The central bank “blockchain | depth interpretation of what it can do, what are you doing? “Revealing exactly what

The people’s Bank of China published in November 6th titled “what the blockchain what can and can not do? “Article, this is the people’s Bank since 2014 in the first mention of the blockchain, the author is director of the Research Council of the people’s Bank of China Xu Zhong and deputy researcher Zou Chuanwei.

First of all, this article studied the blockchain function from the angle of economics, based on economics explanation on the combination of block chain technology, summed up the current mainstream block chain system adopts “Token paradigm”, and clarifies the blockchain consensus and trust the six basic concepts, and combing intelligent contract function secondly, according to the use; on the block chain Token, sort out the main direction of the current application block chain, performance and security issues such as governance function and further discusses the characteristics of Token, and Token on the block effect chain platform project block chain and block chain system, finally summarized and discussed the blockchain what can and can not do.

Based on the Token Paradigm Analysis of four types of main application block chain:

Q play the blockchain public sharing books to increase cooperation efficiency of labor, no currency block chain transfer is not directly involved in property and the risk of.

Q assets or rights to non-public offering of Token transactions on behalf of block chain, in order to improve the assets or rights registration and transaction process.

Q as a unit of account or underlying assets to public offering transactions Token, but relying on the legal framework of foreign economic activity chain block.

Q issued to the public transaction Token as a payment tool and incentive means to build the center of economic activity, trying to establish a distributed autonomous organization block chain.


The work in this thesis “does not involve Token, the design of the non-public offering of Token transactions”, “design of public offerings Token” criteria for classification, the paradigm of classification on the application direction, it is not difficult to see that, compared to 94 a year before the announcement of the virtual currency will be qualitative, the central bank views the nature of the digital currency has a new awareness, and affirmed the similar characteristics of virtual currency currency:

Q has no debt attribute, which is different from the deposit and deposit receipts;

Q according to the same rules issued by Token have homogeneity, can be split into smaller units of any;

Q Token transfer without trusted third party support;

The holder of the Q anonymity, which is different from a bill;

Q no “double risk”;

Q can be defined by rules and the total Token release rate, with deflation adjustment mechanism.


This paper also points out that virtual tokens currently on the market circulation of the lack of support and the intrinsic value of sovereign credit guarantee, price manipulation, speculation and illegal behavior in general, and the encryption currency in the world, but in the face of different countries or regions of the difference between the means of supervision, is in fact a certain virtual token value at the same time, the virtual currency again on non sovereign credit guarantee issued by the negative.


If it is a digital currency with strong sovereign credit guarantee?

This paper does not continue along this topic in-depth discussion, but the central bank introduced a digital currency (CBDC) and difficult to resist speculative attacks the stability of crypto currency are essentially different, CBDC debt property, electronic money is the central bank issued directly to financial institutions and the public, a form belongs to the legal currency, but not necessarily take the form of Token block chain. But for the main body of the country, the first digital assets in a certain extent broke more or less exist in the real world currency exchange restrictions and payment oligopoly, improve transaction efficiency and reduce the cost at the same time, the general ledger system theory of distributed digital currency to any participant cannot forge digital assets, reduce transaction risk, an important reason this is the world’s biggest sovereign countries to actively promote the research on its legal digital currency.

This year, the sheet financing rapid contraction effects, especially the scale of social financing growth has been down, which makes the traditional investment channels is the overall blocking, capital flows choice is narrow, but the overall financing chain industry is still in a block of high growth stage. According to the central bank used to control attitude, when financial innovation and monetary policy divergence, and external uncertainty increases, it will alert the overall environment of financial innovation, risk warning system for new participants on the one hand, on the one hand, also indicates that the central bank intends to promote the economic development of the block chain from rapid growth to high quality change. So in the end, the author puts forward the following conclusions:

In general, the blockchain project is really landing and produce social benefits rarely, in addition to the physical properties of the block chain is not high, short board blockchain economic function is also an important reason. Should be based on continuous research and test, rational and objective assessment of the block chain what you can do and can’t do what.

