Liu Xiaochun: Implementing Subversive Innovation of RMB Digital Contracts

2021 is a year of rapid growth for the digital renminbi. According to the data, as of October 22, 2021, the digital RMB opened 140 million personal wallets and 10 million bank wallets, with a total number of 150 million transactions and exchange rates of nearly 62 billion yuan.

At the same time, every driver in the city has invested heavily in expanding digital RMB business and experimental events. For example, on December 9, Shenzhen Branch of Agricultural Bank of China and Huawei jointly announced the results of a new loan application, signed the completion of the first cloud-side smart contract application based on the digital yuan. .

According to the report, smart contracts should regulate the digital renminbi, change the rights of tenants, and provide supervision and automatic payment according to law, which makes the use of the digital renminbi easier and more diverse, read more . Financial Aid Scenario.

In this regard, Liu Xiaochun, deputy director of Shanghai New Finance Office, believes that in the past, many payment methods were received by the tenant after signing the contract. Renting with a landlord or broker does not prevent a owner to send a refund. . at the end of the lease. It is an innovative method that changes the functionality of a lender by direct operation.

In the future, research applications such as smart technology are much needed and well supported. He pointed out that (1) if smart technology contracts can be widely used in all fields, the performance of payments and fiduciary contracts will be better, and business efficiency will be improved. Although they are not included, they should be limited to certain specialties and little used, it should be ensured that funds closed in these areas do not affect the financial policy and financial management of the bank. (3) It is necessary to perform accounting fees and study the feasibility and investment feasibility of using smart contracts, and (4) smart contract technology should help meet the needs of two parties to complete the contract and adapt. your feet do not cut them so that both sides can meet the requirements of a smart machine contract.

Smart contracts and digital rewards and digital moneyWritten by Liu Xiaochun

Vice President of Shanghai New Finance Research Institute

According to the report, the Shenzhen Branch of the Agricultural Bank of China and Huawei will complete the first yuan digital cloud smart contract scenario in December 2021. The situation led to the Shenzhen Urban Rural Housing Development Bureau.rental management. After the tenant selects the house, signs the contract, and pays the deposit and rent through the smart leasing platform, the money goes to the RMB digital loan company, and the contract Smart words are created and linked the same time. finance. The intelligent machine releases the monthly rent on the rent day and returns the digital RMB amount to the tenant after the lease expires.

The role of financial solutions is to help people achieve a wide range of economic benefits, and payment itself is not the end. There are many types of human transactions, and not all changes should be beneficial as a payment method. CornAs there are different types of businesses, there are also different payment methods.Although P2P payments are the simplest, they are not the only ones and are not suitable for all businesses. There are fewer and fewer situations where peer-to-peer payments need to be made, especially as communication and digital have become obsolete.For other industries, the speed and timing of the payment link itself is also important.Paying rent is a very common case. It can be seen that point-to-point payments, the key to digital R&D results, are more likely to collect sesame seeds and drop tomatoes.

At present, using the programmable features of the Agricultural Bank of China and Huawei, leasing equipment has implemented a number of contracts into smart contracts so that profits can be made in the payment to perform by contract. .This is called disruptive innovation.

In the past, there were several ways for a tenant to enter into a lease with a landlord or tenant and then pay off the loan and rent.

One is to pay cash. The problem that can arise here is that if the tenant is in debt or does not pay the rent on time, the landlord can first close the house but cannot pay the security deposit, i.e. the tenant can first terminate the lease or terminate the lease. It expires and the tenant refuses to return the security deposit, etc.

The second is paid by check. Problems that can lead to bounced checks, even with cash, can lead to many problems.

The third concerns bank transfers. In addition, due to the negligence of the tenant, the change will not be timely, and it is very difficult to go to the bank.

The fourth is to trust the bank to make regular payments. The thing is, you need to have enough money in your bank account before the deadline.

Fifth, set up direct payments in online banking. Even then, you must prepare all payments by the due date.

All these methods are not possible to limit the customer returning money to the end of the lease.

The above procedures need to be performed manually or require the help of a bank account, and the results are business-friendly.However, the use of smart contracts used by the leverage effect itself has changed the whole functioning of annuities, the scale of this innovation is enormous.

As mentioned above, the ultimate accomplishment of many payment communities does not require P2P payments. Pay by hand "industry.

Traditional payment methods include cash, checks, debit cards and bank transfers with multiple connections and the risk of breach of contract between payer and payer. Promising smart technology can attract a lot of attention in this regard. Use of programmable features of digital rewards, contract execution,What has changed is not only the method of payment, but also many smart contract based exchanges due to changes in the method of contract execution.Then, applying the potential of digital benefits to the wholesale market is very brilliant.

If a digital contract is designed to execute a payment contract, the concept of digital contract may be included in the smart contract from the time the contract is signed until the funds specified in the contract are completed;Part of these digital benefits cannot be used for other payments and transfers.

Figuratively, it is stated that a company has 000001 to 100000 banknotes, 100 yuan denominations, of which numbers 000001 to 050000 only pay for items after one year. If available, a special 50,000 note can only be kept safe for one year. But in reality, you will have to shell out $5 million for another device after a year. Companies can deposit 050001 to 100000 in a bank for one year to receive interest, wages and purchase of raw materials. Provisions.

That is, during the year, banknotes of 000001 and 050000 were not involved in tourism and no income, while banknotes of 050001 and 100,000 were declared, supplementing large payments and significantly benefiting the master. At that time, businesses would pay for one item with values ​​ranging from 000001 to 050000 and another with numbers included such as bank deposits.

