When the central bank digital currency will be opened, and when will the digital currency be issued

The time is undecided. On November 13, 2019, the People's Bank of China issued the Announcement on the Fraudulent Use of the People's Bank of China to Issue or Promote Legal Digital Currency, and the People's Bank of China did not issue legal digital currency (DC EP) and did not authorize any asset trading platform to trade. The People's Bank of China (PBoC) has been researching fiat digital currencies since 2014 and is still in the process of research and testing.

The "DC EP" or "DCEP" traded in the market are non-statutory digital currencies, and the launch time of legal digital currencies on the Internet is inaccurate.

Ping An car owner loan] can get a loan if you have a car, up to 500,000.

In August last year, he said that he was about to come out of the country.

The current digital yuan.

It is still in the pilot stage, and the timing of its use nationwide has not yet been specified. The digital yuan began internal closed pilot testing in April 2020.

Extended Materials

People's Bank of China, 2014.

Set up a dedicated team to start working on digital currencies.

Special research on issues such as issuance framework, key technologies, distribution and circulation environment and relevant international experience.

At the end of 2017, the People's Bank of China organized some commercial banks and relevant institutions to jointly carry out the research and development of the digital yuan system (DC ep). Under the premise of adhering to dual-layer operation, cash (M0) substitution, and controllable anonymity, DC EP has basically completed the top-level design, standard formulation, function research and development, and joint debugging test.

At the end of 2019, the digital yuan was successively launched in Shenzhen, Suzhou, and Xiong'an New Area.

Chengdu and future Winter Olympics scenarios launched pilot tests.

At the end of 2019, the digital yuan was successively launched in Shenzhen, Suzhou, Xiong'an New Area, Chengdu and the future Winter Olympics, and by October 2020, six pilot test areas were added in Shanghai, Hainan, Changsha, Xi'an, Qingdao and Dalian.

On April 19, 2020, the relevant person in charge of the Digital Currency Research Institute of the People's Bank of China said that the research and development of digital yuan is steadily advancing, and internal closed pilot tests will be carried out in Shenzhen, Suzhou, "Xiong'an New Area", Chengdu and future Winter Olympics scenarios in China to continuously optimize and improve functions.

Yi Gang, Governor of the People's Bank of China, May 2020.

said that the pilot test of the digital yuan is only a routine work in the research and development process, and does not mean that the digital yuan is officially launched, and there is no timetable for when the digital yuan will be officially launched.

In July 2021, the e-CNY pilot has been expanded to "10+1", that is, "10 cities + 1 Winter Olympics".

scenes". On August 14, 2020, the Ministry of Commerce issued the "Overall Plan for the Pilot Program for the Innovative Development of Comprehensive and Prudent Services", which was proposed in the part of "Comprehensively Deepening the Pilot Tasks, Specific Measures and Division of Responsibilities for the Innovation and Development of Services": in Beijing, Tianjin and Hebei.

Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area

and Xiaowen in the central and western regions of the country to carry out the pilot of digital yuan. The People's Bank of China formulates policy safeguard measures; It will first be assisted by Shenzhen, Chengdu, Suzhou, "Xiong'an New Area" and other places and relevant departments that indicate the future Winter Olympics scene, and then expanded to other regions according to the situation. After the announcement of the plan, the progress of the digital yuan once again attracted market attention, and there were also online rumors that the digital yuan will be piloted in 28 places, the reporter learned that the "28 pilot" is a misreading, and the digital yuan pilot area is still "4 + 1", that is, Shenzhen, Suzhou, "Xiong'an New Area", Chengdu and the future Winter Olympics scene.

The 2023 digital currency will be launched in April 2023.

Digital RMB is a legal digital currency that has not yet been issued by the People's Bank of China, and digital RMB has value characteristics and legal compensation.

Digital currency is abbreviated as DC, which is the abbreviation of "digital currency" in English, which is an alternative currency in the form of electronic money. Both digital coins and cryptocurrencies are digital currencies. A digital currency is an unregulated, digitally eroded currency that is typically issued and managed by developers and accepted and used by members of a specific virtual community.

Classification of digital currencies:

1. Completely closed, has nothing to do with the real economy and can only be used in specific virtual communities, such as World of Warcraft**;

2. You can use real money to buy but cannot be exchanged back for real money, which can be used to purchase virtual goods and services, such as Facebook credit;

3. It can be exchanged and redeemed with real money at a certain rate, and you can buy virtual goods and services, as well as real goods and services, such as Bitcoin. Prepare for the <>

80 days. The exact time for the full implementation of the digital yuan is 80 days. China's central bank will officially launch the digital currency in the next few months, and it will be implemented within 80 days at the earliest.

Initially, it will be issued to seven institutions: Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, Alibaba, Tencent and UnionPay. According to a former ** staff member, the central bank digital currency may be officially launched on November 11 this year. Once this digital currency is on schedule.

China's central bank will officially launch the digital currency in the next few months, and it will be implemented within 80 days at the earliest. Initially, it will be issued to seven institutions: Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, Alibaba, Tencent and UnionPay. According to a former ** staff member, the central bank digital currency may be officially launched on November 11 this year.

Once the digital currency is launched as scheduled, the People's Bank of China will be the first central bank in the world to officially launch a digital currency.

