When will the central bank digital currency issue
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When will the central bank digital currency issue
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The research and development of digital currencies in the central bank has begun to achieve the initial results. After several rounds of testing, on January 4, 2022, the pilot version of the digital RMB APP has been launched.
Is when using the digital RMB APP, you need to choose an operating institution in the opening link. 9 options.
The expansion information:
cbdc, the full name is Central Bank Digital, translated as a central bank digital currency.
The Bank of England Bank of England gave this definition in its research report on CBDC: The central bank's digital currency is the electronic form of the central bank's currency. Families and enterprises can use it for payment and storage value.
The Chinese version of CBDC is described as a digital RMB, which is issued by the People's Bank of China. The designated operating institution participates in operation and exchanged it to the public. Based on the broad account system, it supports the loosening function of the bank account, with paper banknotes and coins. Equivalent and controllable anonymous payment tools with value characteristics and legal repayment.
. The DC/EP we call is the Chinese version of the central bank's digital currency, translated as "digital currency and electronic payment tools".
The authoritative international organizations: International Organization and Market Infrastructure Committee (CPMI) and Payment and Market Infrastructure Committee jointly conducted two questionnaires in 2018 and 2019. The content of the questionnaire includes the work progress of the central banks of various countries, the motivation to study digital currency, and the possibility of issuing digital currencies. 70%of the central banks have stated that they are participating in (maybe to participate) digital currencies.
If digitalization of central bank currencies helps optimize the central bank's currency payment function and improve the central bank's currency status and monetary policy effectiveness. The central bank's digital currency can be a kind of interest -consporting asset, which meets the holder's demand for security assets, and can also become the lower limit of bank deposit interest rates. It can also become a new monetary policy tool. At the same time, the central bank can adjust the central bank's digital currency interest rate, affect the bank deposit loan interest rate, and help break the lower limit of zero interest rate. From the perspective of economics, there are three main problems. It is possible to eliminate illegal transactions and money laundering activities of cash, and it is possible to implement negative interest rates.