Central banks pursued electronic money, or money will bring a revolution

Central banks pursued electronic money, or money will bring a revolution


With the rise of blockchain technology since the beginning of this year, more and more the central bank is the legal digital currency is one of the important research and testing field. Last week, the people’s Bank of China printed Scientific Research Institute of R & D personnel recruitment of digital currency news caused widespread concern in the overseas media, held last week in Singapore Financial Science and technology festival, said the monetary authority of Singapore, Singapore is the use of electronic currency payment on the inter-bank block chain technology test.


According to overseas media reports, director of the monetary authority of Singapore Meng Wenlong (RaviMenon) said in the financial section of science and technology, electronic currency test project the country will also apply to cross-border transactions, in order to save the cost of manpower and material. “This is the first step to explore the monetary authority of Singapore Central Bank issued electronic money to potential.” Meng Wenlong said. According to the Peng Bo report, the main contents are: Singapore test bank deposits will be converted into electronic money issued by the central bank, after the inter-bank settlement will use electronic currency payment instructions rather than by Singapore’s central bank, the bank will finally electronic money into cash.


Compared to Singapore in the field of electronic money “, when the Swedish central bank at top speed” week position is “overweeningly ambitious”. Recently, Gao Kingsley, deputy governor of Sweden’s central bank said the decline due to the use of cash, the central bank may launch electronic currency, electronic. Gao Kingsley also said that the confidence of the Swedish central bank, after two years after the assessment phase, Sweden will ban the circulation of cash, to become the world’s first full use of “digital cash” society.


In fact, with the development of the Internet technology and the further development of mobile payment scene more and more countries around the world are actively developing their own electronic payment industry and R & D legal digital currency paid great attention. As a walk in the forefront of the global electronic payment in Denmark, already proposed in the national garment fields by electronic means of payment instead of cash payment plan. In the global financial and technology leader of Britain’s central bank said it is considering whether to issue a digital currency by the central bank, the current research work is still at the primary stage. At the same time, the Fed has been in-depth analysis of digital currency, its characteristics, effects, behind the technical support.


Australia electronic money business association (ADCCA) said that if the electronic currency cannot obtain legal currency also widely recognized that Australia will lose tens of thousands of jobs and billions of yuan of funds. Australia’s central bank also focused on electronic currency. Tony Richard is in charge of the bank payment sector this year said, “Australia has yet to consider when electronic money, but in the more distant future, it is possible to issue electronic aud.” He also said that the Australian central bank believes that the current distance of electronic currency used in the global scope, there are still some time; but the Reserve Bank of Australia on the issue of electronic currency as well as the possibility of uncertainty are of interest.


Analysts said that in science and technology to bring change to the global economic life at the same time, will also reshape the global financial system. At present, with the continuous progress of science and technology, the global monetary system is entering a turning point, the definition of money and the future will face a huge change, electronic money or will become one of the main positions around the world for the future.


Compared to the cash, electronic money issued by the central bank will have the anti money laundering and anti corruption, save settlement costs and better monitoring of financial risks etc.. But at the same time, the related technology, legal and practical operation, safety and other issues of electronic money still need to be studied and the test system. In addition, in a certain sense, the legal of electronic currency, can resolve international problems in many areas of excessive dependence on the dollar, the global economy to accelerate to the dollar”. But what country can become the beneficiaries and leader in financial technology “tide”, still can make nothing of it.


Compared with the global central banks focus on electronic money, many financial institutions are also actively seize the “”. In August this year, the world’s four largest bank, UBS, Deutsche Bank, and Santander Bank of New York Mellon have teamed up to develop a new electronic currency, hope to be able to block chain technology to clearing transactions in the future, and become the global banking industry standard. Four banks will also sell the ICAP together with the British firms plan to the central bank, and plans for the first commercial application in early 2018.


Recently, the world’s leading “big four” consulting firm PWC, to block chain solutions provider Bloq, block chain integration, research report, compliance and analysis of supplier Libra and digital authentication start-up company Netki released a new financial technology service platform, called Vulcan digital asset service. This project is mainly to provide services for the development of the electronic currency have confidence in banks and government.

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