http://www.xinhuanet.com/finance/2020-04/20/c_1125879464.htm
数字货币推出利于货币政策工具创新
2020-04-20 10:15:52 来源： 中证网
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央行数字货币近期进行测试引发市场关注。对于中央银行而言，推出央行数字货币有利于增强反洗钱、反逃税和反恐怖主义融资的能力，应对现金运用日益减少的挑战，降低货币发行成本，并为非常规货币政策的实施创造了条件。但数字货币的便捷性，也增加了央行精准调节流动性的难度。
对于央行数字货币如何影响金融机构，则取决于其具体的设计。中国的CBDC（中央银行数字货币）采用双层运营架构，即央行向商业银行等机构发放CBDC，再由机构将CBDC提供给终端用户。这种模式既便于居民使用，也减轻了CBDC对商业银行传统经营模式的冲击。不过，CBDC由央行直接发行，其安全性高于银行存款，可能对银行存款形成一定的竞争。因此，如何确定CBDC的发行数量，是否对CBDC与现金、存款之间的兑换设置一定的限制等，仍是需要慎重考虑的问题。
实行“可控匿名”
据媒体公开消息，央行数字货币采取的发行方式是双层运营体系，即央行先把数字货币兑换给银行或者是其他运营机构，再由这些机构兑换给公众，而不是“央行直接对公众发行数字货币”的“单层运营体系”。为保证央行数字货币不超发，商业机构向央行全额、100%缴纳准备金，央行的数字货币依然是中央银行负债，由中央银行信用担保，具有无限法偿性。由于央行不直接对公众发行数字货币，CBDC不会对商业银行的传统经营模式构成竞争，也能够充分发挥商业银行和支付机构在技术创新方面的积极性。
从数字货币的运用来看，我国的CBDC注重替代现金的功能，并主要针对小额零售场景。从数字货币的匿名性来看，与完全匿名的现金不同，我国的央行数字货币会实行“可控匿名”，也就是说在用CBDC交易时，交易双方可以是匿名的，公众的隐私可以得到保护。但是在开展反洗钱、反恐怖主义融资和反逃税时，仍然可以追溯到真实的交易对象。
从技术选择来看，央行官方回应为“央行保持技术中性，不预设技术路线。”虽然区块链技术应用火热，但是区块链技术运算复杂，一定时间内能够处理的交易规模有限。这难以满足中国零售场景的应用需求，未来具体面向客户端的技术，还需要多样化的探索。
强化金融监管
如果我国央行推出数字货币，可能会带来哪些改变？从中央银行的角度来看，一是CBDC可以增强反腐败、反洗钱和反恐怖主义融资的能力。由于现金交易完全匿名，不需要账户体系，可能会被用于洗钱、逃税和为恐怖主义融资。如果CBDC被设计为可控匿名的模式，可以一定程度上替代现金，帮助央行监测资金流向，强化金融监管。
二是CBDC可能增加M0的波动，提高流动性精细调节的难度。CBDC有与现金相似的特性，但支取时不需要“跑路成本”和等待时间，使用便捷。这可能使CBDC的变化幅度和频率高于现金，增加了预测流动性漏损的难度。
三是推出CBDC为实施非常规货币政策创造了条件。一方面，在居民使用现金的情况下，名义利率将不可能低于0%。因为如果央行对存款实施负利率，居民会选择将存款从银行中取出，以现金的形式储藏起来，避免价值损失。除非央行将部分现金注销，但这在操作上难度大且成本高。这在经济学上被称为有效利率下限（ELB）。不过，如果CBDC完全取代现金，央行则能够通过程序设计使CBDC的利率低于0%。另一方面，如果CBDC存在，央行可以直接在居民的电子钱包中增加CBDC数量，通过给民众普遍发放现金来刺激经济。
四是CBDC能够帮助央行应对现金支付日益减少、私人部门提供的数字货币或数字支付服务的应用日益广泛的挑战。2019年中国M0与GDP的比例为7.8%，较2010年的10.8%下降了3个百分点。2019年电子支付在非现金支付中的比例达到69.0%。其中，移动支付的占比达到9.2%。这一定程度上影响了中央银行能够监测得到的货币变化，和对支付结算进行统一监管的能力。
五是CBDC能降低货币发行的成本。现金和硬币的制作、运输都需要耗费一定的人力、物力和时间。现金和硬币在使用过程中还可能出现一定程度的损耗。如果央行数字货币逐渐取代面值较低的硬币、纸币，可以极大地降低货币的铸造、转移和损耗成本。
应对电子支付挑战
从金融机构的角度来看，一是CBDC可能提高商业银行流动性管理的难度。与现金相比，客户能够更为便捷地获取CBDC。这可能使流动性波动的频率变高、速度加快。在出现商业银行信用风险的极端情况下，储户可能提取数字货币到自己的数字钱包之中，商业银行面临的流动性压力将高于使用现金的时期。因此，在特殊时期，可能需要央行对CBDC的支取与转换加强限额设置。
二是CBDC能够提高支付结算的效率。如果货币采用数字化的形式，其转移和结算将变得更为容易，能够缩短结算时间，提高交易效率。尤其是在跨境交易中，CBDC的运用能够帮助交易双方克服时差的影响，降低跨境支付结算的成本。
从普通居民的角度来看，CBDC的主要优势是提高匿名交易的便利性。在电子支付盛行的背景下，居民的活期存款也可以方便快捷地用于零售场景的结算。对于普通居民而言，用活期存款进行电子支付还是用CBDC进行电子支付的差异不大，但用活期存款还能够有一定的利息收入。而我国的CBDC注重替代现金的功能，在目前的设想中并不付息。不过，使用活期存款账户划转不具备匿名的特征，对交易隐私要求较高的居民可能倾向于使用CBDC。
