The People's Bank of China held a video conference on work in the second half of 2019 on August 2 to make arrangements for key tasks in the second half of the year. The meeting requested that eight key tasks should be done well in the second half of the year, one of which is to make the best use of the situation to develop financial technology, strengthen follow-up research, and actively meet new challenges. Accelerate the pace of research and development of my country's legal digital currency (DC/EP), track and study the development trend of virtual currencies at home and abroad, and continue to strengthen Internet financial risk management.
The People's Bank of China held a video conference on work in the second half of 2019 on August 2 to make arrangements for key tasks in the second half of the year. The meeting requested that eight key tasks should be done well in the second half of the year, one of which is to make the best use of the situation to develop financial technology, strengthen follow-up research, and actively meet new challenges. Accelerate the pace of research and development of my country's legal digital currency (DC/EP), track and study the development trend of virtual currencies at home and abroad, and continue to strengthen Internet financial risk management.
As soon as the news was sent out, the market conditions were very good, and the overall situation showed an upward trend.
This news also aroused heated discussions among netizens on the Internet. "The Chinese government is very open to innovation. The reason why digital currency transactions are banned is because of China's unique national conditions, large population, and insufficient education, which can easily form a herd effect. It is too easy for the government to suppress the three major exchanges. Overseas Can you do nothing if you just register?” “Currently, China’s cryptocurrency market is gradually picking up, and the domestic blockchain community is active. The Chinese government may be cautious about Bitcoin, but it does see the potential of blockchain technology.” (This part of the speech is excerpted from Bihu)
It is undeniable that the Chinese government has indeed seen the huge potential of the cryptocurrency market, especially in the regulation and issuance of Libra in the United States, which has revealed the attitude and advanced cognition of the United States towards cryptocurrency. If China loses the initiative in this field, it is likely to be at a disadvantage and occupy a passive position in the future financial industry. China's voice is undoubtedly a careful consideration of cryptocurrencies and an in-depth discussion of the value behind them.
On December 5, 2013, the price of Bitcoin soared. The People's Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued the "About Bitcoin Risk Prevention". "Notice", the attitude is neutral, there is no prohibition, and the risk is at your own risk;
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(The data comes from Feixiaohao)
In 2014, the central bank's digital currency research group was established to actively explore the technical and practical aspects of digital currency;
In 2015, two rounds of verification of the legal digital currency prototype were completed;
The 2016 central bank digital currency seminar clarified the strategic goal of issuing digital currency, announcing that "the digital currency led by the central bank will be launched as soon as possible";
In January 2017, successfully tested the blockchain-based digital bill trading platform and trial-run digital currency;
In 2017, as the price of Bitcoin skyrocketed again, China's attitude towards Bitcoin became stricter. After shutting down all digital currency trading platforms in China and not allowing spot transactions of Bitcoin, the registration places of many exchanges have been flexibly transferred from mainland China to Singapore, the United States and other places, and spot transactions have also turned into "currency exchange". currency transactions".
On July 30, 2018, the "China Financial Risk Stability Report 2018", jointly launched by China Business News Research Institute and the National Finance and Development Laboratory, evaluated and looked forward to the digital (encrypted) currency for the first time.
The article pointed out that "in essence, bitcoin is not a real currency. At present, bitcoin does not have the qualifications to become an international reserve asset, and bitcoin futures are difficult to become a real risk management tool." However, the report also pointed out that the global central banks are currently joining Experiments with digital currencies. He believes that "the ideal central bank digital currency should have brand-new qualities, so as to surpass the existing private digital currency and electronic currency."
In fact, in the past few years, central banks around the world have shown great interest in researching central bank digital currency (CBDC), including Japan, Sweden, the United Kingdom, Canada, the Netherlands, Australia, Singapore, India, etc.
The central bank itself is very curious about Bitcoin, to be precise, it is the blockchain technology. From the establishment of the China Digital Currency Research Institute and the attempt on bills. However, with the popularity of digital currency and the limitation of the development stage of the digital currency market, the current domestic digital currency market is in chaos. Under the guise of digital currency, cheating and fraud are common. And many bitcoin derivatives, such as the ICO evolved behind bitcoin, have seriously disrupted the normal domestic financial system. It is also reasonable for the central bank to be stricter on Bitcoin. Strict does not mean a complete ban. Domestic mining farms and mining machine transactions are still very active, but the current bitcoin transaction restricts overseas transactions.
At that time, the People's Bank of China's attitude towards digital currency was to grasp the overall environment of the currency circle with one hand, so as to ensure that digital currency would not disrupt the domestic financial market environment. Second-hand grasp blockchain technology, concentrate on research, and prepare for financial reform. Make the necessary technical reserves for the future to be one step ahead.
There is a saying in the currency circle: one day in the currency circle, one year in the world. At the hearing on Libra in the United States, the U.S. official said bluntly: Libra may be a tool for money laundering, but it cannot deny the pivotal position of Bitcoin in the digital currency market. After two years, I finally waited for the positive voice of the Chinese government on digital currency.
