Digital currency: far-reaching innovation

The central bank officially launched the digital RMB , This is a major event of strategic significance in China's financial sector , It is also an innovation never seen in the history of Chinese currency , Cause wide concern in the industry .

Digital RMB is the cash in your mobile wallet , It's exactly the same as the cash in our pockets and wallets , Safer than the cash in your wallet 、 facilitate , There is no loss 、 Theft .

Because in the digital RMB infrastructure system of the central bank , The identity authentication of the residents themselves will not disappear . It is also better than paper money 、 Coin convenience .

Digital RMB is cash , Not a deposit , It is completely different from the mobile payment we are familiar with everyday . Mobile payment is based on bank account and completed through bank clearing system , Even if the payment is made through a third-party payment company , Finally, it can be completed through the clearing system of bank accounts .

Cash payments are the oldest “ Hand in the money and deliver the goods ”, Complete the transaction on the spot , Not through a bank account 、 No bank clearing required .

This produces two inevitable results ： First, banks and currencies are disintermediated , Lost savings 、 There is no liquidation , The impact on commercial banks is fundamental ; Second, payment to third parties 、 The impact of acquirers is also fundamental , Because the business principles of these clearing service institutions are based on bank accounts and clearing systems .

Considering the possible impact of digital RMB on the existing banking system , The central bank's current strategy is to support only small payments by domestic residents . From the perspective of long-term financial strategy , The development of digital RMB should be in line with China's financial progress 、 The overall situation of international competition .

We should take a positive attitude towards a progressive financial instrument , This is an unprecedented financial system innovation in the history of human financial and monetary .

From the era of precious metal standard , Humans have been looking for money to carry 、 Transaction convenience , Bank 、 The invention of silver note provided the survival of modern banking system 、 Opportunities for development .

If the Internet and digital currency existed before the bank era , Man will not choose a bank 、 There will be no silver tickets 、 There will be no bank .

The deposit account system of modern banks 、 The clearing system is the way for banks to survive 、 It is also a higher cost for banks .

If digital currency can play a historical return to the essence of money , Commercial banks have no account system without deposits 、 Liquidation system , But it can specialize in lending business , Become a professional institution for risk management of non-standard assets .

Credit assets can be securitized and sold to investors , This has not weakened the core business and profitability of commercial banks . As for the money creation function of deposit financial institutions , It can be restored to the central bank , So as to greatly improve the ability of monetary policy control .

The concept of digital currency has existed since the emergence of the Internet ,1995 A computer doctor in Amsterdam, the Netherlands, invented his own digital currency , Later, a number of American companies took part .

But these early digital currency innovations have not developed in practice , The reason is not that the market does not need , But it does not solve the problem that online digital currency cannot be copied 、 Tamper proof and anonymity .

It should be noted that these digital currencies based on Internet technology , Both adopt decentralized distributed accounting strategies , Are anonymous . Research on digital currency in western countries, especially in the United States 、 Innovation is relatively early .

The central bank's digital currency program released by the United States , The same as China's digital RMB is , The money issuers are all central banks （ The People's Bank of China 、 The federal reserve ）, The central bank and commercial banks are adopted （ The United States also includes other financial institutions ） Two tier operation structure .

But there are several important differences ： First, China's digital RMB is a centralized strategy , The United States is a decentralized strategy （ That is, adopt distributed accounting technology ）.

Second, China's digital RMB adopts controllable anonymization （ It can be understood that it is actually non anonymization ）, The United States is anonymous , But the payment of more than 10000 dollars needs to be reported .

Third, China's digital RMB is prohibited from exchanging with stable currencies such as bitcoin , The U.S. digital currency can be stably exchanged with bitcoin and other currencies . The digital currency strategy of the United States is to maintain the status of the US dollar as an international currency .

With economic globalization , RMB internationalization is an inevitable trend . Digital currency naturally has the convenience of cross-border payment , The Central Bank of China has arranged the digital RMB for this purpose “ Community ” And other countries' digital currencies “ Community ” Bridging , And the exchange of currencies between the two sides .

All in all , A new 、 Progressive monetary instruments , Will inevitably continue to develop 、 growing , Serve the strategy of strengthening the financial power . Although the development of digital RMB in China is still in its infancy , But with the expansion of digital RMB promotion pilot , Life payment will be more and more convenient , Transaction costs will be lower and lower , People can use it with confidence .