function research and development, joint tuning and other work, and are undergoing internal closed pilot tests.
If the test progress is progressing, and if the domestic and international situation needs, we will use DECP for daily consumption within one or two years.
So DCEP is different from the cash we use now, and how is it different from Alipay and WeChat payment? What is the difference between LIBRA, which is pushing Bitcoin and Facebook? In the future, what exactly different experience it will bring to our lives?
2/6, digital currency and M0, M1, M2
Want to know the difference between DCEP central bank digital currency and online payment, we First of all, we must figure out the differences between three different defined currencies -M0, M1 and M2.
M0 refers to cash in circulation, including various banknotes and coins -so the money you paid through Alipay and WeChat does not belong to M0.
It look at M1, also known as narrow currency. Its scope includes all M0 and unit moving deposits. In particular, the money in your bank card is personal deposit, so the money paid by online banking is not M1.
In M2, also known as a broad currency, its scope includes M1 and residential savings deposits, unit regular deposits and other deposits. Why are three m so troublesome?
Myonal currency is issued based on national credit. The number of issuance is not limited by gold reserves. Existence, payment ability is not the same, and economic significance is also different, so statistics are classified.
Man a country to a home to evaluate the financial status of the family. M0 is the money that can be used immediately in your hand. M1 means that the money needs to be paid through the bank channel. Turns to M0 or M1 to use.
The wealth status depends on M2, but your payment ability is related to M1, but if you suddenly have an acute illness, only M0 is useful.
. The same matter, the higher the currency of a country, the higher the M0 level, the more cash in everyone's hands, the higher the life of the life; the higher the M1 level, the stronger the current purchasing power of the residents; The higher, the higher the demand for the entire society in the future, and the greater the pressure of inflation.
But as mobile payment is widely accepted, this statistical caliber is getting increasingly inaccurate.
For example, why did personal current deposit as M2, and the unit's current deposit is M1? Because our habits in the past were to consume money from the bank or ATM, and the unit's current deposit was transferred. The liquidity of the former was obviously weaker than the latter,
After the popularization of bank cards, personal current deposits do not need to withdraw money and can pay. Theoretically, personal current deposits should also be counted as M1; after the mobile payment is paid, we have almost no cash on us. Alipay and WeChat pay Some money has actually become M0.
So the current monetary policy is basically M2.
. Alipay and WeChat payment are not fiat currency after all, just deposits. Although my country's digital payment is far ahead of other countries, they are only based on M1 or M2 payments, not currency.
. Bitcoin, the imagined libra is a real M0 digital currency. These digital currencies that may be widely accepted by these borders will affect the actual circulation currency of a country. Need to truly belong to M0 digital currency.
The understand of this, you can say that DCEP and physical currency, with online payment, and non -sovereign currency such as Bitcoin and Libra.
3/6, the difference between DCEP and physical currency
although the electronic currency is electronic in cash, the change of this form is a change. The change in financial functions, such as negative interest rates.
The real cash era, if deposits are negative interest rates, you have to pay "deposit interest" to the bank, it must be cash, so the minimum monetary policy is the zero interest rate.
but in the era of digital currency, negative interest rates are not only for deposits, but also can also charge a certain cost of digital currency through digital wallets. This is the true negative interest rate. The method is to quickly spend money or invest.
It, in the era of physical currency, the cost of currency issuance rises with the circulation volume, but digital currencies are based on the technical architecture built in advance. Almost zero, the issue of 100 million and 100 billion yuan is almost the same, resulting in the implementation efficiency of monetary policy greatly increased.
The most important thing is that the use of banknotes is completely anonymous, and the transaction cannot be traced back, so the underworld is traded in cash; the essence of DCEP is the encrypted string, which carrys the holder’s Personal authentication information, theoretically, every node experienced from creation to cages will be completely recorded from creation to cage. This is vital feature, and we need to focus on analysis later.
of course, DCEP and physical currency are M0, there is no essential difference, but the difference between it and third -party payment are obvious.
4/6, the difference between DCEP and electronic payment
The money in Alipay is M1, which is equivalent to Alipay existence banks The deposit in it; the "fast payment" in Alipay is the same as online banking. It uses your bank card money, which belongs to M2.
