Regarding DCEP and blockchain, what was said at the 12th Lujiazui Forum?
"Lujiazui Forum" is a professional forum in the financial field, dedicated to strengthening the two-way integration of China and the world's financial system, deepening China's financial reform, promoting the construction of Shanghai as an international financial center, and enhancing China's position in the international financial market. The forum is one of the few most influential economic and financial forums in the world. On June 18 this year, the 12th Lujiazui Forum was grandly held at Pudong Shangri-La Hotel, Shanghai, with the theme of "Shanghai International Financial Center 2020: New Starting Point, New Mission, New Vision". Let’s take a look at 52cbdc, what speeches related to DCEP and blockchain were mentioned in this year’s Lujiazui forum~
Li Wei, director of the Science and Technology Department of the People's Bank of ChinaInterpretation:
Interpretation:What is fintech? It refers to the use of various technological means to innovate products and services provided by the traditional financial industry, improve efficiency and effectively reduce operating costs. According to the definition of the Financial Stability Board (FSB), financial technology mainly refers to emerging business models driven by emerging cutting-edge technologies such as big data, blockchain, cloud computing, and artificial intelligence, which have a significant impact on the financial market and financial service business supply. , new technology applications, new product services, etc. It mainly includes four core parts of big data finance, artificial intelligence finance, blockchain finance and quantitative finance.
With the continuous integration and development of technology and finance, some contradictions and problems have gradually emerged. Due to the rapid development of technology, but the supervision has not been in place in time, this has left opportunities for criminals to take advantage of, resulting in frequent fraud cases such as "P2P thunderstorms" and virtual currency. The criminals misappropriated money in the name of finance and technology, and then ran away with the money, which caused serious property losses to investors. Moreover, because the investigation process of such cases is very complicated and difficult, investors often complain about being cheated of their money. There is no way, and the investment amount is difficult to recover. At this time, the issue of fintech regulation is urgently put on the agenda.
Why is it necessary to use blockchain and other technologies to carry out financial technology supervision. We have mentioned this many times. On the one hand, the immutable characteristics of blockchain technology can ensure that each transaction record is clearly presented in front of our eyes. The establishment of such an investment and financing platform can not only create an investment and financing platform. The mutual trust between the investee and the financing party enables truly excellent projects to receive financial support, and allows investors to easily find out the dynamics of each of their own funds and mutual assistance. On the other hand, the traceability of blockchain technology can help regulators simplify the regulatory process and improve regulatory efficiency. At the same time, the security and anonymity of this technology can ensure that platform user data will not be leaked and violated at will. These aspects are of great significance for promoting faster, better and safer development and transformation of financial technology.
Zhu Min, Dean of National Institute of Financial Research, Tsinghua UniversityInterpretation:
Interpretation:my country's DCEP research and development process has been going on for 6 years. It is issued by the People's Bank of China and is a legal digital currency with national credit endorsement and legal solvency. In fact, it is the electronic form of paper RMB. As an electronic RMB, what is the significance of DCEP? On the one hand, it can avoid the disadvantages of banknotes and coins in terms of high printing and distribution costs, inconvenient carrying, easy anonymity, forgery, and the risk of being used for money laundering and terrorist financing; on the one hand, DCEP can realize currency creation, bookkeeping, and circulation The real-time collection of such data can provide useful reference for the launch of currency and the formulation and implementation of monetary policy; on the other hand, DCEP can greatly reduce the dependence of transaction links on accounts, which is conducive to the circulation and internationalization of RMB.
The "One Belt, One Road" is an important strategy for my country's opening up and "going out". The "Belt and Road" includes the land Silk Road connecting Eurasia and the Maritime Silk Road connecting ASEAN, South Asia, West Asia, North Africa, Europe and other major economic plates. We have analyzed DCEP and the "Belt and Road" in our previous articles. The "Belt and Road" covers a very wide range of trade routes, so there are frequent and huge trade routes in economic exchanges, cross-border settlement, investment financing, and financial trade. funds interaction process. In view of the low efficiency and high risk of traditional financial institutions in cross-border clearing and settlement, DCEP can realize point-to-point direct settlement, and the entire payment process, information flow and capital flow are integrated, which can effectively improve settlement efficiency and reduce clearing business risk, and can save the complicated operation and cost investment of quota management.
