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Wanxiang blockchain zouchuanwei: blockchain technology is neither a sufficient nor a necessary condition for digital RMB

Time : 15/07/2022 Author : 4z70ft Click : + -
        On November 23, 2020, the 2020 China enterprise competitiveness annual conference week hosted by China business daily and China economic future opened grandly. As an authoritative and forward-looking event in the financial and economic circles, this annual meeting will gather the thoughts of Chinese business think tanks and top entrepreneurs, explore the common development path of China's economy and enterprises, and build a platform for the government, enterprises, and well-known scholars at home and abroad to exchange ideas and share wisdom. Zouchuanwei, chief economist of Wanxiang blockchain, attended and delivered a keynote speech at the "2020 excellent competitiveness financial summit" held on the first day. In an interview with the reporter of China business daily, he said that the advantages of digital RMB as the currency of the central bank, such as security, controllable anonymity, transaction as settlement and dual offline payment, will attract people to use it.
        Blockchain technology is neither a sufficient condition nor a necessary condition for digital RMB. At present, the central bank's positioning of digital RMB focuses on the cash in circulation, that is, the substitution of M0, but there are also some voices in the industry that believe that m1/m2 will be valuable in the future. Zou Chuanwei doesn't agree with this. He believes that, first, both digital RMB and M0 (cash in circulation) are central bank currencies and central bank liabilities to the public, so "digital RMB replacing M0" is established. The main part of m1/m2 is the deposit currency of commercial banks, which is the liabilities of commercial banks to individuals, institutions and government departments. "Digital RMB replacing m1/m2" is logically difficult to establish.
        Second, the payment system related to the deposit currency of commercial banks relies on the deposit account system, which has high efficiency and security. If it is transformed into an account loose coupling mode similar to digital RMB, it will have little significance for the improvement of the payment system. Third, in the payment link, the central bank's digital currency replaces the deposit currency of commercial banks in a large proportion, which is actually a situation that the central bank will try to avoid in the central bank's digital currency project, because it will affect the deposit stability and credit intermediary function of commercial banks. "To be honest, the performance and security of blockchain technology at present are not enough to support a retail central bank digital currency such as digital RMB.
        Some overseas central banks have used alliance chain technology in wholesale central bank digital currencies, such as the monetary authority of Singapore and the Bank of Canada. Their experiments show that blockchain technology can support wholesale central bank digital currencies. " He said. In his view, digital RMB, as a substitute for cash, should go beyond the completely anonymous and untraceable characteristics of cash. It is the proper meaning of the topic to adopt "loose coupling of bank accounts, value characteristics, and support controllable anonymity", which are also the key characteristics of blockchain. It is worth noting that at present, the secondary market continues to hype the theme of digital RMB, and the industry is also concerned about which industries will be affected by its landing.
        In this regard, zouchuanwei believes that the settlement and settlement arrangements of digital RMB in a wide range of applications are not very clear at present. If the digital RMB transactions of individuals and institutions (including commercial banks) are reflected in the update of the digital currency system of the people's Bank of China at the first time, it is equivalent to the people's Bank of China providing real-time total settlement to the public, which has nothing to do with UnionPay and online Federation, but it puts forward high requirements for the digital currency system. If digital RMB only slightly replaces the deposit currency of commercial banks in the payment process (which is likely to happen), there will be no great impact on UnionPay. If the two-way exchange between digital RMB and RMB cash is allowed, the ATM machine is required to be upgraded.
        According to zouchuanwei, the user experience of mobile payment is the product of repeated polishing and innovation in the market. Digital RMB, like mobile payment, is the first step to success in terms of user experience. "To let people use digital RMB, we first need to expand the application scenarios and billing system of digital RMB. We need to let people find that wherever they can pay with cash, bank cards and third parties, they can also use digital RMB, and the use experience is as good. The advantages of digital RMB as the currency of the central bank, such as security, controllable anonymity, transaction that is, settlement and dual offline payment, will naturally attract people to use it 。”。
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