Digital currency is now prevalent in electronic payments, which not only facilitates people's lives, but also promotes the circulation of global economic transactions. But the most important thing for the same electronic payment is to have a network, and it also has a certain force majeure.

Digital currency is different from electronic payment, which is also equivalent to the paper currency that people use daily, but it is more convenient and profitable, and it can prevent the circulation of counterfeit money. Nowadays, China's digital currency pilot is in a leading position in the world, and the scale development is also expanding. In the future, when digital currency expands to more and more industries, it will also make people aware of the convenience brought by digital currency.

On May 26 this year, Yi Gang, governor of the central bank, said in an interview with reporters during the "two sessions": At present, the research and development of digital yuan follows the principles of stability, safety, controllability, innovation and practicality, and conducts internal closed pilot tests in Shenzhen, Suzhou, Xiong'an, Chengdu and future Winter Olympics scenarios to test theoretical reliability, system stability, functional availability, process convenience, scenario applicability and risk controllability. At the same time, Yi Gang mentioned that the current pilot test is only a routine work in the research and development process, and does not mean that the digital yuan will be officially launched, and there is no timetable for when it will be officially launched.

This shows that at present, although the digital currency has solved the main technical problems, but in order to solve the stability and security problems, it has been tested in a small-scale, high-sealing environment, if everything goes well, the Winter Olympics will be used to carry out some pressure tests, it is understood that in the process of internal closed pilot testing of digital currency, the district-level organs and enterprises and institutions in Xiangcheng District, Suzhou City, wages through the workers and peasants in the construction of the four major state-owned banks on behalf of the staff, The installation of the Central Bank Digital Currency (DC EP) digital wallet will be completed by the end of April. Starting in May, 50% of the transportation subsidy will be paid in the form of digital currency.

As a physical currency, banknotes have the defects of low technical content and low counterfeiting costs, and are easy to be counterfeited anonymously, and there are risks such as money laundering and terrorist financing. Secondly, as mobile payments become more common, the frequency of cash use has greatly decreased, but people are basically reluctant to carry cash whenever mobile payments can be used. Moreover, the cost of issuance, printing, return, and storage of banknotes and coins is very high, and a lot of cost is required to do anti-counterfeiting treatment.

Digital currency is the first issuance, that is, the electronic version of the RMB, is a digital payment tool with value characteristics, and the digital currency of the central bank is backed by national credit, and the currency value is very stable. At present, the central bank's digital currency uses the latest dual-offline technology, which can still be used even when there is no mobile phone signal. In the absence of an Internet, as long as the mobile phone with the digital currency wallet is installed, you can easily complete the transfer or payment by touching it together.

In terms of use, the central bank digital currency does not pay interest and can be used in small-amount, retail, and high-frequency business scenarios, which is no different from paper money. To summarize simply, digital currency is money, but the form has changed from paper to virtual digital form, and its scope of use is exactly the same as paper money, and it can be circulated like paper money.

Personally, I believe that the central bank digital currency should be officially put into use in 2021, and the issuance and use of digital currency will greatly ease the cash pressure and will play a strong role in supporting the country's financial control and economic security.

The central bank digital currency is still in the internal research and development stage, and the central bank has been promoting research and development and scenario testing under the condition of high secrecy.

The central bank divided the digital currency (DC EP) pilot plan into two phases, specifically a small-scale scenario closed pilot at the end of 2019, and a large-scale rollout in Shenzhen in 2020; The pilot institutions include the four major state-owned commercial banks of industry, agriculture, China and China Construction and the three major operators of China Mobile, China Telecom and China Unicom, and the pilot scenarios include transportation, education, medical care, consumption, etc.

It is reported that the Bank of China in a project called the "321 Project" to determine a number of pilot digital currency internal scenarios, after many tests and preparations in the early stage, the internal pilot conditions are basically mature, and at present, in the bank's Shenzhen and other places in the internal APP pilot part of the internal scene payment.

In Xiangcheng District, Suzhou, a pilot area of central bank digital currency, the wages of district-level organs and enterprises and institutions will be paid by the staff of the four major state-owned banks of the Ministry of Industry and Agriculture, and the installation of the central bank digital currency digital wallet will be completed in April, and in May, 50% of the transportation subsidy in their wages will be issued in the form of digital currency.

Central bank digital currency refers to the digital currency issued by the central bank, which is a liability of the central bank, has national credit, and is equivalent to legal tender, Mu Changchun, director of the Central Bank Digital Currency Research Institute, clearly defined it, namely"Its functional properties are exactly the same as those of paper money, but in a digital form"，"It is a digital payment tool with value characteristics"；Specifically, the central bank digital currency does not pay interest, can be used in small, retail, and high-frequency business scenarios, and should comply with all current regulations on cash management and anti-money laundering and counter-terrorism financing, and report to the People's Bank of China on large and suspicious transactions of central bank digital currency.

According to independent researchers who have worked in seven institutions in Forbes so far, the People's Bank of China will sell state-backed cryptocurrencies in the next few months, and issue them to seven institutions at the same time. **When is the opening time of the bank's digital currency? Let Jintou answer for you!

According to the staff member, the bank's digital currency technology has actually begun to mature since last year. Another news-related person who participated in the development of the digital currency of ** bank and did not want to be named was also confirmed to Forbes that the above 7 institutions accept new assets.