综上可知，央行数字货币的本质仍然是法定货币。在现金使用日益减少的背景下，推出央行数字货币有利于中央银行应对电子支付快速发展的挑战，提高支付结算效率，降低货币发行成本，并为推行非常规货币政策创造了空间。央行数字货币对居民生活和商业银行的影响主要取决于其机制设计。中国与瑞典的CBDC都采用双层运营架构，即央行仅对商业银行等机构发放CBDC，再由机构将CBDC提供给终端用户。这种模式既方便了居民的日常支付结算，也减轻了CBDC对商业银行传统经营模式的冲击。不过，CBDC由央行直接发行，其安全性高于银行存款，仍可能对银行存款形成一定的竞争。因此，如何确定CBDC的发行数量，是否限制CBDC与现金、存款之间的兑换等仍是需要慎重考虑的问题。（鲁政委）
http://www.xinhuanet.com/video/2020-04/21/c_1210580879.htm
关于央行数字货币,我们应该知道些什么?
2020年04月21日 17:00:00
“央行数字货币正在内测。”
近期这样一条新闻引发高度关注。
央行、数字、货币。这六个字两两出现都懂；合在一起却让人有点“懵”，更有点小紧张。关于央行数字货币，我们该知道些什么呢？
什么是数字货币？
怎么用？简单来说，央行数字货币就是人民币的电子版。它不计付利息，相比于纸币没有任何差别，只是把纸币现钞的存在形式数字化了。
数字货币就像是电子钱包，可能是类似于交通卡、门禁卡一样的，通过芯片存放于一个卡类媒介中，掏钱的时候，掏出小卡来刷一刷就能支付了；也可能是在手机里有一个app，通过扫码支付来完成买买买，甚至还可以不必联网，两只手机“碰一碰”就能转钱。从感官体验上来说，和我们刷微信、支付宝差不多。
数字货币会丢吗？
数字货币有两大好处：一是非常方便，二是可追踪。这就回答了关于“钱变成数字了会不会不安全”的担忧，答案是大可放心。
由于数字货币是中心化的，具有唯一性编码，所以只要使用了就可以被追溯。因此，只要不多嘴告诉别人密码，谁都撬不走你的钱。而且但凡别人偷了你的钱，理论上都是可以被找到的。
放眼未来，数字货币的可追溯性还会让洗钱、恐怖融资等犯罪无从遁形，同时大大降低像钞票印刷、运输、防伪等等的成本。更广泛地说，在未来的国际贸易中，持有数字货币的用户之间可以进行直接交易。央行货币研究所所长穆长春就曾表示，发行央行数字货币的首要目的是保护货币主权。
数字货币会引发通货膨胀吗？
目前数字人民币研发工作正在稳妥推进，先行在深圳、苏州、雄安新区、成都及未来的冬奥场景进行内部封闭试点测试，距离真正落地还有很长时间。
同时，因为数字货币是等价替换流通中的货币，不会让钱变毛，并且央行为了保证数字货币不超发，会先把数字货币兑换给银行或者是其他运营机构，再由这些机构兑换给公众。所以数字货币的发行不会造成通货膨胀，也不会对我们的生活产生太大影响。
总的来说，数字货币对于普通人来说也就是多了一个选择，但是对于央行来说，未来畅想可就多了。
http://www.xinhuanet.com/fortune/2020-04/18/c_1125872898.htm
央行数字货币研究所：数字人民币研发正稳妥推进
2020-04-18 08:49:07 来源： 中国证券报
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中国人民银行数字货币研究所17日表示，当前网传DC/EP信息为技术研发过程中的测试内容，并不意味着数字人民币正式落地发行。数字人民币目前的封闭测试不会影响上市机构商业运行，也不会对测试环境之外的人民币发行流通体系、金融市场和社会经济带来影响。
央行数字货币研究所称，目前数字人民币研发工作正在稳妥推进，数字人民币体系在坚持双层运营、M0替代、可控匿名的前提下，基本完成顶层设计、标准制定、功能研发、联调测试等工作，并遵循稳步、安全、可控、创新、实用原则，当前阶段先行在深圳、苏州、雄安、成都及未来的冬奥场景进行内部封闭试点测试，以不断优化和完善功能。
http://www.xinhuanet.com/finance/2020-04/20/c_1125879464.htm
The introduction of digital currency is conducive to the innovation of monetary policy tools
2020-04-20 10:15:52 Source: China Securities Network
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The central bank's recent digital currency tests have triggered market attention. For the central bank, the introduction of the central bank's digital currency is conducive to enhancing anti-money laundering, anti-tax evasion and anti-terrorism financing capabilities, responding to the challenges of decreasing cash use, reducing currency issuance costs, and creating conditions for the implementation of unconventional monetary policies . However, the convenience of digital currencies also increases the difficulty for the central bank to accurately adjust liquidity.