You used Alipay's "balance" to buy a 2 yuan bun, which is equivalent to transferring 2 yuan in Alipay in Alipay, if it is "fast payment" or online banking payment That is, the bank transferred 2 yuan in your card to Alipay's deposit account.
and DCEP belongs to M0, which is the electronic form of cash.
In the future, you bought 2 wallets in the DECP in your mobile wallet, which is equivalent to the coin you paid 2 yuan (just electronic). It has nothing to do with your Alipay balance or bank card balance (assuming you do not use electronic wallets).
For consumers, the process of using DCEP is still the same as electronic payment, but the actual difference is still very large.
First of all, the electronic payment transferred the number on the account, which needs to be centralized in real time, so it must be connected to the Internet; It can be completely unconidine, just "point -to -point" interconnection between two mobile phones. Of course, how to use it, I don't know yet.
Secondly, the electronic payment will actually involve bank accounts. Trading not only real names, but also the level of information can be touched. It does not require a bank account, and even the mobile phone number can be hidden, so it is limited anonymous -the reason is "limited anonymous", because the issued central bank can still find it.
Finally, there is a certain degree of cooperative relationship between DCEP and online banking and third -party payment.
DCEP is still issued through commercial banks, and commercial banks initiate a request to the central bank with the corresponding deposit reserve to generate and receive DECP; After DCEP, digital currency officially entered the circulation field and turned into M0.
DCEP is a legal currency. Once the state announces the full use of DCEP, no unit or individual may refuse to accept it; so the only choice for online banking and third -party payment is how to serve it.
DCEP is currency, without interest, a large number of holding is equal to the depreciation of sitting, and its digital characteristics are also convenient to access. Three -party payment is more likely to provide more value -added services for DECP in the form of "electronic wallet".
The central bank does not preset technical routes, encouraging institutions to innovate, and also intends to use third -party payment to promote DECP.
knows the non -competitive relationship between DCEP and online payment. So what is the relationship between it and non -sovereign currency such as Bitcoin and Libra?
5/6, the difference between DCEP and Bitcoin and libra
N This mentioned earlier that DCEP is the sovereign currency like banknotes, and its distribution and circulation are endorsed by national credit and exchanged with people's banknotes 1: 1. The most essential difference between Bitcoin and traditional currency is that it does not have a issuer and is generated according to specific algorithms. It rely on blockchain technology and encryption methods to provide circulation, records and security.
So Bitcoin is a "decentralized" currency. The total amount is limited, there is no pressure on inflation, and it is completely anonymous, without borders, free cross -border circulation.
DCEP does not rely on the blockchain. It can use some technologies of the blockchain to manage the management and transaction information of the digital currency wallet address, so that the transaction can be traced.
The difference of DCEP and libra
Facebook design led digital currency libra, from the recent white paper, it has returned to centralized currency, different ones It corresponds to a basket of currencies such as the US dollar, euro, yen, British pound, and Singapore dollar, so its advantages in international trade payment liquidation are more obvious.
. Although libra is private, not sovereign currency, there is no national credit support, Facebook has 2.3 billion monthly live users worldwide. If the user base of cross -border is widely used, it will have an alternative effect on the local fiat currency.
This Chinese government's innovation in finance has always been cautious, but in digital currency, before walking in various countries, it is precisely because of the challenges of Bitcoin and LIBRA that they may bypass currency supervision and affect central bank currencies. Implementation of policies and foreign exchange policies.
DECP is part of future currency sovereignty, which is the biggest significance at present. However, after many things are designed, their development is out of its original intention. The biggest impact of DCEP on the future may not be its currency side.
6/6, DCEP and planned economy
n It's technical details disclosed, DCEP's distribution and circulation process Involved in the "three centers":
Certification center: central bank centralized management of DCEPP agency and user identity information; registration center: record DCEP and corresponding user identity, record flow; Big Data Analysis Center: Anti -money laundering, payment behavior, regulatory regulation indicators analysis, etc.
This scene mentioned at the beginning, its concept is derived from the limited anonymous anonymous and tradable traceable characteristics of DCEP. This is an additional attribute of digital currency, but if it is widely accepted in the future, this characteristic It is likely to change the form of the entire human society.
