上海证券报:数字货币探路国际化,央行高层对比特币明确定义

◎Reporter Fan Zimeng Lin Cong

With the development of central bank digital currencies around the world in full swing, discussions about the trend of digital renminbi, how central bank digital currencies are internationalized, and how digital currencies and digital assets are distinguished have become the focus of market attention more and more frequently.

At the 2021 sub-forum of the Boao Forum for Asia Annual Conference held on April 18, the guests at the conference discussed and discussed the key issue of “digital payment and digital currency” from many fields.

The experience of the central bank’s digital RMB

Currently, digital currency is becoming the focus of global financial reforms.

Zhou Xiaochuan, vice chairman of the Boao Forum for Asia and former governor of the People’s Bank of China, believes that technological development, especially the popularization of Internet terminals, and the needs of China’s huge retail market, have jointly produced a more convenient, more effective, and lower-cost payment. system. In his view, a good retail system is the basis for all other businesses.

The beginning of behavioral knowledge. Li Bo, deputy governor of the People’s Bank of China, said frankly that my country has indeed learned a lot from the digital RMB pilot.

The effectiveness and safety of the two-layer system have been confirmed in practice. “In terms of digital currency, we have adopted a two-tier system design that is compatible with the current currency and banking system, which minimizes the risk of financial disintermediation.” Li Bo said.

According to reports, through a multi-layer system, the People’s Bank of China has achieved controllable anonymity for digital RMB transactions. “On the one hand, we achieve anonymization of small transactions; on the other hand, we can track large transactions.” In Li Bo’s view, the above design can be an ideal way for digital currency.

“Our system is a fairly open system.” Li Bo said that the central bank’s attempt to hybridize the system is to link the digital renminbi with the account, quasi-account, and token system to achieve coupling.

Although there is no specific timetable yet, Li Bo revealed that the central bank will continue to promote pilot work across the country and expand the scope of pilot projects; at the same time, it will build a digital RMB infrastructure ecosystem, including improving the security and stability of technology. Regulatory framework.

The central bank is currently considering setting up more scenarios and conducting trials in more cities. Li Bo said: “In the upcoming Beijing Winter Olympics, we not only want the digital renminbi to be used by domestic users, but also for international users, so as to cover more scenarios in the pilot project.”

Pathfinder digital currency internationalization

Currently, major central banks around the world are exploring the forefront of digital currency development.

However, one of the major challenges facing digital currency in the process of landing is how to make the digital currencies of central banks of various countries seamlessly connect on a global scale?

The main direction is to build the compatibility and interconnection of global central bank digital currencies. In the general manager of the Bank for International Settlements Augustine. According to Carstens, there are three paths for the “internationalization” of central bank digital currencies: compatibility between different central bank digital currencies; establishing interfaces and interconnecting links to create a more closed-loop system; creating a compatible central bank digital integration The modernized network makes cross-border payments more efficient and convenient.

It is not easy to realize the interconnection of the central bank’s digital currency. Li Bo believes that it is not necessary to rush to find a solution, but to explore different ways, experiment with different technologies, establish a solid digital RMB with an open mind, establish a healthy ecosystem, and strengthen cooperation with international partners.

Zhou Xiaochuan said that the prerequisite for respecting the monetary sovereignty of central banks of various countries should be respected, “the monetary sovereignty of central banks of various countries must be respected, and it cannot be a currency that “dominates the world.”

In terms of improving the interoperability of central bank digital currencies, global central banks have made efforts. The Hong Kong Monetary Authority, the Central Bank of Thailand, the Central Bank of the United Arab Emirates, and the People’s Bank of China’s Digital Currency Research Institute announced in February this year that they have jointly initiated the m-CBDC Bridge research project for multilateral central bank digital currencies, aiming to explore central bank digital currencies. Application in cross-border payment.

The Assistant Governor of the Bank of Thailand Wakira. Aromdi said that after this pilot, he hopes to further promote the use of central bank digital currencies in cross-border payments and attract more central banks to participate.

Digital assets must serve the real economy

Nowadays, digital assets including Bitcoin have also become the focus of market attention.

Regarding this point, the guests at the conference agreed that risk prevention should be strengthened. Whether it is digital currency or digital assets, it must serve the real economy.

Zhou Xiaochuan said that it is necessary to distinguish between digital currency and digital assets. It is not necessary to draw conclusions about digital assets such as Bitcoin, but “remind and be careful. In China, any financial innovation must be clearly stated to the entity. Economic benefits”.

“Bitcoin is an encrypted asset and an investment option. It is not a currency, but an alternative investment product.” Li Bo made a clear definition of Bitcoin in this way. He believes that the main role that encrypted assets may play in the future is as an investment tool or alternative investment.

As Bitcoin receives more and more market attention, stronger regulatory rules should be introduced. Li Bo said that he is studying the regulatory rules for Bitcoin and stablecoins. “In the future, if any stable currency wants to become a widely used payment tool, it must be subject to strict supervision, just like banks or quasi-bank financial institutions.” What needs to be ensured is that speculation in such assets will not cause Serious financial risks.