The central bank hired personnel of research and development of digital currency
Recently, the people’s Bank of China printed scientific research published by the recruitment information, technical talent recruitment into R & D digital currency.
The 6 position in the architecture design and development of hardware and software system of 5 jobs is mainly engaged in the digital currency and the underlying platform, with the system architecture design experience, block chain technology development and application experience, big data platform development experience is preferred; the key technology used in 1 position mainly research on digital in currency, symmetric and non symmetric encryption algorithm, encryption and authentication etc..
Then, the central bank introduced a digital currency has no timetable? Notes and digital currency can exist in parallel? No money era has really come?
What do the central bank.
An Internet Financial Research Institute of Financial Research Center staff told the “international finance” reporter, “the central bank to block chain technology and digital currency attaches great importance to.”
In January 2016, the central bank held a symposium on digital currency, the central bank governor Zhou Xiaochuan made it clear that the central bank is very concerned about the development of digital currency, “began very early on”.
According to the reporter, in 2014, the central bank set up a special team to issue legal digital currency, a prospective study of digital currency related issues, the central bank issued the legal feasibility of digital currency. In 2015 the Central Bank of the digital currency and operational framework, digital currency key technology, digital currency circulation environment, digital currency facing legal problems, digital currency on economic and financial system, the legal effect of digital currency and private issuance of digital currency relations, international digital currency issuance experience further study, form a series of research report to the people’s Bank issued digital currency, the central bank issued a legal prototype scheme of digital currency has completed two rounds of revision.
The first quarter, Zhou Xiaochuan accepted the media interview, talked about the development of digital currency.
In his opinion, as a generation of currency notes, low technical content, from the point of view of safety and cost, is the new technology and new products to replace is represent the general trend. Especially with the development of the Internet, global payments have undergone tremendous changes, the establishment of circulation system of digital currency, finance for infrastructure construction, promote economic quality and efficiency upgrades are necessary.
Digital currency launch schedule?
Zhou Xiaochuan said, “now we can not say that digital currency, even if the implementation schedule”, “digital currency notes and will still be in a long-term coexistence”.
The central bank digital currency Institute preparatory group leader, deputy director of the division of science and technology Yao Qian recently in an interview that, “launched legal digital currency should be in line with the principle of gradual and orderly progress steadily, can choose one or two closed application scenarios (such as bill market etc.) the first test, observe its effect, the gradual accumulation of experience, at any time to improve and perfect, to be mature after the promotion.”
According to Yao said before, the central bank research group “every day in the discussion and deduction of digital currency problems in circulation, overtime is a homely food. The preparatory team including both technical experts, some experts in financial field.”
As of now, the central bank issued a legal prototype scheme of digital currency has completed two rounds of revision, the core elements can be summarized as: “a coin, two base, three centers, including digital currency base, commercial bank database, authentication center, registration center and large data analysis center. The user through the client security chip based on the use of digital currency. These research results have already been submitted a patent application to the State Intellectual Property office.
What is the direction of organization
Not only the central bank in action.
At the beginning of June, the central bank regulatory agencies and representatives from 90 countries including Chinese representatives gathered in Washington to attend the sixteenth session of the Fed’s headquarters, financial sector policy challenges the international conference, meeting for three days, during which the delegates listened to the report on block chain technology.
The theme of the conference is: “changes in the financial technological transformation of financial industry”. At the meeting, the delegates introduced their progress in the exploration of the blockchain last year and digital currency technology, and put forward their own exploration problems for discussion.
The world bank website, two Chinese CBRC representative and a representative of the Bank of Chinese was invited to attend the meeting, including China CBRC Shanghai regulation Secretary Liao Min. Chinese Hongkong has two representatives of the participants.
Analysis pointed out that in the high level meeting of the central bank, Central Bank of 90 representatives to discuss the blockchain, but for the first time in history, highlights the importance the blockchain has been recognized by financial regulators.
Compared with the central bank that regulatory agencies, non-governmental organizations to use the blockchain more flexible, more exchanges, banks and other financial institutions have carried out test and application test.
