Abstract : It should be noted that although CBDC is a concept closely related to blockchain, CBDC also adopts a distributed structure similar to blockchain, but this does not mean that China CBDC using blockchain technology.
It was reported that the central bank's digital currency was tested in the Agricultural Bank of China in Shenzhen, Xiong'an, Chengdu, and Suzhou as pilot cities. According to the Beijing News, a person close to the regulator said that market reports do not represent the official. Also, the relevant work has been done, and you can refer to the official publicity of the central bank to know about it.
"Finance" magazine reported that the first pilot institutions of CBDC (Central Bank Digital Currency) will include the four major state-owned commercial banks in China: Industrial and Commercial Bank Of China，Agricultural Bank of China，Bank of China, and China Construction Bank, as well as the three major operators of telecommunication： China Mobile, China Unicom and China Telecom. The pilot scenarios include transportation, education, medical treatment, consumption, etc., reaching C-end users.
According to the announcement of the central bank's official website on April 3, the 2020 national gold, silver and security work teleconference also held on the same day proposed that the legal digital currency research and development work should be carried out steadily, and the legal digital currency research and development work should be firmly carried forward. At the press conference of the first quarter of financial statistics held on April 10, Zhou Xuedong, director of the Central Bank's General Office, also said that digital currencies are proceeding orderly as originally planned.
Earlier this month, Yao Qian, director of the China Securities Regulatory Commission's Science and Technology Supervision Bureau, wrote that the three scenarios of CBDC including cash verification, payment settlement and cash digitization are the key directions for CBDC exploration. According to the internal test screenshots circulating recently, the scene of this test is cash digitization.
According to screenshots provided by people familiar with the matter, the functions tested by Agricultural Bank of China include payment collection, transfer, electronic wallet query and management. Digital currency e-wallets may be directly linked to ordinary bank accounts. In addition, digital currency needs to be exchanged before use. The user will pay through the bank account and directly exchange the digital currency into the wallet.
In terms of "exchanging digital currency" in the screenshot, M0 (cash in circulation) will not all be converted into digital currency: digital currency end users do not have the concept of "issue", but the concept of "exchange". Users can exchange as much CBDC as you have in cash and deposits. Therefore, CBDC does not cause the risk of over-issue.
It should be noted that although digital currency is a concept closely related to blockchain, CBDC also adopts a distributed structure similar to blockchain, but this does not mean that China CBDC using blockchain technology.
In general, the overall idea of CBDC in China is "centralized central bank, distributed operation", streamlining the intermediate links, and improving the efficiency of financial currency payment circulation and settlement.
According to logic, although only the Agricultural Bank of China is currently testing its e-wallet in public information, in addition to state-owned commercial banks, future agency operating organizations will also include clearing companies such as UnionPay and NetsUnion and some third-party payment operation institutions, such as Ant Financial, Tencent, etc.