Central bank digital currency DC/EP panorama analysis: operation mechanism, scenario application and prospective analysis

Full analysis of central bank digital currency DC/EP: operation mechanism, scenario application and prospective analysis
Author: blackstone Kingslayer, a senior practitioner in the financial industry, a staunch supporter and evangelist of blockchain technology

About the central bank digital currency DC/EP, I have twice analyzed (seeOpinions on central bank digital currency DC/EP、Why decentralization is necessary -- a brief analysis of the design route of central bank digital currency based on UTXO modelFor background information). Then the author carefully read the open academic papers of yao qian, former director of the digital currency research institute of the people's bank of China, and the patent information of the state intellectual property office of the people's bank of China. The panorama of DC/EP gradually spread out. In this paper, the author will comprehensively introduce the operation structure and mechanism of the central bank's DC/EP, as well as the scenario application, and make a forward-looking analysis based on deep thinking to share with the readers.

(the following content is based on the sorting and analysis of Dr. Yao qian's published thesis and patent information of the central bank)

01
Dual operation mode of central bank DC/EP

(1) basic framework
About the operation mode of the digital currency of the central bank, there are monadic system and binary system. The unitary system means that the central bank comes to the front, ACTS as a money service provider, and adopts the operation mode similar to the current third-party payment platform (alipay, WeChat) to provide the public with unified digital currency issuance, withdrawal and transfer services. On the one hand, this operation mode challenges the central bank's operation ability and scientific and technological strength; on the other hand, it forms a competitive mechanism with the current commercial Banks in essence, which will cause the deposit loss of commercial Banks, which is not in line with the actual operation of China's current financial system.

Dual refers to the central bank and commercial Banks. On the one hand, the dual operation mode keeps consistent with the monetary system currently in operation in China; on the other hand, it can fully mobilize the enthusiasm of commercial Banks and jointly participate in the construction of China's digital currency system. The specific introduction is as follows:
As shown in the figure below, the binary operation mode is divided into three levels:
The first layer is the issue and withdrawal of money between the central bank and commercial Banks and the transfer of digital money between commercial Banks.
The second layer is the commercial bank to social individuals and enterprises to carry out digital currency access services.
The third layer is the digital currency transaction and transfer between social individuals and enterprises.



Special:
I. in terms of the issue and withdrawal of currency, under the traditional institutional arrangement, commercial Banks open deposit accounts in the central bank, and the central bank issues and withdraws currency through the deposit accounts of commercial Banks. When the digital currency system is joined, it must be associated with the central bank deposit account of traditional commercial Banks, so that under the existing institutional arrangement, the issuance and withdrawal of digital currency will not affect the total amount of currency issued by the current central bank.

Ii. Digital currency system realizes the issuance and withdrawal of digital currency by equal-amount adjustment of commercial Banks' reserve requirements, without changing the total money supply of the central bank. Briefly speaking, the central bank monetary aggregate supply = base currency * money multiplier, the monetary base is refers to the social public cash with commercial Banks deposit reserve (including legal deposit reserve and excess reserves) the sum of the money multiplier and statutory reserve ratio, rate of excess reserves, and related cash leakage ratio, the author in this not much more. When the digital currency is issued and withdrawn, if the deposit reserve of commercial Banks in the central bank can be adjusted equally, the base money released to the society can be guaranteed to remain unchanged, and the total money supply of the central bank will remain unchanged.

(2) the issue, withdrawal and transfer of digital currency
The issuance and withdrawal of central bank digital currency mainly involve the digital currency system of commercial Banks, the digital currency system of central bank and the accounting system of central bank.
Issue of digital currency:
As shown in the figure below (CBDC,Central Bank Digital Currency, which can be regarded as equivalent to DC/EP),



Commercial Banks submit applications for DC/EP to the central bank. After the approval of the central bank, the bank shall first deduct the amount of deposit reserve with the traditional accounting system, and then issue the DC/EP of the corresponding commercial bank to the commercial bank.

Withdrawal of digital currency:
As shown in the figure below,



Commercial Banks submit deposit application to DC/EP of the central bank. After the approval of the central bank, the deposit DC/EP will be abolished first, and then the relevant accounting system will increase the deposit reserve of the corresponding Banks. After the completion of the operation, the corresponding commercial Banks will be notified.