How the central bank's digital currency affects financial institutions depends on their specific design. China's CBDC (Central Bank Digital Currency) adopts a two-layer operating structure, that is, the central bank issues CBDC to commercial banks and other institutions, and then the institutions provide CBDC to end users. This model is not only convenient for residents to use, but also reduces the impact of CBDC on the traditional business model of commercial banks. However, CBDC is issued directly by the central bank, and its security is higher than bank deposits, which may form a certain competition for bank deposits. Therefore, how to determine the number of CBDC issuance and whether to set certain restrictions on the exchange between CBDC and cash and deposits still need to be carefully considered.
Implement "controllable anonymity"
According to public information in the media, the central bank's digital currency is issued by a two-tier operating system, that is, the central bank first converts the digital currency to banks or other operating institutions, and then these institutions exchange it to the public, rather than "the central bank directly issues digital to the public. "Single-tier operating system" of currency. In order to ensure that the central bank's digital currency is not overproduced, commercial institutions pay 100% and 100% of the reserve fund to the central bank. The central bank's digital currency is still a liability of the central bank, which is guaranteed by the central bank's credit and has unlimited legal compensation. Since the central bank does not directly issue digital currency to the public, CBDC will not compete with the traditional business model of commercial banks, and it can also give full play to the enthusiasm of commercial banks and payment institutions in technological innovation.
From the perspective of the use of digital currency, China's CBDC focuses on the function of replacing cash, and is mainly aimed at small retail scenarios. From the perspective of the anonymity of digital currency, unlike completely anonymous cash, China's central bank digital currency will implement "controllable anonymity", which means that when trading with CBDC, both parties to the transaction can be anonymous and the privacy of the public can be obtained protection. However, when carrying out anti-money laundering, anti-terrorist financing and anti-tax evasion, it can still be traced back to the real transaction object.