The bank handles deposits, loans, and remittances that involve four fund positions. Also, through bank deposits and deposits/loans, banks are able to generate credit or cash, so there is fiat money and savings, and there is M1 and M2.

When individuals or businesses save money in a safe haven, it works on the money to hold value. During this time, these funds are withdrawn from circulation and mothballed, called “bonuses”.Too much “savings” in a community can lead to slowdown, poor tourism, economic hardship, and instability.

When an individual or a company deposits money into a bank account based on the value of the store, Arabic numerals are deposited in the bank to ensure consumer safety. . In addition, banks today pay interest on deposits, which allows consumers to save on fees while making an additional profit. This means you can maximize your investment while reducing costs. The uncertainty is that the profits, which serve as a stock exchange, do not come out, and that the banks come in through credit. Regular deposits, regular loans combined with checks, money orders, debit cards, etc., which can be used as means of payment, have given rise to many avatars of the first currency.

With the ability of banks to deposit, lend and repay, banks have become a hub for monetary relations and payments. Because of this, the bank offers a wide range of engagements including Deposit, Custody, Monitoring, Payment, Delivery, Payment, Agent, etc.

Review the press release, "When the tenant (tenant) chooses a house through smart lease, signs a contract, pays the deposit and rent, the money goes to the rental company (landlord) RMB and the smart contract is formed at the same time It is binding. The smart machine just publishes the month immediately this rent on the date of the rent, and returns the RMB digital money to the tenant when the lease expires." Here is some questions.

First of all, what is a "digital yuan account"?

Now, the central bank, in describing the digital renminbi, wants companies to have their own digital wallets (or digital currency devices). Digital renminbi payment companies and digital wallets are a way to collect digital renminbi and a box to store renminbi. Is this your bank account? In the case of depository companies, there is no difference between an RMB denominator and a non-RMB denominator. The digital renminbi is the same as coin, coin, and fiat currency, so they are all renminbi, but different representations of the renminbi.

So when a consumer deposits in a bank, whether it's a bank card, digital yuan, or exchange, it's the yuan deposit and an Arabic numeral string in the deposit here. It is not a deposit, but when a bank deposits digital RMB in a bank, it is not necessary because it is like putting a digital wallet in a bank, and technically the security is the same.

Second, the monetary contract means that the leasing company cannot use the money at the time of the contract.

The digital benefits of a digital wallet are not a deposit, so once linked it's like pulling out of a tour. This is a reasonable limit for the industry. The company can for the first time use these funds to capitalize, develop its production or increase its capital in order to obtain additional income. It is not currently available and you will lose the opportunity to earn extra money, but over time it will be necessary to avoid the risk of crime.

He is different in the community. If such an enterprise is a small part of a specialized enterprise and the overall finances are not large, the impact on overall community benefits is limited.In the future, more contracts by tying digital RMB will have a major impact on earnings.One affects how the financial institution governs profit in circulation, the other affects how the financial institution in the capital goes out, and the third affects banking policy.

Third, when the tenant is required to pay a security deposit under the contract after signing the lease agreement, why should the rent be paid in advance to the account of the leasing company?

Renters paying security insurance depends on the address. These plans do not harm the renter or the rental company. At the end of the rental period, the rent will be returned to the tenant, protecting the interests of the tenant and harming the rental company. Monthly rents vary, in general, tenants often depend on their monthly income, so they cannot or do not want to pay the rent in advance to the leasing company. In addition, even if the tenant can, he will still lose time to collect some of the benefits, such as interest. This plan ensures that the lender is willing to collect the rent on time, but at the value the tenant prefers. If the tenant does not pay the rent in advance, the ability of the smart contract to release the rent during the rental period will not work.

The above ratings are based on media reports and may differ from actual ratings. but at least that's itResearching applications like smart contracts is necessary and important in a simple way.

Except for the sale and use of personal services, most businesses are based on contracts, and the payments and contracts in their benefits are also as promised. The difficulty of contracting a business makes payments and solutions unprofitable and difficult.If the smart technology contract can be widely used in all fields, the efficiency of financial settlement and settlement will be improved, and business efficiency will be improved.

Whether smart technology contracts were used by digital resources or by money is still worth exploring. In this regard, we should not only consider the matter from a purely technical point of view, but also consider it from the characteristics of tourism and investment. My opinion is,Although it does not include the process of entering into a contract by numerical results, it should be limited to certain exceptions,It is not expected to be widely used and should ensure that funds have been closed in this area without major impact on central bank advertising and financial regulation. The use of smart contracts in banking is to be widely used. This can be achieved not only with the aim of improving payment and contract performance through the use of smart contracts, but also to maximize the benefits of the Bank releases core earnings. Reduce relational costs.

Can smart devices be used in technologies such as digital real estate? So, do you need to upgrade your bank account to a digital technology account system? The engineering and costs can be huge.The cost is needed to know more about feasibility and value.If this is not possible in the future, the technology should meet industry needs and the implementation of a smart technology contract in existing bank accounts should be investigated.

The use of smart contracting equipment should help meet the needs of both parties to fulfill the contract and protect the rights and interests of both parties under the contract.It should not cut off the foot or fit the shoe, and it should allow both sides of the exchange to meet the needs of the smart technology contract.This should be a principle for the use of digital devices.