In order to obtain the benefits of the digital yuan, our challenge must be overcome.

01. History and inspiration for the development of the digital yuan

In 2009, Bitcoin, the world's first virtual digital currency, was born, dismantling the bank's rulers. When Bitcoin was born as a blockchain technology with features of encryption, decentralization, and anonymity (pseudonym), it was growing in popularity and value. Immediately, cryptocurrencies based on blockchain and decentralization strategies (Litecoin, Ethereum, etc.) appeared one after another and were used as payment methods in various exchanges and channels. It is true that "mining" mechanisms such as proof of work give Bitcoin and other virtual currencies valuable behavior. No national credit guarantee or endorsement of assets stored behind cryptocurrencies and other virtual currencies is too volatile in terms of market value, and demand is excellent. In recent years, various forms of advertising and ICO trading in the "coin cycle" marketplace have had a major impact on determining the global financial market and currency.

Since 2015, a "stable currency" represented by the USDT has arisen and attempts have been made to correlate with legal currencies such as the US dollar (for example, the exchange rate between the USDT and the US dollar is 1: 1). To open up virtual currencies, it acts as a bridge between fiat and virtual currencies, and connects digital and fiat money markets. However, the centralized media model and lack of state support have been challenged by the market as a threat to justice, and the actual outcome is uncertain.

In June 2019, the Facebook-led Libra Project white paper and testnet was released. Based on Libra's vision and stance in free form, Libracoin has focused on digital payments and finance inclusion, and is committed to providing users around the world, especially countries without financial development, payments and payments at lower and faster rates. . The circle. Compared to digital currencies like Bitcoin, Libras have real world assets and prefer the ability to pay in cash.

In order to respond to the impact of virtual digital currency on existing money and resources, a Korean bank started researching digital (legal) currency in 2014. 2015. Renminbi issuance and trading framework digital currency of the Central Bank, basic digital currency technologies, advertising and distribution environment, legal issues, economic and financial impacts, digital legal relations currency and private digital currency, extensive international research is based on the experience of the publication of digital currencies and research data have been developed. In January 2016, financial institutions hosted a digital currency conference to discuss the entire digital currency advertising process, cryptocurrency legislation, and other issues. , and called for declaring the renminbi as soon as possible. Since August 2019, the company has been conducting public research and releasing digital renminbi licenses.

In recent years, our national e-commerce market has steadily improved, access to mobile terminals has increased and third-party payment has become the world leader. my country. In addition, the recent announcement of "Support Ideas in Shenzhen for the Development of Cultural Performance of Relations with Chinese Strategies" also made it clear that Shenzhen is supporting the development of new applications such as digital currency research and mobile payments. A well-established test base and development opportunity for RMB digital broadcast and landing experiments.

02. Take into account the advanced conditions and the relevance of the work model

At this point, our country's digital yuan production and export focus on M0 exchange, M1 and M2 exchange. At the same time, in order to manage the benefits of digital renminbi revenues and achieve the goals of monetary policy and macroprudential management, our country fiat the dual operation of digital currency and compliance with the main standards of dissemination and control.

The reason that the renminbi has to pay for the exchange of M0 is that the existing banknotes and coins have many drawbacks such as high printing costs, the stated cost. , and the transportation is not convenient, so they need to be digitized, second, the electronic funds as M1 and M2 commercial bank accounts Or it can be digitized and does not need to be digitized again. Third, it helps to maintain the security of existing funds. Switch M0 is a digital money bank, a binary account model that allows paying digital money at a fair price, means traveling, means of payment, and saving money in cash. It is backed by central bank credit, guaranteeing unlimited political reparations.