From the perspective of technology selection, the official response of the central bank is "the central bank maintains technical neutrality and does not pre-set the technical route." Although the application of blockchain technology is hot, the operation of blockchain technology is complex, and the scale of transactions that can be processed within a certain period of time is limited. This is difficult to meet the application requirements of China's retail scenarios, and future client-specific technologies will also require diversified exploration.
Strengthen financial supervision
If China's central bank launches digital currency, what changes might it bring? From the perspective of the central bank, one is that CBDC can enhance anti-corruption, anti-money laundering and anti-terrorism financing capabilities. Because cash transactions are completely anonymous and do not require an account system, they may be used for money laundering, tax evasion and terrorist financing. If CBDC is designed as a controllable anonymity model, it can replace cash to a certain extent, help the central bank monitor the flow of funds, and strengthen financial supervision.
Second, CBDC may increase the fluctuation of M0 and increase the difficulty of fine adjustment of liquidity. CBDC has similar characteristics to cash, but it does not require "running cost" and waiting time when withdrawing, and it is convenient to use. This may make CBDC change range and frequency higher than cash, increasing the difficulty of predicting liquidity leakage.
The third is that the introduction of CBDC has created conditions for the implementation of unconventional monetary policies. On the one hand, in the case of residents using cash, the nominal interest rate will not be lower than 0%. Because if the central bank implements a negative interest rate on deposits, residents will choose to withdraw the deposits from the bank and store them in the form of cash to avoid loss of value. Unless the central bank cancels part of its cash, it is difficult and costly to operate. This is economically known as the lower effective interest rate limit (ELB). However, if CBDC completely replaces cash, the central bank will be able to design procedures to keep CBDC's interest rate below 0%. On the other hand, if CBDC exists, the central bank can directly increase the number of CBDC in the residents' e-wallets and stimulate the economy by generally issuing cash to the public.
Fourth, CBDC can help the central bank to cope with the challenges of decreasing cash payments and the increasingly widespread application of digital currencies or digital payment services provided by the private sector. In 2019, the ratio of China's M0 to GDP was 7.8%, a decrease of 3 percentage points from 10.8% in 2010. The proportion of electronic payments in non-cash payments reached 69.0% in 2019. Among them, mobile payment accounted for 9.2%. To a certain extent, this has affected the ability of the central bank to monitor currency changes and uniformly monitor payment and settlement.
Fifth, CBDC can reduce the cost of currency issuance. The production and transportation of cash and coins require a certain amount of manpower, material resources and time. Cash and coins may also be worn to some extent during use. If the central bank digital currency gradually replaces coins and paper money with lower denominations, it can greatly reduce the cost of currency casting, transfer and loss.
Meeting the challenges of electronic payments
From the perspective of financial institutions, one is that CBDC may increase the difficulty of liquidity management of commercial banks. Compared with cash, customers can obtain CBDC more conveniently. This may increase the frequency and speed of liquidity fluctuations. In extreme cases of commercial bank credit risk, depositors may withdraw digital currency into their digital wallets, and the liquidity pressure that commercial banks face will be higher than during the period of using cash. Therefore, in a special period, the central bank may need to strengthen the limit on the withdrawal and conversion of CBDC.
Second, CBDC can improve the efficiency of payment and settlement. If the currency is digitalized, its transfer and settlement will become easier, which can shorten the settlement time and improve transaction efficiency. Especially in cross-border transactions, the use of CBDC can help both parties to overcome the effect of time difference and reduce the cost of cross-border payment and settlement.
From the perspective of ordinary residents, the main advantage of CBDC is to improve the convenience of anonymous transactions. In the context of the prevalence of electronic payments, resident demand deposits can also be used for settlement of retail scenarios quickly and easily. For ordinary residents, there is little difference between using deposits for electronic payment or CBDC for electronic payment, but using deposits can still have a certain amount of interest income. While China's CBDC focuses on the function of replacing cash, it does not pay interest in the current assumption. However, the transfer of current deposit accounts does not have the characteristics of anonymity, and residents who have higher requirements for transaction privacy may tend to use CBDC.