. For example, in the first half of the year, in order to hedge the impact of the epidemic on SMEs, the state has increased the low -interest credit investment in SMEs. Although the central government emphasizes not to flood in large water, it is necessary to drip irrigation.
but the money is not written in the money. The actual result is that on the one hand, there are still a lot of money from large enterprises, and many companies that do not lack money returns to the bank for risk arbitrage; On the one hand, some companies did not invest in production after getting money. Instead, they entered the stock market and property market, resulting in popularity in the property market.
This can be solved through technical means in the DCEP era. Each digital currency is essentially a smart contract, which can add some transaction terms to make it specific.
From the disclosed solution, DCEP has investment and financing functions, which can be embedded in smart contracts. In the financing process, as long as you meet certain conditions, you can realize the payment of funds. Essence For example, when the bank issues a development loan to the real estate developer, it can be embedded in smart contracts, and the loan will automatically account for automatic accounting according to the development progress.
Under extreme conditions, our future money contains some prohibited uses.
E every economic activity of modern society corresponds to the flow of currency. The essence of modern economy is currency. If the flow of money can be restricted, monitoring and tracing all transaction records, the planned economy The possibility is greatly increased.
In the past, the biggest obstacle of the planned economy was the departure of macro instructions and microeconomic activities. Similar to the contradiction between the flow of small and medium -sized enterprises and actual capital to large enterprises and capital markets we mentioned earlier, DCEP includes including All transaction data and additional smart contracts, coupled with big data analysis, greatly improved the accuracy of the plan and instructions.
of course, the currency of the additional contract also has contradictions. The essence of the currency is the central bank liabilities guaranteed by the national credit guarantee. It has unlimited legal repayment. The more additional conditions, the lower the value. Even degenerate into a valid ticket, losing competitiveness.
. However, for a large government, the planned economy has congenital temptation.
If all this is true, what will digital currency bring to human society? Is all the well -organized well, the society is full of order, and the efficiency is greatly improved? Or is everyone's economic activity planned in advance and is always monitoring?
Digital currency and electronic payment
1/6. The future world of DCEP
In one day in the future, you buy bags in a luxury store When paying, when paying, the salesperson who had a smile on his face suddenly looked at you with contempt: "Sorry, you can't use this money, it adds the signature of charity donation, which can only be used for the purchase of charity." R. " R. n
The was frightened: "WTF, there is a name on the money?"
The salesperson said coldly: "Of course, the money in this era is named. Do you wear it more? "
has not fallen, and the sound of police car has been passed in the ear ...
above is the DCEP (central bank digital currency of the central bank. ) A future use scenario. At present, digital RMB pilots have basically completed the top -level design, standard formulation, function research and development, joint tuning and other work, and are undergoing internal closed pilot tests.
If the test progress is progressing, and if the domestic and international situation needs, we will use DECP for daily consumption within one or two years.
So DCEP is different from the cash we use now, and how is it different from Alipay and WeChat payment? What is the difference between LIBRA, which is pushing Bitcoin and Facebook? In the future, what exactly different experience it will bring to our lives?
2/6, digital currency and M0, M1, M2
Want to know the difference between DCEP central bank digital currency and online payment, we First of all, we must figure out the differences between three different defined currencies -M0, M1 and M2.
M0 refers to cash in circulation, including various banknotes and coins -so the money you paid through Alipay and WeChat does not belong to M0.
It look at M1, also known as narrow currency. Its scope includes all M0 and unit moving deposits. In particular, the money in your bank card is personal deposit, so the money paid by online banking is not M1.
In M2, also known as a broad currency, its scope includes M1 and residential savings deposits, unit regular deposits and other deposits.
Why are three m so troublesome?
Myonal currency is issued based on national credit. The number of issuance is not limited by gold reserves. Existence, payment ability is not the same, and economic significance is also different, so statistics are classified.
Man a country to a home to evaluate the financial status of the family. M0 is the money that can be used immediately in your hand. M1 means that the money needs to be paid through the bank channel. Turns to M0 or M1 to use.
The wealth status depends on M2, but your payment ability is related to M1, but if you suddenly have an acute illness, only M0 is useful.
. The same matter, the higher the currency of a country, the higher the M0 level, the more cash in everyone's hands, the higher the life of the life; the higher the M1 level, the stronger the current purchasing power of the residents; The higher, the higher the demand for the entire society in the future, and the greater the pressure of inflation.
But as mobile payment is widely accepted, this statistical caliber is getting increasingly inaccurate.