One is not exaggerated or superstition blockchain function. The industry these years of practice has proved that some blockchain application direction is not feasible. In particular, the modern financial system continue to absorb a variety of technological innovation in the development process. As long as the technology innovation helps to improve the efficiency of financial resource allocation and the safety and convenience of financial transactions, will integrate into the financial system. So far, there is no technological innovation had a disruptive impact on the financial system, the block chain is no exception. Encryption of money supply does not have the flexibility, lack of support and the intrinsic value of sovereign credit guarantee, unable to effectively fulfill the function of money, can not subvert or replace the legal tender. But anonymity block chain will increase the financial transactions in the anti money laundering (AML) and the “know your customer” (KYC) the difficulty of implementation. But we should also see that some of our country provides the opportunity to practice the blockchain, such as digital ticket trading platform to help ease the problem of decentralization of bill market in china.

Two is the block chain application should be based on the actual situation, do not stick to some too idealistic purpose. For example, using technology to replace the system and trust is very difficult, even in many scenes is utopia. For example, to the center and the center of the scene is different, does not exist. In reality completely to the center and the center of the scene is completely invisible. Many blocks starting from the chain project to the center of the purpose, but later more or less introduces the center component, otherwise it can not fall. For example, block chain information to block chain, often need a trusted center, completely to the center is not possible.

The three is the block chain investment bubble obviously, speculation, market manipulation or even illegal behavior such as general, in particular relates to public offerings of Token project. The relevant government departments should strengthen supervision and prevent financial risks.

Now with the development of digital currency market remains in the doldrums, ordinary investors, the project side, the capital market and the whole industry chain for each node of the blockchain attitude from the flock to calm change, especially before have been global regulators have issued a wait-and-see posture frequently sound, on the future trend, objectively speaking, most of the focus is that how to regulate the policy transmission mechanism between money and legal tender and clear digital digital currency.

From the national regulatory signals more positive attitude, after all, the supervision is not “broad brush”, not to limit its development, but there will be all kinds of capital harvest green vegetables to reach the legal edge, into the range of controllable risk, into the scope of the jurisdiction of the government. After all, when the new system to be free, the old system must not let the interest, both can promote each other. Now the block chain like the early days of the Internet, is also a symbol of deviant, but is free of the vane, but after the Internet into the regulation, this ten years still radiate dazzling vitality, still with firm steps to change the world. Push the documents on capital chain block

The express and implied risk certain ambiguous attitude from a technical point of view, is enough to make the whole industry chain block is exciting.

Legal tender is a symbol of national credit, digital currency to establish effective monetary system, must also clear the monetary policy transmission mechanism between the two, the central bank, once the issue of digital currency, the most basic is the legal association conduction digital currency anchor M0 total assets (about 5 to 7 trillion, and the total Co.). In addition, monetary policy transmission to currency as a benchmark, dealing with the relationship between the same steady growth and anti risk, internal and external balance, the macro and micro credit, must also define a public offering of Token and non accurate boundaries of public offering of Token, under the premise of ensuring the common interests of investors, to fill in the project the reasonable financing needs, revitalize the stock funds.

This is the first time the people’s Bank of Chinese mentioned in the block chain, from the central bank perspective, research on digital assets and the blockchain, is very deep, but also objectively affirmed the application block chain technology. At the beginning of last year, the central bank set up of digital currency to intensify the research on block chain technology, after Chinese in 13th Five-Year planning, but also has the “block chain” written in the next five years to focus on the development of the science and technology project and overcome.

In the eyes of most people, Chinese central bank is still a fairly conservative institution, the work style also maintained a cautious and objective attitude. But I believe that any understanding of the financial system and the people will know that in fact Chinese in the innovation of financial openness and tolerance is far more than all the world’s major countries. After a few years of long-term concern and thinking, the central bank has undergone tremendous changes in the digital currency, have realized how to encrypt digital assets that are used by the country, how to become a historic, remaking the world economy, the importance of a series of problems and reconstruct the global pattern of the interests of the tools, we believe this has become the central bank at the level of great importance to the future for a long period of field.

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