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"The idea of the central bank to issue digital currency has already been deployed when Zhou Xiaochuan was the governor of the People's Bank of China, and a digital currency research institute was established, and the basic conditions are met." Huang, director of the Institute of Financial Law at the Central University of Finance and Economics Zhen told the Beijing News reporter.

Today (August 2), at the central bank’s work video conference for the second half of 2019, it was stated that it will accelerate the research and development of my country’s legal digital currency (DC/EP), track and study the development trends of domestic and foreign virtual currencies, and continue to strengthen the rectification of Internet financial risks.

At the launch ceremony and first academic seminar of the Digital Finance Open Research Plan held on July 8, Wang Xin, director of the Research Bureau of the People's Bank of China, revealed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is currently organizing market institutions to engage in corresponding work. .

In fact, after Facebook released the Libra digital currency project white paper, it attracted the attention of financial regulators in various countries on digital currency supervision. Libra is an encrypted digital currency project announced by Facebook. According to its white paper, the purpose is to establish a currency and financial infrastructure that serves billions of people. Libra has not yet been launched and has been temporarily shelved due to concerns from US regulators about its data security and other issues.

How is the legal digital currency announced by the central bank different from Libra? What is the positioning of legal digital currency? Many experts said that legal digital currency is a substitute for paper money and is issued by the central bank. General encrypted digital currencies, including Libra, themselves are not It has a monetary function and cannot impact legal tender.

In response to the current difficulties in the central bank's issuance of legal digital currency, many experts said that it may face problems such as technology and the inability to flow freely under the RMB capital account, the use of digital currency to commit crimes, and the difficulty of transforming and upgrading financial infrastructure.

Legal digital currency is a supplement to the base currency and Libra cannot impact it.

How will the legal digital currency announced by the central bank be positioned? How is it different from the Libra announced by Facebook?

Wu Changhai, deputy director of the Institute of Capital Finance at China University of Political Science and Law, said that virtual currencies issued by Internet companies, whether in the United States, China or other countries, cannot impact or replace legal tender under the existing national governance model. As a type of legal currency, Wu Changhai believes that encrypted digital currencies, especially stablecoins represented by Libra, cannot and cannot replace legal digital currencies.

"Legal digital currency is a substitute for paper money and is issued by the central bank. General encrypted digital currency itself does not have a currency function. It is impossible for the government to hand over the right to issue currency to a company. This idea will not be realized in a long time. .", Wu Changhai said.

Regarding the possible positioning of the legal digital currency issued by the central bank, Chen Wen, deputy director of the Inclusive Finance and Intelligent Finance Research Center of Southwestern University of Finance and Economics, told the Beijing News reporter that the central bank’s digital currency should be regarded as a supplement to the base currency.

Chen Wen believes that in the past, when the central bank issued base currency and finally put it into the market, it actually had to go through banks as channel dealers and bank micro-entities as a channel. However, like the issuance of digital currency, it can be directly targeted at ordinary people and non-profit enterprises. , missing the conduction link.

The basic conditions for the release of digital currency have been met, but it still faces challenges such as the transformation of financial facilities

The central bank has frequently stated recently that it will accelerate the research and development of digital currency. Many experts expressed support for the Beijing News reporter. Today, with the emergence of Libra and the continuous development of encrypted digital currencies, we should increase our sense of crisis, face the impact of digital currencies on the traditional financial system, and establish a reasonable risk avoidance mechanism.

Wu Changhai said that the issuance of legal digital currency is a major trend in the digital economy, and central banks of all countries are considering it.

"We should actively participate in this new competition in the digital economy, further liberalize academic and technical discussions on encrypted digital currencies, and quickly improve the level of understanding of digital economic competition among people in relevant industries in China.", an authoritative person in the mutual finance industry said. A Beijing News reporter said.

Huang Zhen said that the current technology of Chinese blockchain companies should be said to still have certain advantages in the world. One is that it leads the world in the number of patent applications and technology. At the same time, there are many blockchain implementation projects, such as the application of bill chains in the financial field. The advantages of China's blockchain technology and the backwardness of the system are in sharp contrast. .

"After the release of Libra, Ma Huateng said something very insightful. This kind of currency issuance technology has been around for a long time. The key lies in supervision. Our country has recently been in a stage of regulating Internet financial risks. For Internet companies to participate in finance, In particular, the plan to issue coins requires high-pressure supervision and strict supervision. At present, the government has stopped the so-called structures, projects, activities, etc. in the name of blocks in our country.” Huang Zhen. explain.

In response to the current difficulties in the central bank's issuance of legal digital currency, Wu Changhai said that the current issuance of digital RMB faces the following three major challenges: first, technical problems, second, the inability to flow freely under the capital account of RMB, and third, the use of digital currency to commit illegal crimes, etc. .

Huang Zhen said that when Zhou Xiaochuan was the governor of the People's Bank of China, the idea of issuing digital currency by the central bank had already been deployed and the Digital Currency Research Institute was established, and the basic conditions were met. "But what technical support digital currency will use and what its positioning will be have not yet been determined. The transformation and upgrading of financial infrastructure will take time and be very difficult. The central bank must support controllable institutions to participate, and it may be difficult for private enterprises Participate." Huang Zhen speculated.