Official: strive for leading 1-2 international standards in key areas such as the development of digital currency

Official: strive for leading 1-2 international standards in key areas such as the development of digital currency

According to the central bank website news, recently, the people’s Bank of Chinese, CBRC, CSRC and CIRC, the National Standards Commission jointly issued the “financial industry standardization system construction and development planning (2016-2020 years)” (Yinfa 2017 No. 115) (hereinafter referred to as the “plan”), clearly put forward the “13th Five-Year” financial industry the standardization work of the guiding ideology, basic principles, development goals, major tasks, key projects and protection measures. “Planning” that continue to promote international standardization in the financial, mobile financial services, non bank payment, digital currency and other key areas, increase efforts for leading experts to discharge, 1-2 international standards development.

“Planning” that, to support the construction of a modern financial system, adhere to the needs of leading, innovation driven, coordination and pragmatic principles, the coordinated supervision system to the importance of financial institutions, and financial holding company supervision and financial infrastructure, manpower for financial statistics, prevent and defuse financial risks, strengthen key the development and implementation of standards.

“Planning” establishes a development goal of “13th Five-Year” financial industry standardization. The financial industry standard system to further optimize the revision of national standards and industry standards for more than 110, more than 3 financial industry to promote social organizations Publishing Group standard; financial industry standard was significantly improved, effective and practical scientific and enhanced; the implementation of financial industry standards significantly enhances the effect, carry out new national key financial industry the standard to assess the quality and benefit of more than 50%; the financial industry standardization mechanism more perfect, supporting role for the scientific development of the financial industry is obviously enhanced; leading the development of international standards of financial industry has made substantial breakthroughs.

“Planning” around the standard system, standard revision, implementation, implementation, international standardization proposed financial industry standardization work in four major tasks. One is to establish a new financial industry standard system, comprehensive coverage of financial products and services, financial infrastructure, financial statistics, financial supervision and risk prevention and other areas; two is to strengthen the financial industry standard implementation, play all aspects of government, industry associations, certification bodies, enterprises and other functions; three is the establishment of the financial industry standard supervision and evaluation system the implementation of the classification supervision, compulsory standards and recommended standards; four is to continue to promote international financial standardization in mobile financial services, non bank payment, digital currency and other key areas, increase efforts for leading experts to discharge, 1-2 international standards development.

“Planning” based on the current development of the financial industry in urgent need of multi sectoral collaboration in the field, according to the standards, and the implementation of supporting the convergence of proposed 5 key projects, including: financial risk prevention and control standardization project, green finance standardization project, the Internet financial standardization project, financial standard system of construction projects and financial standards the basic ability of construction engineering. In addition, the “planning” from strengthening co-ordination, improve policy support and play the role of industry associations, strengthen personnel training, play five aspects put forward the safeguard measures of grass-roots departments in charge of industry initiative, emphasizes the harmony between different departments and strengthen the field of cooperation, to create a good policy environment, increase investment, improve and perfect the incentive mechanism.

In recent years, in the process of development of electronic money, open network virtual currency, the rise and fall of bitcoin is particularly striking. Under the background of the development of electronic money, China’s regulators have realized the importance of digital currency. Research on digital currency Chinese central bank also has been accelerating in 2014, the central bank set up a special team to issue legal digital currency, the central bank issued the legal feasibility of digital currency. On 2015 digital currency issuance and operation framework, digital currency key technology of further research, forming a series of research report to the people’s Bank issued digital currency, the central bank issued legal digital currency scheme has completed two rounds of revision. In January 20, 2016, the central bank held a symposium on the digital currency, and further clarify the strategic goal of the central bank issued a digital currency, the central bank research team pointed out that the monetary figures will be the key technology of digital currency positive research, multi scene application of digital currency, for the early launch of digital currency issued by the central bank. In November 2016, the bank established a digital currency research institute. At the beginning of this year, the central bank to promote the successful test based on digital transaction platform prototype system block chain, and to explore the practical application of the block chain in the currency of. Recently, the central bank’s research of digital currency has also started a low-key operation.

For the digital currency, the central bank made it clear that the following main principles: one is to provide convenience and security. The two is to protect the privacy and the maintenance of social order and the fight against illegal and criminal acts of balance, especially for money laundering and terrorism and other criminal acts to retain the necessary containment. The three is to have to run and conduction of monetary policy effectively. The four is to retain control of monetary sovereignty, digital currency is freely convertible, but also controlled convertibility.

In the central bank or monetary authorities are on the global digital currency expressed varying degrees of concern and interest in the case, although China’s digital currency research at the leading level temporarily, but Chinese Academy of Social Sciences Institute of Finance deputy researcher Zhou Ziheng believes that the current issue of digital currency still faces five major problems: (1) the account system; (2) accounting issues; (3) the problem of cash withdrawal; (4) the problem of network payment; (5) tax structure problem.

However, now China network digital rapid economic development, large scale, which provides a good basis for the circulation of the people’s Bank issued legal digital currency, especially the widespread application of network makes the legal means of payment, digital currency based initially with the more mature, and the flow of the scene. For the future development of China’s central bank digital currency change and brings to the financial sector, we can expect to be confident. (Xinhua comprehensive report)

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