On October 17, the concept of digital currency rose sharply. As of press time, Huafeng Superfiber and Chu Tianlong hit their daily limit, Kelan Software rose by more than 15%, and Gaowei Technology and Advanced Digital Communications were among the top gainers.
Lu Lei, deputy director of the State Administration of Foreign Exchange, said at the 2023 China (Beijing) Digital Finance Forum that the programmability of central bank digital currency provides innovative space for enriching the central bank's monetary policy tools. At present, the Multi-CBDC Bridge project, in which my country is deeply involved, has made good progress.
In terms of currency digitization, Lu Lei believes that this is the most difficult and challenging area. The essence of all financial activities is inter-period transactions, with currency and interest rates at the core. Under the current model, the central bank digital currency (CBDC) is mainly positioned as a cash payment voucher (M0), which is an interest-free high-energy currency. Assuming that based on the programmability of digital currency, a smart contract on interest rates is loaded on the central bank digital currency, the central bank digital currency will have the opportunity to become broad money (M2).
"Another challenge is in the field of cross-border payments." Lu Lei said that in the past, cross-border payments based on the bilateral agency model had problems such as insufficient efficiency, high costs, opacity and insufficient coverage. Relying on the central bank's digital currency to build a flat cross-border payment network can achieve safe, convenient and inclusive payments.
In addition, zxc, vice chairman of the Boao Forum for Asia, pointed out that the current development of digital currencies, including the digital RMB, is mainly based on account-based digital currencies. Token-based digital currencies are also a path that may have room for development, but the mainstream is still account-based digital currencies. "Technically speaking, digital currencies and payment systems use a lot of Internet technology, so Internet technology itself and its upgrades will have an important impact on digital finance and digital currencies. At the same time, payment terminals, including hardware media such as desktop terminals, mobile terminals and prepaid cards, can also be integrated and complementary with the digital payment system." He said.
Caitong Securities pointed out that central banks around the world have reached a consensus on the development of CBDC. my country's digital currency project has been launched for nine years and will continue to be piloted in 2023. As of August 2023, central banks in more than 100 countries have started the research and development of digital currencies, among which developing countries are in the leading position.
The agency said that the operation of midstream commercial banks is the core link of the digital RMB. Bank IT system suppliers are most stimulated by the digital RMB. Banks with "one card for multiple uses" hard wallet production technology are expected to benefit first. In addition, the implementation and promotion of the digital RMB will bring a large number of software systems and hardware equipment replacement and transformation needs. It is recommended to pay attention to bank IT system providers. #公链生态 #数字货币 #BTC #ETH
