"China Finance": On September 19, the People's Bank of China published an article "New Opportunities for the Development of China's Legal Digital Currency" in the 17th issue of the financial magazine "China Finance", stating that the People's Bank of China began research on legal digital currencies in 2014 , The People’s Bank of China Digital Currency Research Institute was formally established in January 2017. As of April 2020, 22, 65, and 43 patent applications have been submitted for digital currency and related content, covering the issuance, circulation and application of digital currency The whole process of the company has formed a complete industrial chain, has completed technical reserves, and has the conditions for landing.
China is actively and steadily implementing legal digital currency
First, further strengthen the publicity of legal digital currency, summarize pilot experience, and expand application scenarios. At present, my country's legal digital currency is steadily advancing in accordance with the principle of gradual and orderly progress, and small-scale pilot projects have been carried out in many places. However, the public's understanding of legal digital currency is not comprehensive enough. Some people equate digital currency with "speculation" and speculation. Some institutions even use the name of the central bank to launch so-called "legal digital currency products" for fraud and pyramid schemes. . Before the issuance of legal digital currency, multimedia methods should be used to popularize more legal digital currency knowledge to the public and create a good use environment. At the same time, it is necessary to examine the use effect of the pilot area, pay attention to market demand, summarize accumulated experience, track and investigate the impact of legal digital currency on the existing system, ensure the convenience, safety, and efficiency of legal digital currency use, and increase market acceptance. And gradually spread to the whole country. In addition, the issuance and pilot work of statutory figures in the public domain must be launched in due course.
Second, follow the development trend of the digital economy, establish a new regulatory model of legal digital currency, and accelerate the construction of supporting systems. At present, the digital economy is profoundly affecting all areas of the national economy. In the future, legal digital currency will interact with the digital economy to promote the integration of new technologies, new business formats, and new models, and promote high-quality economic development. The central bank should speed up the construction of a legal digital currency supporting system, and seek a balance between the government and the market, security and efficiency, innovation and regulation. Establish a new type of supervision method based on traditional supervision methods, formulate a series of special laws and regulations for legal digital currency, support the corresponding digital financial supervision system in the whole process of issuance, circulation and application of legal digital currency, and develop research and development digital currency issuance National standards to combat illegal digital currency speculation, provide complete legal protection for the new currency system, and promote the sustainable and healthy development of legal digital currency and the digital economy.
Third, strengthen theoretical and empirical research, enhance the effectiveness of monetary policy, and help economic recovery. The legal digital currency will make the central bank's measurement of money supply, circulation speed, currency multiplier and other data more accurate, thereby enhancing the effectiveness and accuracy of monetary policy. In the legal digital currency pilot area, big data should be used to strengthen statistical monitoring, and relevant data should be used to carry out theoretical model construction and empirical research. It is also possible to conduct comparative studies between pilot areas and non-pilot areas, and it is also possible to conduct international comparative studies to summarize legal figures. The advantage of currency issuance lays the foundation for comprehensive promotion and establishment of a policy framework and theoretical basis as well as economic recovery after the epidemic.
Fourth, participate in the global governance of digital finance, strengthen international collaboration, and master the dominance and voice of legal digital currency. With the development of Internet technology, it is entirely possible for digital currency to break through the shackles of the existing currency system and become "world currency". Digital currency competition is at the core of the global digital economy competition in the future. It is necessary for my country to "curve overtaking", study the realization path of RMB internationalization in the digital currency era, and explore the feasibility of issuing China-led global digital currency that can be used across borders Sex. In addition, in the construction of the global digital financial system, my country should actively participate in and fight for the right to speak, cooperate with other countries that are developing legal digital currencies, participate in the formulation of uniform international regulatory standards for legal digital currencies, master intellectual property rights in key areas of digital technology, and strive to Establish global competitive advantages in key areas of the digital economy.
Fifth, make good use of the first-mover advantage, seize the first track, and speed up the issuance of legal digital currency without stopping. Currency is inherently monopolistic. The issuance and circulation of digital currency will bring about tremendous changes and impacts on the existing international monetary system, clearing system and financial system. Therefore, the right to issue and control digital currencies will become a "new battlefield" for competition among sovereign nations. China's issuance of legal digital currency has many advantages and faces many opportunities. It should accelerate to seize the first track, give full play to the network effect, and win the first opportunity.