For example, why did personal current deposit as M2, and the unit's current deposit is M1? Because our habits in the past were to consume money from the bank or ATM, and the unit's current deposit was transferred. The liquidity of the former was obviously weaker than the latter,
After the popularization of bank cards, personal current deposits do not need to withdraw money and can pay. Theoretically, personal current deposits should also be counted as M1; after the mobile payment is paid, we have almost no cash on us. Alipay and WeChat pay Some money has actually become M0.
So the current monetary policy is basically M2.
. Alipay and WeChat payment are not fiat currency after all, just deposits. Although my country's digital payment is far ahead of other countries, they are only based on M1 or M2 payments, not currency.
. Bitcoin, the imagined libra is a real M0 digital currency. These digital currencies that may be widely accepted by these borders will affect the actual circulation currency of a country. Need to truly belong to M0 digital currency.
The understand of this, you can say that DCEP and physical currency, with online payment, and non -sovereign currency such as Bitcoin and Libra.
3/6, the difference between DCEP and physical currency
although the electronic currency is electronic in cash, the change of this form is a change. The change in financial functions, such as negative interest rates.
The real cash era, if deposits are negative interest rates, you have to pay "deposit interest" to the bank, it must be cash, so the minimum monetary policy is the zero interest rate.
but in the era of digital currency, negative interest rates are not only for deposits, but also can also charge a certain cost of digital currency through digital wallets. This is the true negative interest rate. The method is to quickly spend money or invest.
It, in the era of physical currency, the cost of currency issuance rises with the circulation volume, but digital currencies are based on the technical architecture built in advance. Almost zero, the issue of 100 million and 100 billion yuan is almost the same, resulting in the implementation efficiency of monetary policy greatly increased.
The most important thing is that the use of banknotes is completely anonymous, and the transaction cannot be traced back, so the underworld is traded in cash; the essence of DCEP is the encrypted string, which carrys the holder’s Personal authentication information, theoretically, every node experienced from creation to cages will be completely recorded from creation to cage. This is vital feature, and we need to focus on analysis later.
of course, DCEP and physical currency are M0, there is no essential difference, but the difference between it and third -party payment are obvious.
4/6, the difference between DCEP and electronic payment
The money in Alipay is M1, which is equivalent to Alipay existence banks The deposit in it; the "fast payment" in Alipay is the same as online banking. It uses your bank card money, which belongs to M2.
You used Alipay's "balance" to buy a 2 yuan bun, which is equivalent to transferring 2 yuan in Alipay in Alipay, if it is "fast payment" or online banking payment That is, the bank transferred 2 yuan in your card to Alipay's deposit account.
and DCEP belongs to M0, which is the electronic form of cash.
In the future, you bought 2 wallets in the DECP in your mobile wallet, which is equivalent to the coin you paid 2 yuan (just electronic). It has nothing to do with your Alipay balance or bank card balance (assuming you do not use electronic wallets).
For consumers, the process of using DCEP is still the same as electronic payment, but the actual difference is still very large.
First of all, the electronic payment transferred the number on the account, which needs to be centralized in real time, so it must be connected to the Internet; It can be completely unconidine, just "point -to -point" interconnection between two mobile phones. Of course, how to use it, I don't know yet.
Secondly, the electronic payment will actually involve bank accounts. Trading not only real names, but also the level of information can be touched. It does not require a bank account, and even the mobile phone number can be hidden, so it is limited anonymous -the reason is "limited anonymous", because the issued central bank can still find it.
Finally, there is a certain degree of cooperative relationship between DCEP and online banking and third -party payment.
DCEP is still issued through commercial banks, and commercial banks initiate a request to the central bank with the corresponding deposit reserve to generate and receive DECP; After DCEP, digital currency officially entered the circulation field and turned into M0.
DCEP is a legal currency. Once the state announces the full use of DCEP, no unit or individual may refuse to accept it; so the only choice for online banking and third -party payment is how to serve it.
DCEP is currency, without interest, a large number of holding is equal to the depreciation of sitting, and its digital characteristics are also convenient to access. Three -party payment is more likely to provide more value -added services for DECP in the form of "electronic wallet".
The central bank does not preset technical routes, encouraging institutions to innovate, and also intends to use third -party payment to promote DECP.
knows the non -competitive relationship between DCEP and online payment. So what is the relationship between it and non -sovereign currency such as Bitcoin and Libra?