Digital currency transfer:

There is a difference between tier 1 and tier 3 in the transfer of digital money. The first layer mainly involves the adjustment and transfer of digital currency between commercial Banks, mainly characterized by large amount and low frequency. The third layer mainly involves the transfer of digital money between individuals and institutions, which is mainly characterized by small amount and high frequency. Therefore, in the above two levels of money transfer, the central bank digital money system put forward different requirements.

The transfer of DC/EP involves direct transfer, merge transfer and split transfer. The basic model of DC/EP is mentioned aboveA brief analysis on the design route of central bank digital currency based on UTXO modelDetails are described in UTXO, which is based on UTXO. Please refer to the previous section for the merger and split of UTXO, which will not be described here. As shown below, the shift of DC/EP is mainly reflected in the change of owner.

(3) one coin, two repositories and three centers
After talking about the basic framework, we focus on the core elements of the central bank's digital money system.

1 coin: that is, the digital currency DC/EP of the central bank, which is a credit currency in the value dimension and has the national credit guarantee and the property of unlimited legal repayment. It is no different from the paper currency issued by the central bank and the electronic currency in the computer system. In technical dimension, it is cryptocurrency, which is essentially an encrypted string of valuable information. The concept of smart contract developed by ethereum has been widely accepted. The central bank DC/EP also reserved the expanded field of smart contract in the model design (see the following section), which can use the smart currency property of DC/EP to carry out the functional layout that traditional currencies do not have.

Two libraries: central bank digital currency issue library and commercial bank bank library. The issuing library of central bank digital currency can be regarded as the mint of DC/EP, while the bank library of commercial bank can be regarded as the Treasury of DC/EP of commercial bank. In essence, both are databases and data records collection of cryptocurrency. The above "two repositories" have extremely high security requirements for the specific operation of digital currency, and any exposure to risk would lead to disastrous consequences. In particular, for the above "two storehouses" management entrance design and emergency handling design, to be extremely cautious.

Three centers: certification center, registration center and big data analysis center. In the certification center, the central bank centrally manages the identity of institutions and users of digital currency for authentication, and adopts different technical authentication systems for users at different levels. In the registration center, the central bank records the registration of the ownership of digital currency, as well as the whole process of its generation, circulation, checking and extinction. In the big data analysis center, the central bank conducts real-time big data analysis of KYC (user identification), AML (anti-money laundering) and ATF (anti-terrorist financing).

(4) DC/EP model design
According to the author's guess, the DC/EP of the central bank has been modified and optimized based on the UTXO model to realize the form of cryptocurrency that can be expanded. According to the representation of its prototype system, as shown in the figure below:

Regardless of the implementation details of DC/EP (from the perspective of security, the central bank will not disclose the large probability, only the project personnel involved in the system construction can know), structurally, DC/EP includes the number, amount, application extension, programmable script, owner and issuer signature. Among them, the serial number is similar to the crown size of the current paper money, which uniquely identifies the digital currency and guesses the use of hash encryption algorithm; The subdivision of the amount is the same as that of the bill, accurate to 0.01 yuan; Owner identification identifies ownership of digital currency.

Among them, the programmable script is reserved space, and the application extension can be subdivided into different application attributes. Each application attribute can refer to different parameters. Through application extension and programmable script, the central bank digital currency can realize different degrees of scenario application (see chapter 2).

(5) technical details of operation
About technical details, limited to public information co., LTD., at the same time, based on the perspective of readers convenience, the author did not want to go into too much, on the one hand, these for public participation and the correlation is not high, on the other hand, the central bank digital currency technical reference to the public chain and chain alliance are not (considering from the safety, stability, the central bank digital currency will take the most conservative and innovation of the lowest degree of design). The technical framework for the issuance of digital currency by the central bank is briefly described as follows:

In the first phase of the prototype system architecture carried out by the central bank, the interaction of three systems is mainly involved, namely the digital currency system of the central bank, the digital currency system of commercial Banks and the digital clearinghouse. In the digital currency issue, the commercial bank's core system (namely, the core business of commercial bank system, is the commercial Banks internal support main server cluster system of the operation of the business scenario is a relatively broad concepts) front submit a request to the central bank's digital currency system, the front forward message to issue registration subsystem (registry), registration subsystem through the front system and the central bank accounting system, communication requirement deduct corresponding firm reserves after deducting respectively by front and business accounting system and issue registration subsystem communications deduction results, Registration subsystem after deducting the successful issuance of the DC/EP and inform the approval issued subsystem (the above process, the issuance of registration subsystem can real-time interaction and certification center, used for authentication information related participating institutions), equaling to release desensitization, subsystem for data cleaning and information form made by books, by the central bank made books node through the P2P protocol and counterpoising truly books node synchronization of each commercial bank information update digital currency issuance. At the same time, it is worth noting that the confirmation account node of the central bank can provide currency confirmation and full-process inquiry services (information has been desensitized).

