Yao Qian, director of science and Technology Supervision Bureau of China Securities Regulatory Commission: interpreting the central bank's digital currency as a researcher (full text of speech)

Sina Finance 2021-06-18 18:51:54 阅读数:499

yao qian director science technology

5 month 29 Japan -30 Japan , International Financial Forum (IFF)2021 The spring meeting is held in Beijing . The theme of this meeting is “ Post epidemic Era : Global governance and international cooperation ”. In the BBS “ Digital currency and digital transformation in the future ” link , Yao Qian, director of science and Technology Supervision Bureau of China Securities Regulatory Commission, shared .

The following is a transcript of the speech :

Hello everyone ! I'm very glad to attend this seminar .

2014 year , The people's Bank of China launched the research and development of digital currency of the central bank . I'm honored to be part of it . although 2018 At the end of the year, I left the people's Bank of China to work for the China Securities Regulatory Commission , But I'm still concerned about the development of the central bank's digital currency . Here it is , I want to be a researcher , Let me share my understanding and views on the digital currency of the central bank , it is respectful to have you criticize and correct sth .

Recently, we all pay attention to , Fed chairman Colin Powell is 4 month 28 In response to a reporter's question , Comments on digital RMB , He said “ Its real use , It's about helping the government see all the real-time transactions . Instead of dealing with international competition , It's more about what's going on in their own financial system ”.

In my submission ,“ Help the government see all the real-time transactions ” It's not the motivation of the central bank's digital currency experiment . In our country , People are used to Alipay 、 Wechat payment and other non cash payment methods , Many people no longer carry cash with them . in fact , Third party payment technology has been able to achieve transparency of all real-time transactions ; Of course, it also leads to data privacy protection 、 Anonymity 、 monopoly 、 Regulatory transparency and other issues . Facing the digital wave , It is necessary for the central bank to take the initiative to innovate the issuance and circulation of legal tender , Explore the central bank's digital currency , To optimize the legal tender payment function , Ease the impact of private digital payment instruments , Improve the legal tender status and the effectiveness of monetary policy .

all the time , I put the personal payment instrument “ De cashing ”, as well as “ De centralization ” The rise of private digital money , be called “Morning Call”. The Central Bank of China was the first to “Morning Call” One of the central banks that responds and acts positively . What Powell said “ The government sees ” or “ I don't see it ”, Perhaps more of a balance between privacy protection and regulatory compliance , Some time ago, President Zhou Xiaochuan made a good exposition from the perspective of controllable anonymity .

On that reporter's question , Powell also commented on whether digital currency will challenge the status of the US dollar , On the whole, he doesn't think it's necessary to worry too much . There are a lot of international discussions about whether the central bank's digital currency will replace the US dollar . In my submission , The international currency status of the US dollar is formed by history , At present, international trade and cross-border payment are mostly based on US dollars . Although there are some globally stable currencies , such as Libra, To solve the pain point of cross-border payment , But weakening the U.S. dollar's position as an international currency is not necessarily CBDC The goal of , The digitalization of sovereign currency has its own inherent logic . The long term , Of course, the emergence of digital currency or digital payment instruments may change the existing pattern , But that's the result of the natural evolution of the digital process and market choice .

And another word to Mr. Powell , I have a lot of feelings :“ In a world where we already have highly evolved payment systems , We have FedNow And other immediately available funds . In this environment , What role will central bank's digital currency play ?” This is actually about , How to position the central bank's digital currency ? What scenarios should be applied ? What role does it play ? At present, there is a lot of controversy among all parties .

below , I would like to talk about the key points to be considered in the research and development of the central bank's digital currency from seven aspects .

One 、 technology roadmap . Based on accounts , Or based on tokens ? From public reports , Digital RMB adopts the account route , Some countries have chosen the cryptocurrency technology route represented by blockchain technology . I personally understand , Account based and token based technologies are not one or the other , In essence, a token is also an account , It's just a new type of account —— Encrypted accounts . Compared to traditional accounts , Users have more control over encrypted accounts . As early as 2014 year , We are right, including E-Cash and Bitcoin There has been an in-depth study on the centralized and decentralized cryptocurrencies in China , In a sense , The early digital currency experiment of the Central Bank of China and the idea of cryptocurrency come down in one continuous line , We're looking forward to the key to cryptocurrency, not the detour . at that time , We are based on “ The central bank - commercial bank ” Binary system , We have developed a quasi production level central bank digital currency prototype system . But in the repeated weighing of implementation , Or choose to start with a technology route based on traditional accounts , It's a pragmatic choice . I remember , When I worked in the people's Bank of China , Zhou Xingchang has been teaching us , He said there should be a concept of long-term technological evolution , We need to see the changes of technology dynamically . His teaching is inspiring , I think it is necessary for us to look at the development of the central bank's digital currency from a dynamic perspective , With the continuous development and maturity of Technology , The central bank's digital currency will also absorb all kinds of advanced technologies , Constantly improve its technical architecture system .

