He said in the course that the digital currency of the central bank is intended to replace paper money, and its function is exactly the same as paper money. The main function that needs to be reflected is that the transaction can be carried out smoothly without an account. Why does the central bank want to launch digital currency now? On the one hand, at present, China's 5G construction is in full swing, and the level of informatization is getting higher and higher. Issuing digital currency is the general trend. On the other hand, the current paper money, from design to distribution, printing, collection and storage, is too expensive. In the long run, the pressure on the central bank is too great. At the same time, from the user's point of view, the use experience of paper money is not very good, especially from the transaction volume, the maximum face value of paper money is 100 yuan, which is very inconvenient to use when conducting large transactions, so it is urgently needed at this time.
Some people say that if digital currency is issued and virtual transactions are adopted, it will be the same as the current WeChat and Alipay transactions. These two trading systems are close to maturity, and if they are developed in this respect, it will inevitably lead to a waste of resources. But in essence, we still find that digital currency is different from WeChat Alipay. Digital currency directly connects with the central bank and goes through the trading terminal, so it can conduct transactions without going through an account, but WeChat Alipay is different. These two companies only provide trading platforms and connect with commercial banks. The trend of these funds is actually that after the consumer authorizes, the funds pass through its platform and then trade through the bank account held by the commercial bank. Therefore, compared with digital currency, WeChat Alipay has gone a long way in protecting users' privacy. On the other hand, digital currency's goal is to pay without the Internet, and it can also conduct transactions without the Internet, which is also impossible for trading platforms such as WeChat and Alipay.
Digital currency has exactly the same functional attributes as paper money, but it is a digital form and a digital payment tool with value characteristics.
The financial essence of digital currency, the central bank: RMB and cash are the same.
Digital currency, the central bank, refers to the digital currency issued by the central government, which belongs to the liabilities of the central bank and has national credit, equivalent to legal tender.
The overseas edition of People's Daily published an article "Digital RMB? Exposing the truth that the central bank launched digital currency is neither a popular e-wallet, nor an online payment, nor a complete reinvention? Instead of the existing RMB system, it is a brand-new encrypted electronic money system, which has a certain substitution for circulating cash.
It is reported that it is not a temporary move for the central bank to study and issue digital currency. Since 20 14, the central bank has been studying digital currency for five years. Digital currency Research Institute of the Central Bank was formally established on 20 17, and has applied for more than 70 projects involving digital currency.
In recent years, with the development of Internet technology, especially blockchain technology, many so-called virtual currencies have appeared all over the world? For example, bitcoin and Litecoin have been controversial in recent years. So, what about the digital currency proposed by the central bank this time and these commercial virtual currencies? What is the difference?
What is digital currency? [Invention Patent] digital currency System
Cloud computing is the mainstream direction of future back-end servers, and the back-end system in digital currency adopts cloud-based solutions.
In e-commerce activities, due to different roles, digital currency has different requirements: customers require digital currency to be convenient to use, safe to store and anonymous; Merchants require digital currency to be certified and can be converted into real money; The bank demanded that digital currency should not be illegally used and forged. Therefore, digital currency D-RMB should have the following characteristics:
1. security: it can prevent any party in the business from exchanging or illegally using digital currency;
2. Non-repeatable cost: digital currency can only be used once, and the repetitive cost is easily detected;
3. Controllable anonymity: Banks and merchants collude with each other and cannot track the use of digital currency, which requires that the system cannot link the purchase behavior of users of electronic cash, thus concealing the purchase history of users in digital currency, but the issuer in digital currency can track the use of digital currency;
4, unforgeability: users can't forge fake digital currency;
5. Fairness: the payment process is fair, ensuring that either the transaction is successful or both parties have no losses, so as to avoid one party suffering losses in the transaction;
6. Compatibility: The issuance process and circulation of digital currency in the D-RMB system refer to the issuance and circulation of physical currency as much as possible.
And for digital currency, it should be able to adapt to various usage scenarios of the existing currency and be freely convertible with the existing currency.
This patent provides a digital currency system, including digital currency system of the central bank, digital currency system of commercial banks and authentication system.
Among them, the central bank's digital currency system is used to produce and issue digital currency and register the ownership of digital currency; The digital currency system of commercial banks is used to perform the banking functions of digital currency. The authentication system is used to provide authentication for the interaction between the central bank's digital currency system and the user's terminal equipment using digital currency, and the interaction between the central bank's digital currency system and the commercial bank's digital currency system.
Schematic diagram of basic structure of digital currency system
A convenient and secure digital currency system is realized, which can be applied to various application scenarios in digital currency.
How does digital currency exchange cash? [Invention Patent] Method and system for converting digital currency into physical cash.
The user terminal equipment selects the equivalent digital currency from the digital currency wallet according to the exchange amount input by external operation; User terminal equipment sends digital currency to digital currency system of commercial bank; Digital currency system of commercial bank sends digital currency to digital currency system of central bank; The central bank's digital currency system generates a one-time withdrawal code and sends it to the user terminal equipment for prompt; And the owner information of digital currency changed from user to central bank.
The digital currency system of the commercial bank sends the one-time withdrawal password provided by the user to the digital currency system of the central bank. After the digital currency system of the central bank confirms that the one-time withdrawal password is valid, it increases the cash amount in the commercial bank account and sends a notice that the one-time withdrawal password is valid to the digital currency system of the commercial bank. The digital currency system of the commercial bank sends a donation instruction after receiving the notice, and the donation instruction is used to control the machine or prompt the user to pay cash equal to the cash amount.
Schematic diagram of the method of converting digital currency into physical cash
How does digital currency spend online? [Invention Patent] Method and system for online payment using digital currency chip card.
This patent is a method and system for online payment using digital currency chip card. The invention provides a method for online payment using a digital currency chip card, which comprises the following steps: a user terminal device sends payment information to an accepting terminal device, wherein the payment information comprises digital currency chip card information and a digital currency equivalent to the payment amount; After receiving the payment information, the receiving terminal equipment sends the payment information to the digital currency system of the commercial bank; After receiving the payment information, the digital currency system of the commercial bank sends a request for changing the ownership to the digital currency system of the central bank; After receiving the request to change the owner, the digital currency system of the central bank changes the owner of digital currency to the commercial bank code of the merchant; The digital currency system of commercial banks changes the account amount of merchants.
Flow chart of online payment method of chip card in digital currency In recent years, commercial virtual currency has been controversial, and people increasingly realize that the future development trend of digital currency is still the legal digital currency issued by central banks in various countries based on national credit. At present, China is still in the accelerated research and development stage in digital currency. For example, on August 2nd, the central bank held a video conference on the work in the second half of 20 19, demanding to speed up the pace of R&D in China's statutory digital currency? . Recently, the Opinions of the Central Committee of the State Council on Supporting Shenzhen to Build a Pilot Demonstration Zone in Socialism with Chinese characteristics clearly expressed its support for the development of innovative applications such as digital currency Research and Mobile Payment in Shenzhen? .