02
Central bank DC/EP scenario application

(1) scene optimization design based on P2P lending
Rushing with block chain technology at the same time, it is phasing out in the field of lending to P2P Internet platform in China, investigate its root causes, lies in the P2P lending to the Internet industry is out of chaos and systemic risk regulator ability of supervision and management of category, at the same time, P2P platform BaoLei successively, has caused very negative social influence to the social public and the tremendous burden on society. One of the important reasons for the collapse of P2P Internet finance is information asymmetry. After investors put funds into the platform, the management and use of funds are to a large extent controlled by the platform and the user of funds. Although funds are entrusted by the custodian institution, the imperfect mechanism and inadequate supervision result in great moral hazard. In view of this, based on the characteristics of the central bank's digital currency and Dr. Yao qian's academic paper, the author summarizes four points based on the optimization of P2P lending scenarios.

1. Role transformation of P2P platform
Traditional P2P lending platforms have the characteristics of scattered investors, small amount of single investment but large amount of investment. Therefore, faced with a large amount of precipitation funds in the deposit account, the borrowing platform will surpass its role as a capital intermediary, resulting in capital risks. At the same time, the whole process management of managed funds is also mainly involved by the platform, and the excessive handling and participation of circulating funds is not the most ideal P2P platform mode. Therefore, in the context of the participation of digital currency system, due to the change of fund custody mode (deployment of smart contracts, see the following section), the platform party will no longer participate in the management of funds, so its role is transformed into a real third party institution, providing information collection, credit disclosure and credit matching services for both parties.

2. Smart contract deployment reduces contract risk
In traditional P2P lending platform, both the contract relationship is essentially, but based on the information asymmetry, and inadequate legal professional degrees, investors are often in a weak position in the contract is signed, unable to identify the "overlord" clause, the above problems can be through the platform deployment of safe and reliable open source intelligence to solve the contract. Originally the concept of intelligent contract was born in the etheric, follow the code is the purpose of the law, the mutual agreement through the computer code in the form of a clear, intelligent contracts after the operation in the security audit have the characteristics of the objective independence, unless have the back door, or any participants can for smart contract changes, contract execution is automation and intelligence. After the use of intelligent contract, the original internal system of the platform is replaced by a credible intelligent contract environment, which becomes a transparent platform that can be participated in by multiple parties.

3. Joint signature ensures the security and use of funds
The co-signature is the payment of the index currency must be signed by multiple parties. In the P2P scenario, the co-signature means that when the borrower makes digital currency payment, it must obtain the digital signature of the sponsor to pay the payee successfully. This can be done by controlling digital currency owners, as shown below:

The lender transfers the digital currency into the borrower's wallet using a co-signature but the owner of the digital currency remains the lender and the borrower cannot use it directly (this process avoids the problem of funds being diverted during the time the lender transfers the digital currency to the borrower for payment). When the borrower has the actual demand for payment, it shall initiate the application for payment to the investor, who shall verify the identity of the payer and the purpose of the fund, and then add his signature after being clear. After having the signatures of the two parties, the borrower shall make the payment.

4. Use the traceability feature to ensure the use of funds
In the actual borrowing process, there are two lending methods: independent payment and entrusted payment. When the purpose of the borrower's funds is inconsistent with the actual agreement, the borrower will often return the funds to his account through a variety of channels or transfer the funds to the actual payee account. Based on the traceability feature of digital currency, the path query function of the central bank's digital currency is used (the website of the central bank's confirmation of authority is used to query the confirmation book after desensitization), so that the fund lender can monitor the flow of funds in multiple steps to ensure that the actual use of the borrower's funds is consistent with the agreement.

(2) the currency effect design of "forward-looking conditional trigger"
In this part, the author expounds the implementation process of monetary policy by using programmable (programmable script and application extension field) after the digital currency system is put into operation. The central bank USES the "proactive condition trigger" monetary effective design to improve the central bank's monetary policy transmission mechanism from the four dimensions of time point condition, flow condition, credit rate condition and economic condition, counter-cyclical control difficulty, currency "out of real to virtual" and other difficulties.
Refer to figure 1: operation process of traditional monetary policy:


Refer to figure 2: optimized operation process of monetary policy:


1. Digital currency management method based on time-point condition trigger
As shown in figure 1, under the traditional monetary policy system, the central bank makes monetary policy decisions based on economic information at time t-1, releases money to commercial Banks at time t0, and commercial Banks issue loans to real enterprises at time t1. From time t0 to time t1, the basic state of the economy has changed, which brings about the problem of time delay of monetary policy and greatly reduces the effectiveness of the central bank's digital monetary policy. Based on the above problems, the central bank formulated a digital currency management method based on time-point condition trigger:
As shown in figure 2, when the central bank issues digital currency to commercial Banks, it sets the digital currency to a state of invalidity, in which case commercial Banks are unable to transfer the ownership of digital currency in their bank libraries and flow it to the market. When a commercial bank makes loans to enterprises and individuals, it first sends a digital currency effective request to the central bank. At this time, the central bank verifies whether the request meets the set trigger conditions at the time point. If so, the digital currency becomes effective and the commercial bank makes loans.

Trigger condition for the moment, you can set not before at some point, no later than at some point, or within a certain period of time, by setting the trigger condition point, effectively solve the problem of guan yong shows his care of monetary policy, reasonable goal framing effect of digital currency time (i.e., the commercial bank in the currency of the credit delivery time), cut money delay problems.

2. Digital currency management method based on flow direction subject condition trigger
In the traditional monetary policy, the central bank loses its control over the currency after the money is released, so whether the currency can eventually flow to the real sector or the target group intended by the government can only be managed through vague supervision and accountability after the event, instead of precise "drip irrigation". Based on the above problems, the central bank has formulated a digital currency management method based on the trigger of flow direction subject conditions:

As shown in figure 2, when the central bank issues digital currency to commercial Banks, it sets the digital currency to a state of invalidity, in which case commercial Banks are unable to transfer the ownership of digital currency in their bank libraries and flow it to the market. When a commercial bank makes loans to enterprises and individuals, it first sends a digital currency effective request to the central bank. At this time, the central bank verifies whether the request conforms to the set trigger conditions for the flow subject. If so, the digital currency becomes effective and the commercial bank makes loans.

By setting the conditions for the flow of the main body, the digital money in a specific field can be invested accurately to the greatest extent, and the monetary policy management has realized the transformation of precision and intensive management, which is of great benefit to the implementation of the structural reform of the economy and the improvement of the ability of financial service entities.

3. Digital currency management method triggered by loan interest rate conditions
Monetary policy interest rate is one of the important indicators of the central bank's policy guidance, especially in the current overheated real estate sector and the market under strict state control, how to play the guiding role of the benchmark interest rate in the market, replace the traditional ex post interest rate monitoring mode, and change from passive to active, posing a challenge to the current central bank's interest rate policy. Based on the above problems, the central bank formulated a digital currency management method based on the condition of loan interest rate:

As shown in figure 2, when the central bank issues digital currency to commercial Banks, it sets the digital currency to a state of invalidity, in which case commercial Banks are unable to transfer the ownership of digital currency in their bank libraries and flow it to the market. When a commercial bank makes loans to enterprises and individuals, it first sends a digital currency effective request to the central bank. At this time, the central bank verifies whether the request meets the trigger conditions of the set loan interest rate. If so, the digital currency becomes effective and the commercial bank makes loans.

As for the conditions for the trigger of the loan interest rate to take effect, it is determined in advance before the issuance of digital currency, that is, the loan interest rate of commercial Banks to enterprises = the benchmark interest rate at the point t1 when the loan occurs + the credit base difference determined by the auction at t0 when the currency is issued. On the one hand, the above trigger conditions take into account the change of the benchmark interest rate at the time of credit release point t1, which reduces the policy delay; on the other hand, they take into account the credit basis difference generated by the auction of commercial Banks, and take into account the actual operation of commercial Banks.

4. Digital currency management method triggered by economic conditions
The first three management methods involve the credit release after the issuance of digital currency. This management method involves the withdrawal of digital currency, that is, the interest rate according to which commercial Banks return digital currency to the central bank. Bank credit behavior is highly pro-cyclical. When economic conditions are good, Banks tend to release more loans to obtain higher operating profits; when economic conditions are bad, Banks tend to shrink credit scale and avoid credit risks. This pro-cyclicality is harmful to enterprises and not profitable. When economic conditions are good, obtaining more credit funds often leads to enterprises' excessive expansion beyond their operating capacity. When economic conditions are poor, it is difficult to obtain capital supply. Based on the above problems, the central bank needs to make counter-cyclical adjustment on Banks' credit behaviors, and has formulated a digital currency management method triggered by economic conditions:

Reference as shown in figure 2, the commercial Banks for digital currency back to the central bank, the bank on the basis of recycling point of economic information (such as GDP, CPI, industrial production and other macroeconomic variables) decided to trigger the situation of economic conditions, to determine whether to adjust the return rate of commercial Banks, on the basis of return rates eventually drained a digital currency. Through the above adjustment of the return interest rate, the return interest rate can be raised when the economic conditions are good, and the return interest rate can be reduced when the economic conditions are bad. By adjusting the capital cost of commercial Banks, the counter-cyclical adjustment can be made to the credit behavior of commercial Banks.

03
Application of DC/EP digital currency wallet

According to the content of the first chapter, the third level of the basic framework of digital currency of the central bank involves the transfer of digital currency between individuals and institutions in the society, and this transfer is conducted through digital currency wallet. In this chapter, the author will elaborate the specific details of DC/EP wallet. The implementation of this kind of wallet can open digital currency wallet based on the identity of existing account system, and realize the non-differentiated experience and smooth transition of existing financial infrastructure and users.

(1) wallet login and synchronization method
The main login and synchronization process of wallet is summarized as follows:


The user applies for login to the wallet, and the wallet verifies the user's authentication information (password, SMS verification code, fingerprint recognition, face recognition, etc.).
If the user isn't the first time login information and purse does not change (change purse information is the currency of the index word purse contract package upgrade or change purse key), under the premise, if the user only a digital currency purse, directly to get the wallet contract package (including identification code execution, wallet and purse certificate), after validation showed that the wallet; If the user has more than one digital currency wallet, the list of wallet will be displayed to the user. After the user selects, the corresponding wallet contract package will be obtained. After verification, the wallet will be displayed.
If the user logs in for the first time or the wallet information changes, the wallet needs to ask the wallet service provider (generally a commercial bank) to synchronize the wallet information. The wallet service provider sends a synchronization request to the registration center and certification center of the central bank, and finally the wallet displays the obtained synchronization information to the user.

(2) inquiry of wallet associated account and transaction information
The query process of related account is as follows:


User to initiate associated account information query request wallet, purse accept inquiry instruction, after send instruction to verify wallet services (generally) of commercial Banks, wallet service instruction after verification, the query based on query parameters (name, attributes, the account balance and transaction details, etc.) to the query, get associated account query result and feedback to the wallet, purse to show to the user.
The transaction information query process is as follows:


Different from the associated account process, the inquiry of transaction information stops at the core account system of the wallet service institution, and the associated account information is stored in the corresponding wallet service institution itself. However, the transaction information is stored in the digital currency system of the central bank, so the inquiry request should obtain the desensitized transaction information after interacting with the central bank through the digital currency system of the wallet service institution.

(3) wallet digital currency exchange (withdrawal) method
A method of converting a portion of funds in bank-linked accounts into digital money in a wallet. The method includes digital wallet, digital currency wallet server (generally commercial bank), and digital currency issuance and registration. A user to launch a digital wallet currency conversion (c) instruction, wallet send instruction to purse the service side, wallet server associated account will the purse take corresponding dollar amount of the money in exchange for to transfer digital currency (associated account less money wallet server at the same time, in accordance with the default matching rules from the digital currency safekeeping matched digital currency), the issue of digital currency registration end (registry) according to the currency amount and to determine the actual transfer amount transfer digital currency amount, transfer the actual amount of digital currency owner change to take money users. The final wallet stores the list of digital currency strings that the owner is the user into the corresponding digital currency wallet.

(4) wallet digital currency exchange (deposit) method
A method of converting digital money in a wallet into funds in a bank-linked account. The method includes digital wallet, digital currency wallet server (generally commercial bank), and digital currency issuance and registration. The user initiates the digital currency exchange (deposit) instruction to the wallet, and the wallet sends the instruction to the wallet server, which adds the digital currency safe deposit box identification to the deposit instruction information to generate the deposit transfer request and sends it to the digital currency issue registration terminal (registration center). Issue the registration end of server marks and digital currency safekeeping consistency check, and then determine the amount of the actual transfer, will be the source of the deposit currency (user) all list invalid, the deposit to currency wallet server (all) list sent to the server, the server will apply to money deposited in the above, and according to the actual amount increase user associated account balance.

04
Forward thinking on DC/EP

(1) the impact of DC/EP distribution on third-party payment
Directly connected to the snatched from the bank system, the establishment of the central bank supervision of the third-party payment platform, constantly adjust and change, but it is indisputable, with the advent of the "cashless society", such as alipay and WeChat pay Internet giant has a pivotal position, with systemically important Banks already listed in the "too big to fail". On the one hand, with the deepening of the monopoly situation of the third-party trading platform, the central bank has to cede part of the currency issuance right to alipay WeChat and, while assuming some guarantee responsibility for the electronic currency in both systems. On the other hand, in the face of the growing demand for settlement and transaction, how to supervise and guide third-party payment platforms also poses a major challenge to the central bank.

In my previous article, I said that the central bank's introduction of digital currency is to some extent seeking "equality" and throwing cold water on third-party payment platforms. In terms of the Internet to pay entrance, commercial Banks have been left behind, to some extent also confirm the ma change bank, but the issue of digital currency, and the application of digital currency purse, commercial Banks will be save important opportunity backward situation, the central bank for the future of digital currency instead of M0 major effort means considerable high frequency low amount of transactions will be conducted by the central bank digital currency purse, this kind of existing pay treasure, WeChat replaced, the monkey is going to be a new enclosure movement.

(2) DC/EP breaks through the lower limit of zero interest rate for savings
At present, domestic economy is beset by internal and external troubles, and there is strong downward pressure. Consumption, investment and export, the three carriages driving economic growth, are all hampered. Export does not mention how to promote consumption and investment. In extreme cases, when the national compulsory for investment and consumption, saving rates will be the negative (actual when the savings rate is lower than the rate of inflation has been a negative real interest rates), the public is able to take out money, through the paper cash custody funds, this is equivalent to saving set unable to break through the zero iron base. If the DC/EP is implemented, it will replace paper cash. If a certain management fee is set for digital wallet, it will break the threshold of zero interest rate on savings.

(3) analysis on privacy and social engineering
Blockchain technology has two natural opposites when it comes to privacy. On the one hand, based on the anonymity of the wallet address, it is difficult to establish a connection between a wallet address and a single natural person in general, especially when there is almost no transaction of the wallet address. On the other hand, once a wallet address is associated with a single person, all the details and links of a single person's transactions can be seen based on its traceability, so what about privacy? In the first chapter, we mentioned that the central bank will open the inquiry interface for the desensitized account book of the confirmation of rights. The author predicted that only commercial Banks and regulators would have the right to query the confirmation website, and the central bank would set different levels of tracing authority for different participating roles to protect users' privacy to the maximum extent.
Here we have to mention the analysis of social engineering, social engineering is widely used for hacker attacks in the train of thought, based on the hacker attacks in the access to the computer information, combined with a target of inference and analysis on the social role and behavior habits, can greatly save the cost of attack, especially for code breaking open. If the central bank's digital currency bookkeeping information is leaked to some extent, then combined with the social engineering analysis, it will have a huge negative impact on the management of personal privacy.

(4) the prospect after the block chain industry specification
Into frozen period since the end of block chain industry, BTC fell to $3000, the author has asserted that blocks the next bull market only in the embrace of chain industry regulation ability after explosion, so far, block chain industry is still in the tough hug regulatory process, main exchange domestication, ghostly FuZhu, find chain ring, c ring chicken fly a dog to jump, from the Angle of the author, this is a good thing. The wave of the future has hit us, so we can only push the boat along with the current and take advantage of the current to create heroes.

Conclusion:So much for thinking about the central bank's DC/EP, but it's worth thinking about how far the central bank's digital currency is.

Source:mp.weixin.qq.com

Silver block rhythm BlockBeats reminded, according to the circ and other five departments issued in August 2018 on the guard against in the name of the "virtual currency" "block chain" illegal fund-raising risk warning "file, please the public rationality block chain, don't blindly believe in reduction commitment, set up correct concept of money and investment philosophy, effectively raise the risk consciousness; To the illegal crime clue that discovers, can report to concerned branch actively reflect.

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