In summary, the essence of central bank digital currency is still fiat currency. In the context of decreasing cash usage, the introduction of central bank digital currency is conducive to the central bank to cope with the rapid development of electronic payments, improve payment and settlement efficiency, reduce currency issuance costs, and create space for the implementation of unconventional monetary policies. The impact of the central bank's digital currency on residents' lives and commercial banks mainly depends on its mechanism design. Both China and Sweden's CBDC adopt a two-tier operating structure, that is, the central bank only issues CBDC to commercial banks and other institutions, and then the institutions provide CBDC to end users. This model not only facilitates the daily payment and settlement of residents, but also alleviates the impact of CBDC on the traditional business model of commercial banks. However, CBDC is issued directly by the central bank, and its security is higher than bank deposits, and it may still form a certain competition for bank deposits. Therefore, how to determine the number of CBDC issuance and whether to limit the exchange between CBDC and cash and deposits still need to be carefully considered. (Lu Political Commissar)
http://www.xinhuanet.com/video/2020-04/21/c_1210580879.htm
What should we know about central bank digital currency?
April 21, 2020 17:00:00
What should we know about central bank digital currency?
"The central bank's digital currency is being tested internally."
Such a piece of news recently caused great concern.
Central bank, digital, currency. These six words are understood in two or two appearances; they are a bit ignorant and a little nervous. What should we know about central bank digital currency?
What is digital currency?
how to use? Simply put, the central bank digital currency is the electronic version of the renminbi. It does not pay interest, and it is no different than paper money, only digitizing the form of paper money.
Digital currency is like an electronic wallet, which may be similar to a transportation card or an access card. It is stored in a card medium through a chip. When you pay, you can take out a small card and swipe it to pay; There is an app on the mobile phone, which can be bought, bought and bought by scanning the code, and even without internet connection, the two mobile phones can transfer money by "touching". In terms of sensory experience, it is similar to that of WeChat and Alipay.
Will digital currency be lost?
Digital currency has two major benefits: one is very convenient, and the other is traceable. This answers the concern about whether it will be insecure if money becomes a number. The answer is reassurance.
Because digital currency is centralized and has a unique code, it can be traced back as long as it is used. Therefore, as long as you do n’t talk to others about your password, no one can pry your money. And as long as someone steals your money, it can theoretically be found.
Looking into the future, the traceability of digital currencies will also make crimes such as money laundering and terrorist financing inevitable, while greatly reducing costs such as banknote printing, transportation, and anti-counterfeiting. More broadly, in future international trade, users who hold digital currencies can conduct direct transactions. Mu Changchun, director of the Central Bank Monetary Research Institute, once said that the primary purpose of issuing central bank digital currency is to protect currency sovereignty.
Will digital currency cause inflation?
At present, the digital RMB research and development work is proceeding steadily. First, the internal closed pilot tests will be conducted in Shenzhen, Suzhou, Xiong'an New District, Chengdu and the future Winter Olympics scene.
At the same time, because the digital currency is an equivalent replacement of the currency in circulation, it will not make the money hairy, and in order to ensure that the digital currency is not oversold, the central bank will first exchange the digital currency to the bank or other operating agencies, and then these institutions will exchange To the public. Therefore, the issuance of digital currency will not cause inflation, nor will it have a great impact on our lives.
In general, digital currency is an option for ordinary people, but for the central bank, there is more to imagine in the future.
http://www.xinhuanet.com/fortune/2020-04/18/c_1125872898.htm
Central Bank Digital Currency Research Institute: Digital RMB research and development is progressing steadily
2020-04-18 08:49:07 Source: China Securities Journal
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The People's Bank of China Digital Currency Research Institute said on the 17th that the current online DC / EP information is the test content in the process of technology research and development, and does not mean that the digital RMB is officially issued. The current closed testing of digital RMB will not affect the commercial operation of listed institutions, nor will it affect the RMB issuance and circulation system, financial market and social economy beyond the testing environment.
The Central Bank's Digital Currency Research Institute said that the current research and development of digital RMB is proceeding steadily. The digital RMB system has basically completed top-level design, standard formulation, functional research and development, joint testing, etc. on the premise of double-layer operation, M0 substitution, and controllable anonymity Work, and follow the principles of stability, safety, controllability, innovation, and practicality. At the current stage, first conduct internal closed-loop pilot tests in Shenzhen, Suzhou, Xiong'an, Chengdu, and the future Winter Olympics scene to continuously optimize and improve functions.