Digital RMB uses a layer of layers layers, and dual layers of the best benefit, the ability, and technology as much as possible. Safety and permanent, Bank Bank Before Technology, Hard Training, Improvement of Public Construction, Improvement Advised public, improve public consecutive, enhancing public certification, improve public configuration Last, improve public consecutive, improve public consecutive, publicly certification, improve public consent, Improve public consecutive, improve public acknowledgment, improving public certification, improve public acknowledging, improvements Citizens Acknowledgment, Improvement Acknowledgment, Improve Public Acknowledgment, Improve Public Review, Improve Le The acknowledgment of public, improve the acknowledgment of its help. Digital currency of the central bank. Second, Dual setup functions divide the risk. Renminbi (renini Dumini) relies relies directly to thousands furniture, depending on the different roads, various harms and difficulties. More dangerous. Third, Dual layer works can be avoided "funding". When the bank is directly referred to call directly, the income of the bank will make a competitive account of competition, and increase the amount of competition, and have prices of competition, and even exist if you turn off the financial, a banking of the world and interferes a great deal of financial existing and call.

Renminbi M0 decided that the digital RMB is always "secure call" attribute. Establish close contact with all types of renminbi and designed to be contacted with the call to create materials. At the same time, the design of the digital renminbi technique process and one-handed money is the same work. Digital RMB "Central Bank - business office" like a typical type of business than two, Lanzimal coin using the authorization "Lanzimal permitted" Lanzimal permission for "Lanzimal permitted" Lanzimal permission for "LANZIME. The coin Libra will need legal status equal to the exchange of Libra Coins, and digital RBB must be 100% full charge. For pre-control, the bank account is covered by the bank, and make a digital deliverance of digital benefits, to prevent the delicate currency, and avoiding the suprency supency. Libya Reserve the assets have agreed to ensure that asset stability and security and receiving the income to earn money.

The renminbi exchange rate status quo prompted the bank to adopt a “centralized” model of digital renminbi advertising and regulation. Libra's contribution to the global economy has led to the implementation of “ethical” design and governance strategies. . In theory, a "decentralized" model should improve efficiency, manage security benefits and strengthen financial management, while a "decentralized" model is better for convenience and anonymous (pseudonyms) trade, easier business. And investors accept it and use it.

03. Conditions for future improvement and success

As payment methods become newer and easier and hold valuable assets, digital cryptocurrencies can be difficult and disrupt financial and monetary processes. Thank you for your interest. Although the Bank of England has started to develop and implement a central bank digital currency model, it has publicly stated that legitimate digital currencies will carry certain risks and will not be released in the future. Meanwhile, Canadian regulators have begun to test the impact of information technology sharing on financial markets while actively studying the growth and performance of the media. Singapore financial institution announced a digital currency project to prepare for the release of legal digital currencies in the field of market analysis and practice. The IMF is also trying to release an SDR version of the eSDR digital solution to address issues of improving results globally. Currently, the creation, publication and planning of the digital renminbi are at the forefront of digital currency law, which may lead to a new era of digital currency law.

The main factors contributing to the successful dissemination and landing of the digital renminbi are:The first is that advertising and trading are well supported, competitive, and easy to trade.Whether or not the initial digital renminbi advertising and approval can be supported and accepted by businesses and other organizations depends on identification. Important issues need to be resolved before the renminbi declares and lands. Sanghwan Road is a trade route between consumers and digital yuan banks (central bank). It is the volatility and volatility of the levels that will always have a negative impact and impact on existing finances and finances.

The second is market acceptance and validation of the application scenario.Market acceptance and the state of demand are key indicators of the digital renminbi, and adequate policies must be in place to ensure the liquidity of the renminbi. Now, Alipay and WeChat Payments are an important part of China's payment and spending platform, individuals and businesses have developed a way to achieve this, Digital RMB strengthens partnerships and integration with companies payment and financial systems, offering a variety of subtleties, online. and offline service models to improve business acceptance and adaptability to application scenarios.

The third is the overall change management and involvement system.In the future, if our country will use the digital yuan as a tool and medium for promoting international yuan trade, it will have to find reliable international educational partners and encourage them to participate in the promotion and acceptance of the digital yuan. Facilitate the accession and globalization of the digital renminbi. It also means that our country needs to take a more open attitude towards the digital renminbi. For example, allowing the renminbi digital currency to function as a "fixed currency", creating a bridge between the renminbi and the digital virtual currency, allowing the digital renminbi to be used in fiat currencies such as the US dollar and the free exchange, etc. At the same time, in terms of advertising and oversight, it strives to be flexible and adaptable to respond with certainty to regulatory scrutiny of digital securities and payments across multiple platforms.