Two 、 Value attributes . The central bank is directly in debt , Or the liabilities of the operating institutions ? The essential difference lies in the liabilities column of the central bank's balance sheet , Is it the end-user's digital currency of the central bank or the reserve of the agency . If the operator deposits with the central bank 100% Provisions , Use it as a reserve to issue digital currency , Such a central bank digital currency is internationally known as the composite type CBDC, Similar to the note issuing bank system in Hong Kong , This model has attracted the attention of the people's Bank of China 、 The research of many institutions, including the International Monetary Fund, focuses on . Of course, some countries are still using the traditional central bank direct debt model .

3、 ... and 、 Run the architecture . double , It's still single-layer ? I was there 2017 year 《 Digital money and bank accounts 》 In the first article “ Traditional accounts of commercial banks + Digital currency wallet ” Architecture of , To avoid the impact of the central bank's digital currency on commercial banks . at present , The two-tier structure is gradually forming the consensus of all countries . Digital RMB also adopts a two-tier operation system . I personally thought , Double layer operation and single layer operation are not two choices , It's like taxis and buses , The two seem to go hand in hand , Inclusive for users to choose . We can imagine , If the central bank's digital currency runs directly in Ethereum 、Diem And so on , So central banks can use their BaaS service , Providing central bank digital currency directly to users , Without the help of intermediaries . Single tier operation can make the central bank's digital currency better benefit the group without bank account , Financial inclusion .

Four 、 Whether interest is accrued . Some people have doubts about the central bank's digital currency interest calculation , The worry is that deposits will be transferred from commercial banks to the central bank , This has led to a decline in the credit capacity of the whole banking system , Become “ Narrow bank ”. In recent years , Central banks are interested in CBDC In a narrow sense, the influence of banks is no longer so “ Fear ”. For example, the European Central Bank's digital Euro report proposes a so-called hierarchical interest system (a tiered remuneration system), Interest on different numbers of Euro holdings at variable rates , To ease the impact of the digital euro on the banking industry 、 The potential impact of financial stability and monetary policy transmission . Digital RMB does not consider interest at present .

5、 ... and 、 Distribution model . issue , Or exchange ? The difference between currency issuance and exchange is : The former is initiated by the central bank , It's active supply ; The latter is initiated by money users , It's on demand . The generation of central bank digital currency is to issue or exchange ? It depends on its positioning and the needs of monetary policy . If it's just M0 replace , So it's like cash , It's on demand ; If the central bank wants to achieve the goal of monetary policy , Through asset purchases , Actively issue digital currency to the market , It's a table expansion issue . The expansion issue should define the type of qualified assets , Operate in the right quantity and price .

6、 ... and 、 Intelligent contract . Some people worry about loading smart contracts other than fiat money itself , It will affect its legal compensation function , Therefore, it is suggested that the central bank should be cautious about loading smart contracts with digital currency . And Canada 、 Singapore 、 The central bank's digital currency research projects conducted by the European Central Bank and the Bank of Japan have experimented with smart contracts . My personal point of view , Digital currency can't simply simulate physical currency , And to play “ Numbers ” The advantages of , In the future, digital currency will definitely move towards smart currency . Of course , In the early stage, we also observed some system disasters caused by smart contract security vulnerabilities , It shows that the maturity of the technology needs to be improved . Therefore, the central bank's digital currency should be based on full consideration of security , It's better to start with a simple smart contract , Gradually expand its potential .

Seventh, regulatory considerations . Just mentioned , We need to strike a balance between privacy protection and regulatory compliance . One side ,KYC、 Anti money laundering 、 Anti terrorist financing 、 Anti tax evasion is the basic principle that the central bank's digital currency should follow , On the other hand, we should fully consider the protection of users' privacy . The privacy mechanism design of central bank digital currency is the current research hotspot , The results of the European Central Bank's recent public consultation on the digital euro also show that , Both residents and professionals involved in the consultation believe that privacy is the most important design feature of digital euro . I personally think , In the digital world , The authenticity of digital identity 、 Privacy issues 、 Security issues may involve larger social governance propositions , We need to do in-depth research .

in general , The research and development of central bank digital currency is a complex and systematic project , It's not just about technology , It also involves laws and regulations 、 Financial stability 、 Monetary policy 、 Financial regulation 、 International Finance and other broader fields , There are many problems that we still need to study deeply . In especial , The current digital dollar 、 Digital Euro 、 Digital yen seems ready to go , Compare with them , Where is the competitiveness of digital RMB ? What's more, it is worthy of our deep thinking and discussion .

These are some of my basic points , It's pure experience , In fact, we still need to stand the test of practice . In particular, I want to point out that , I have left the people's Bank of China , What I said only represents my own academic views , It doesn't mean the people's Bank of China , It doesn't mean that my current organization .

Thank you. !

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