5/6, the difference between DCEP and Bitcoin and libra
N
This mentioned earlier that DCEP is the sovereign currency like banknotes, and its distribution and circulation are endorsed by national credit and exchanged with people's banknotes 1: 1. The most essential difference between Bitcoin and traditional currency is that it does not have a issuer and is generated according to specific algorithms. It rely on blockchain technology and encryption methods to provide circulation, records and security.
So Bitcoin is a "decentralized" currency. The total amount is limited, there is no pressure on inflation, and it is completely anonymous, without borders, free cross -border circulation.
DCEP does not rely on the blockchain. It can use some technologies of the blockchain to manage the management and transaction information of the digital currency wallet address, so that the transaction can be traced.
The difference of DCEP and libra
Facebook design led digital currency libra, from the recent white paper, it has returned to centralized currency, different ones It corresponds to a basket of currencies such as the US dollar, euro, yen, British pound, and Singapore dollar, so its advantages in international trade payment liquidation are more obvious.
. Although libra is private, not sovereign currency, there is no national credit support, Facebook has 2.3 billion monthly live users worldwide. If the user base of cross -border is widely used, it will have an alternative effect on the local fiat currency.
This Chinese government's innovation in finance has always been cautious, but in digital currency, before walking in various countries, it is precisely because of the challenges of Bitcoin and LIBRA that they may bypass currency supervision and affect central bank currencies. Implementation of policies and foreign exchange policies.
DECP is part of future currency sovereignty, which is the biggest significance at present. However, after many things are designed, their development is out of its original intention. The biggest impact of DCEP on the future may not be its currency side.
6/6, DCEP and planned economy
n
It's technical details disclosed, DCEP's distribution and circulation process Involved in the "three centers":
Certification center: central bank centralized management of DCEPP agency and user identity information;
registration center: record DCEP and corresponding user identity, record flow;
Big Data Analysis Center: Anti -money laundering, payment behavior, regulatory regulation indicators analysis, etc.
This scene mentioned at the beginning, its concept is derived from the limited anonymous anonymous and tradable traceable characteristics of DCEP. This is an additional attribute of digital currency, but if it is widely accepted in the future, this characteristic It is likely to change the form of the entire human society.
. For example, in the first half of the year, in order to hedge the impact of the epidemic on SMEs, the state has increased the low -interest credit investment in SMEs. Although the central government emphasizes not to flood in large water, it is necessary to drip irrigation.
but the money is not written in the money. The actual result is that on the one hand, there are still a lot of money from large enterprises, and many companies that do not lack money returns to the bank for risk arbitrage; On the one hand, some companies did not invest in production after getting money. Instead, they entered the stock market and property market, resulting in popularity in the property market.
This can be solved through technical means in the DCEP era. Each digital currency is essentially a smart contract, which can add some transaction terms to make it specific.
From the disclosed solution, DCEP has investment and financing functions, which can be embedded in smart contracts. In the financing process, as long as you meet certain conditions, you can realize the payment of funds. Essence For example, when the bank issues a development loan to the real estate developer, it can be embedded in smart contracts, and the loan will automatically account for automatic accounting according to the development progress.
Under extreme conditions, our future money contains some prohibited uses.
E every economic activity of modern society corresponds to the flow of currency. The essence of modern economy is currency. If the flow of money can be restricted, monitoring and tracing all transaction records, the planned economy The possibility is greatly increased.
In the past, the biggest obstacle of the planned economy was the departure of macro instructions and microeconomic activities. Similar to the contradiction between the flow of small and medium -sized enterprises and actual capital to large enterprises and capital markets we mentioned earlier, DCEP includes including All transaction data and additional smart contracts, coupled with big data analysis, greatly improved the accuracy of the plan and instructions.
of course, the currency of the additional contract also has contradictions. The essence of the currency is the central bank liabilities guaranteed by the national credit guarantee. It has unlimited legal repayment. The more additional conditions, the lower the value. Even degenerate into a valid ticket, losing competitiveness.
. However, for a large government, the planned economy has congenital temptation.
If all this is true, what will digital currency bring to human society? Is all the well -organized well, the society is full of order, and the efficiency is greatly improved? Or is everyone's economic activity planned in advance and is always monitoring?