Agricultural bank of China digital currency, DCEP officially entered the countdown

This should be the first big news for the blockchain industry in 2020 since the bitcoin crash.

On the night of April 14, two screenshots circulated in the community,Agricultural bank of China is conducting internal testing of the central bank's digital currency DCEP wallet.

This is another stage of DCEP's progress since huang qifan, vice chairman of the China center for international economic exchanges, formally proposed the central bank's digital currency concept in his speech on Oct. 28, 2019. However, after a lapse of half a year, the mood in the industry is already different. When I first heard DCEP six months ago, it was the delay of ecstatic mood in the important speech of "taking blockchain as an important breakthrough of independent innovation of core technology". This time it was more like a tranquilizer for people rebuilding from the disaster, restoring some of the popularity of bitcoin groups that had been talking about epidemics, crude oil and even moori games.

BlockBeats quickly downloaded the agbank wallet app,Because it is a beta version, users who do not enter the whitelist cannot register to use it. However, from the front-end display and registration information, we can still see some clues about DCEP.

First, in the middle of the home page, we will find that there are four common functions of the entrance, respectively for the sweepCode for payment, remittance, qr code for payment, and touch. The first three functions are easy to understand, and they are all commonly used in our daily payment application. What is touch?

Under the previous DCEP concept, the digital currency supports "dual offline payments," where both parties are offline and transactions can take place. Touching this portal, however, seems to be a two-way money transfer portal, and in certain situations, both parties can transfer money without using the Internet.

For those of you who have seen the time bureau, you might better understand the meaning of touch. In the movie, time is money, and the transfer of money between two parties only requires the forearm contact of both parties. I guess this is the function of touch.

If you look at the four function entrances at the bottom, DC exchange in the upper left corner, it is obvious that it is the exchange entrance between RMB cash and DCEP as we understand it now. And this exchange experience is already reflected in the screenshot above. After using this wallet,The cash in the user's bank card can be directly converted into equivalent DCEP, 10 RMB for 10 DCEP.

The other three functions are wallet management, digital currency record, and wallet attachment. Since it is not a private test account, there are no more in-depth functional details, but from the name, it is also the management and billing functions in our daily payment app.

Another interesting detail is that when we registered our account, we found that there were only four options for branches, namelyshenzhen,Xiongan,chengdu, as well assuzhou. Obviously, these four regions are the first test sites for DCEP, which is also in line with the previous report of caijing. In the community discussion on the night of April 14, a screenshot judged to be reliable showed that taikoo li was the first merchant in chengdu to start using DCEP.

Meanwhile, the screenshot shows that the central bank, the big four Banks, and two Internet giants, alibaba and tencent, are participating in the private test of DCEP. Although we don't know how long it will take for commercial landing, the application of DCEP officially begins to count down.

What is the DCEP

On October 28, 2019, huang qifan, vice President of the China center for international economic exchanges, presented the full picture of DCEP, the digital currency of the people's bank of China, for the first time.

DCEP (Digital Currency Electronic Payment, full name of "Digital Currency Electronic Payment") is a new cryptographic Electronic Currency system based on block chain technology, which will replace M0 (RMB in circulation), and the property function of paper Currency is exactly the same.No Chinese institution or individual can refuse to accept DCEP. At the same time, DCEP adopts a "dual offline payment", in which both parties of the transaction are offline, and the transaction can take place even in the underground mall without signal.

For the administration of DCEP, the central bank will adopt the mode of "two-tier operation" : individuals and enterprises open digital wallets through commercial Banks or commercial institutions, just like cash now, and users can exchange DCEP through bank CARDS on mobile apps. And the central bank mainly manages commercial Banks, not directly to users.

For commercial Banks and businesses in the public choice of technical route in the exchange, the bank do not interference, according to the understanding of rhythm BlockBeats, as long as it is commercial organizations to achieve and meet the concurrency value, the user experience, as well as the technical specifications, commercial organizations in the DCEP to the user's hand, you can choose to block chain technology, or traditional account system, as well as other payment tool, the central bank will not interfere.

Now, the wallet APP mentioned in the picture has begun private testing, and the application of DCEP is being implemented little by little. Based on the speed from the concept launch to the wallet private testing, Mr. Huang qifan said that "China may become the first country to issue the digital currency of the central bank", which will be realized soon.

Reflection on the private test message of DCEP wallet

Because there is not much public information, private testing of the DCEP wallet does not reveal new information about DCEP. But combined with the environment, DCEP wallet private test still let us have some associations.

The first is the environment for external outbreaks. The bank for international settlements issued a report a few days ago calling on central Banks to consider central bank digital currency issuance. That's because mainstream spending, like cash and credit CARDS, has helped spread the disease.

In the context of the monopoly of the two domestic payment giants, there is no problem that cash and credit CARDS may increase the probability of virus transmission, but it is a model for other countries.

When the definition of pandemic emerges, a virus is not just a problem for one or two countries. It is not that a cashless China can prevent a pandemic. It is a global problem. China's private testing of DCEP is a cost-free demonstration for other countries, just as all countries are now learning from China's epidemic prevention measures.

In addition,Just 7 days ago, the digital currency plate of A shares ushered in A collective rally, the plate up, multi - stock trading limit. Capital is always the most keen sense of smell, it is not difficult to speculate that DCEP start closed beta should be started from not long ago, the outside world was unable to get inside information, but from the perspective of capital accumulation, we still can feel information explosion, as the DCEP closed screenshots after Revelations, community until someone still excited to discuss at 3 in the morning.

According to the speculation, this year is the landing year of DCEP, which can be basically confirmed from some information, for example, some listed companies are producing atms that can accept DCEP, for example, alipay has recently issued many patents on digital currency.

There is too little information from the wallet App to dig deep. What is certain is that the landing of DCEP will bring us a new way of payment and even management. Whether it's the ability to transfer money by touching your phone or the ability to automatically deduct taxes, everything may not be what we think it is.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia