Interview with Chen weigang: circ strictly prohibits Banks from providing payment channels for speculation

Source: Beijing news

Reporter zhang shuxin

Original title: "interview with Chen weigang: circ bans Banks from providing payment channels for currency speculation"

The editor Chen li

As blockchain has become a national strategy, financial institutions have begun to increase their investment in blockchain. At the same time, regulation is also being tightened. In addition to the central bank issuing risk warnings, the non-joint office of the China banking regulatory commission recently warned against illegal fund-raising in the name of "virtual currency" and "block chain". In this process, where is the focus of the bank insurance regulatory commission? What role will commercial Banks play as the middle tier of DCEP operations?

Former vice principal of the China banking regulatory commission (CBRC) party, silver circ state-owned key financial institutions of the board of supervisors is created supervisors Chen Weigang told the Beijing news reporter, block chain can solve financing, trust and fund income opaque problem, in the process of landing, silver circ in money, cash management, cash payment channel regulation such as Banks, insurance agencies. At the same time, after the landing of DCEP, the currency circulation is less closely related to Banks, while the competition between commercial Banks is more intense.

Chen weigang, former vice President of the party school of the China banking regulatory commission and director of the supervisory board of key state-owned financial institutions of the China banking regulatory commission.

The funds obtained from the coin speculation shall not be transferred into bank accounts

The Beijing news:The China banking regulatory commission recently warned against illegal fund-raising in the name of "virtual currency" and "block chain". Where is the key point of the bank insurance regulatory commission?

Chen Weigang:Regulators must first protect the interests of consumers, and three businesses are banned. The first is to prohibit Banks from transferring funds directly or indirectly to fake and illegal blockchain investment targets. Investment companies that are required to hold bank shares need to know enough about the technology of the invested company, whether they are malicious hypes of the blockchain concept, and whether they are engaged in ICO and other illegal businesses before they invest funds.

Second, Banks cannot provide payment, transfer and transaction accounts for projects that raise money illegally in the name of "virtual currency" or "blockchain". The most direct is, the money that stir money gains cannot transfer into bank account.

Third, Banks' own fintech innovation should also prevent fake blockchain hype. Banks can apply blockchain technology, but before the application, they should fully evaluate whether the technology conforms to business logic, whether the company has enough qualifications, whether the risk control level should be reached, and so on, to ensure that the rights and interests of consumers are protected.

The Beijing news:The ministry of industry and information technology (miit) recently said that it will work with the China banking regulatory commission (circ) and other relevant departments to promote the organic integration of new retail, block chain and industrial Internet.

Chen Weigang:The circ has been actively guiding and supporting financial institutions to serve the real economy and small, medium and micro enterprises, so as to promote inclusive finance. The practical application of blockchain technology in bank accounts receivable, notes, supply chain and other fields can improve the fairness and transparency of transactions, effectively eliminate shady operations, and improve the trust of all parties in transactions. Taking new retail as an example, block chain can be used to realize product origin tracing, product quality tracing, product owner tracing and logistics tracing, etc. In the payment process of upstream and downstream of the supply chain, smart contract of block chain can be used to realize automatic transfer of payment, which not only improves the transaction efficiency, but also prevents the formation of triangle debt in the supply chain.

Applied to Banks' loans to small and micro enterprises, blockchain can play a more magical role. The biggest fear of Banks' loans to small and micro enterprises is information asymmetry. Banks and insurance companies do not know the real situation of enterprises, so that Banks dare not lend and insurance companies dare not protect. Application block chain, all associated enterprises, Banks and insurance companies, in a chain enterprise movements all reflect on the chain, the debts of the enterprise, production, sales, product quality feedback, turnover, net profit is clear, such as insurance companies and Banks is enough to know that, to the enterprise has the style for enterprise services, once the risk occurs just in time to stop, so, by that time, a good small micro enterprise loan, loan expensive problem doesn't exist, but poor small micro enterprise day will be more sad, it will also have the effect of superior bad discard.

The Beijing news:The development of blockchain system needs a lot of investment. What should smaller Banks and insurance institutions do?

Chen Weigang:Currently on the block chain technology be born ahead or big, after all, their financial strength is stronger, more talent, scene and more widely used, for example, in industry, agriculture, building, pay, for big Banks, small and medium-sized Banks have done better there are, as far as I know, zheshang bank application block accounts receivable financing chain technology in supply chain are better done.

In my opinion, when the block chain is developed to a certain extent in the future, there will be standardized and standardized products, that is, open source software. Small and medium-sized Banks apply open source software to realize the popularization of block chain technology. In other words, just like windons software, small and medium-sized Banks do not need to develop a system by themselves.

After the landing of DCEP, merchants have more freedom to choose deposit Banks, which will intensify the competition of commercial Banks

The Beijing news:What role will commercial Banks play in the landing of DCEP?

Chen Weigang:In fact, the issuance of central bank DCEP is similar to the process by which the central bank issues notes today. After printing banknote factory prints money, how does money arrive in everybody's hand? Take salary payment as an example, the company will open an account in the commercial bank, and the money from the central bank will be given to the individual through the commercial bank. For example, the unit will call after we pay, we will receive a string of Numbers, these Numbers are real currency, is the digital paper, unlike the memory card in the bank now, storage card money in the bank, actually people to the store shopping, pay the money to shop, is actually a man paid to store's bank, bank is between the bank and the bank transfer.

The difference with DCEP is that our salaries are no longer in commercial Banks but in people's digital wallets, the central bank's equivalent of bank CARDS. When shopping in the store, people do not need to have a relationship with the bank. The digital wallet in the hands of the buyer can transfer money directly to the merchant's digital wallet, realizing the point-to-point transfer of currency. Merchants receive real money in their digital wallets, which needs to be deposited in Banks to earn interest. Since the circulation of money is less closely linked to Banks, merchants have more freedom to choose the Banks where they deposit their money, which may become more competitive for Banks.

The Beijing news:After the central bank DCEP issue, what impact will it bring to commercial Banks?

Chen Weigang:After running DCEP, the operation system of commercial Banks will be more complicated, that is, a new DCEP system will be added under the existing system. Most intuitively, each business adds a new device to receive money from an electronic wallet, a system of devices that pay and receive offline, directly point-to-point with customers.

The Beijing news:Is DCEP safer or less safe for ordinary people?

Chen Weigang:Every new thing has two sides, but from the perspective of development, it must be getting better and better. In terms of security, it's higher overall. Because electronic wallet can have more confidential forms than bank card, in addition to password, can have fingerprint, face, iris, voice and other biological identity recognition technology, more can distinguish whether I use. Even if you lose it and the password is cracked, you can also find the person who stole it, because the money in the electronic wallet has the number. When you lose the wallet and report the loss, the money in your wallet will be locked and found when you use it again. Therefore, the function of preventing theft is better.

Blockchain can solve the problem of opaque income of financial management, trust and fund

The Beijing news:What opportunities will blockchain technology bring to the banking industry?

Chen Weigang:Blockchain technology brings the most direct benefits to the industry is the bank, because it can improve the risk control ability of Banks. The core value of blockchain is to build a better trust mechanism, and the bank itself is the most honest place, so people dare to give money to bank deposits or wealth management and investment, which itself is the trust of the bank. However, due to information asymmetry, some financial institutions have dishonest behaviors, such as trust and financial management. Some financial institutions fail to inform consumers of the actual benefits, and lie about the low benefits when the real benefits are higher, or simply say that the products lose money. This situation also exists in the funds and trust products sold on behalf of Banks. Under the current conditions, it is difficult for consumers to check the accounts even if they have doubts. However, by synchronizing relevant data of asset management products to the block chain, consumers can clearly see the trend of each sum of money, so there is no fraud problem. Therefore, blockchain technology is to protect financial consumers and investors.

As for the privacy leakage problem that consumers worry about, in fact, the security mechanism of block chain can be defined independently, just like your WeChat circle of friends can set the open permission. For example, the personal information in the bank can be set into a number of levels, such as national security department, public security, discipline inspection and supervision, regulatory departments, etc., can check the most complete information, to the general enterprise or individuals do not need to open so many permissions, in the transaction process can see the information related to your transaction on the line.

Another landing scenario is supply chain finance. Through block chain technology, all upstream and downstream enterprises can realize honest transactions through smart contracts. For example, through block chain, white bars can be turned into RMB. In the blockchain environment, the debit card passes the smart contract. When the conditions set by the debit card are satisfied, the block chain will automatically cash the contract, and the white card has the same value as RMB. Set up in the supply chain to meet certain conditions of the debit and credit automatic transfer procedures, then there will not be malicious evading debt.

In addition, the scenarios that can be implemented also include the certification of bills on the block chain, the elimination of bill fraud and fraud, and even the international settlement through the block chain to improve the transfer efficiency of international trade.

The Beijing news:What other businesses in the banking and insurance sectors have the potential to be enabled by blockchain technology, but have not yet been implemented?

Chen Weigang:Insurance can also take advantage of blockchains, such as aircraft delay insurance. At present under a lot of circumstances insurance company can use all sorts of excuse not to compensate, but actually this is unreasonable, violated the original intention that sets delay insurance. Blockchain can be used to ensure that in the event of a trigger, such as the absolute amount of time an aircraft is delayed, the system will automatically claim, without the approval of the insurance company.

But this kind of technology is hard to implement. In the past, banking and insurance were all centralized operations, with strong institutions and weak consumers. Through the block chain, decentralization was realized and the voice of consumers was enhanced. For Banks and insurance institutions, their rights would be greatly weakened. Therefore, this kind of product is difficult to promote, regulatory level can only encourage institutions to promote, will not force institutions to use.

The Beijing news:What are the trends in the application of blockchain in the financial sector?

Chen Weigang:I think there are ten trends in blockchain: 1. The application of blockchain industry is accelerating, and it is spreading from digital currency to non-financial fields; 2. 2. Enterprise application is the main battlefield of block chain, alliance chain and private chain will become the mainstream; 3. Diversified technical solutions will be generated to continuously optimize the performance of the block chain; 4. The combination of blockchain and cloud computing will be increasingly close; 5. Blockchain security issues are increasingly prominent, and security protection requires overall consideration of technology and management; 6. The cross-chain demand of blockchain is increasing, and the importance of multi-connection is highlighted; 7. Block chain competition is increasingly fierce, and patent competition has become an important field of competition; 8. Blockchain investment continues to be hot, and the accumulated risks of token crowdfunding mode deserve serious attention; 9. Blockchain technology is becoming more and more mature for regulation; 10. The importance of standardization, standardization and open source of block chain is increasingly prominent.

Beijing news reporter zhang shuxin editor Chen li proofread zhang yanjun

The original link: http://www.bjnews.com.cn/finance/2020/01/08/671322.html 

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