2016-2020 years block chain technology research and investment forecast, “the investment adviser Industry Research Center released” shows that in 2015 the global total digital currency block chain investment since 65, to disclose the amount of $490 million, an increase of 35.73% compared to 2014 a total investment of $361 million, total financing amount exceeded $1 billion, major companies such as Ripple, Blocksteam, Chain, DAH, Circle etc. the size of the financing of more than $50 million.
UBS, Deutsche Bank, Bank of Santander, Bank of New York Mellon, and brokers (ICAP) developed the first “multi currency settlement” (utilitysettlementcoin), for in early 2018 to put it into commercial; Citigroup is on their own “Citicoin” solution; Goldman has almost instantaneously allowing the transaction the settlement of the “SETLcoin” patent; JP Morgan (JPMorgan) in advance of similar projects; blockchain investment firm Coinsilium in London Stock Exchange Derivatives Exchange (ISDX) trading of initial public offerings (IPO), the company became the world’s first block chain technology successfully listed; ant gold suit announced the blockchain coming online. First of all, used in the Alipay donation platform; recently, China Bank (601988, shares) Hongkong branch has been in the mortgage of the real estate assessment test uses a block chain system, and plan together with HSBC to provide loans in Hongkong block chain technology services based on mortgage loans.
What is the use of chain block
Whether the central bank or financial institution, the present study is based on block chain technology.
In 2008, bitcoin developer Nakamoto in the “Bitcoin:APeer-to-PeerElectronicCashSystem” was first put forward the concept of chain block. Nakamoto So believes that the block chain technology is the foundation of technology encryption transmission bitcoin transaction information and data structure.
In simple terms, is a kind of distributed block chain to the center of the charge sharing technology, it is the thing to do is to let the parties involved to establish a trust relationship in the technical level. Huo Xuewen of secretary of Party committee of the Beijing Municipal Finance Bureau believes that the block chain has become the underlying technology of financial technology.”
Bitcoin as an example, the blockchain is “a collection of all bitcoin transactions total history books”. Each page of each block is the books, including a number of transaction records, whenever there is a new transaction, the transaction information is marked on a time stamp and a block of related information, and then generate a new block, a new block in the whole network consensus, in accordance with the the time sequence is added to the main block in the chain.
China Financial Academy of Social Sciences researcher Yang Tao believes that from the perspective of financial technology, block chain not only brings new financial operation mode, and vice versa for technology innovation provides important financial scenarios “”.
At present, the blockchain scenario is reflected in many aspects. First of all, the field of payment. This is the original application Gerbaud (Ripple) system. Founded in 2012, based on the Ripple block chain (distributed books Accounting) technology, mainly to provide cross-border payment services. This system is mainly to solve the cross international payment of low efficiency and high cost problems; secondly, the field of credit. Block chain technology with low cost to solve the problem of trust in financial activities. In addition, the blockchain technology can further promote exchanges do open, sharing, can not be tampered with, especially through the block chain technology put a lot of social transactions into the regulation and supervision.
“As long as the use of the logic of equality + consensus projects, can be the blockchain category. In theory, the block chain can be applied to all systems. This is probably the biggest value chain block.” CITIC Securities (600030, shares) analyst Xiao Feifei believes that in the application, development of block chain should be a “short and long-term steady development, three target cooperative forward” pattern.
Secretary Chinese Internet Financial Research Institute of the people’s Bank Financial Research Center Wu Xuchuan believe that the current block that application of this technology chain is infinite possibility in the tip of the iceberg, the continuous development of the block chain can bring revolutionary influence to the bank, medical insurance, notarization, digital copyright, networking and other fields.
As a financial innovation more prominent achievements, blockchain is profoundly changing the financial industry, on the other hand, as a new technology, but also need to guard against the risk.
The past financial systemic risk, is more concerned about the “too big to fail”, but in today’s Internet era, taking into account the network effect of the Internet financial activities, also want to consider “fail” problem. In addition, from the non system risk, the risk of different participants need to pay attention to manufacturing, as well as the parties need to face the risk, such as personal financial consumer protection, risk identification, risk prevention oriented financial technology platform for the enterprise level, such as illegal fund-raising, financial risk management etc..
Huo Xuewen believes that the blockchain era still must do the traditional financial services, Internet financial innovation services and financial supervision services, especially to guard against financial risks. If we do not regulate block chain technology, it will become the source of illegal financial activities.