In this way, if my country can become the first country to issue a central bank digital currency, and put DCEP into the trade and economic transactions of countries along the "Belt and Road", as a country with a very large economy , which will greatly improve the status and influence of the RMB in the international arena for the advantages of DCEP in the process of cross-border transactions and transfer remittances such as fast speed, high efficiency, convenient use, and low cost. The road will be very favorable.
Liu Guiping, President of China Construction Bankinterpret
interpret: Asset management business refers to the behavior of an asset manager operating client assets, providing clients with securities, funds and other financial products, and charging fees in accordance with the methods, conditions, requirements and restrictions agreed in the asset management contract. Generally, companies that can engage in asset management business include securities companies, fund companies, trust companies, asset management companies, and third-party wealth management companies.
However, these wealth management platforms often have a high threshold, which will keep ordinary people out. With the continuous integration and popularization of technology and finance, ordinary people not only have the foundation to touch the wealth management platform, but also have more investment Financial management options, banks and investment and financial management platforms are no longer the only choice for people. The emergence of applications such as Yu'ebao and Lingqiantong has absorbed a large number of idle funds of consumers and has become a very considerable amount of funds, which has also attracted the attention of many investment and wealth management platforms. Eyes are gathering and competition is intensifying. If you want to become a financial tool that can attract users among thousands of platforms, these platforms need to be attractive and competitive in terms of marketing, service, financial planning, and reputation. In this process, it is also because of the fraudulent behavior of some investment and wealth management platforms that the supervision of these platforms has become a very important task.
Traditional financial institutions and platforms have a relatively high degree of centralization. Except for platforms such as banks, insurance companies, and large enterprises that have high credibility and credit endorsements, it is difficult and costly for ordinary platforms to gain user trust. The blockchain architecture based on different institutions can solve the problem of data normative circulation. For credit scenarios involving multi-party interactions such as financial platforms, blockchain technology can fundamentally guarantee the reliability and immutability of on-chain data. For the data to be monitored, the relevant smart contracts can be automatically executed, which has obvious advantages in risk control during and after the event, and can effectively reduce credit costs. This has positive significance for the screening of high-quality platforms, diverse choices of users, and management of regulatory agencies. The further integration and development of finance and technology is also very important for promoting economic transformation and the healthy development of the national economy.
June 18,Yi GangInterpretation:
Interpretation:As the center of my country's international economy, finance, trade, shipping, and technological innovation, Shanghai will move towards the goal of an international financial center in the next step. An international financial center refers to the gathering of a large number of financial institutions and related service industries to carry out international capital lending comprehensively and intensively. , bond issuance, foreign exchange transactions, insurance and other financial services cities or regions. It is a city that can provide the most convenient international financing services, the most effective international payment and settlement system, and the most active international financial transaction venue.
Yi Gang mentioned that the construction of an international financial center in Shanghai can be further pioneered in terms of RMB convertibility and capital account convertibility. As long as it meets the regulatory requirements for anti-money laundering, anti-terrorist financing and anti-tax avoidance, funds required for normal trade and investment can flow in and out freely. . With the further acceleration of the research and development process of the central bank's digital currency DCEP, in the process of building Shanghai, an international financial center, if it can be put into pilot use, on the one hand, it will be even more powerful for promoting the internationalization of the RMB. On the other hand, DCEP As the central bank's digital currency, its architecture system must have a currency issuance, circulation, and use system design that meets the regulatory requirements of anti-money laundering, anti-terrorism financing, and anti-tax avoidance. As analyzed in our previous article, with a free and loose financial environment, and with the addition of a "fertilizer" such as DCEP, the internationalization of the RMB will eventually accelerate, and Shanghai will also be farther away from its goal of building an international financial center. One step closer.
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