1 thought on “US media alert: Digital RMB, may shake the pillar of American forces”
Mack
"Digital RMB may shake the pillar of US forces." The Wall Street Journal launched a long report on April 5 to introduce Chinese digital RMB. Although the report will inevitably "monitor" in China to "monitor" and "invade privacy" by digital renminbi, it also evaluates that this measure in China may shake the "hegemon" status of the global financial system in the US dollar. Sanctions performed by weapons ". In fact, even the US Finance Minister Yellen and Fed Chairman Powell said that they are seriously studying China's digital RMB and the feasibility of digitalization of the US dollar. But in this huge market, US media believe that China has "one step first." "Wall Street Journal": China has created its own digital currency, which is the first time in the world's major economies. Earlier, when the money refers to the coin, China invented banknotes. Now, the Chinese government manufactures cash digitally, and this re -imagination for currency may shake the pillar of American power. " " The Wall Street Journal 》 The opening chapter describes China's digital RMB. According to the report, since World War II, the US dollar has been the "overlord" of the global financial system, but China is trying more forms including currency digitalization, and "one step" in these future technology. D digital RMB data diagram Surging image The report explained that although the current American Apple Pay (Apple Pay) and China's WeChat payment have made transactions virtualized, these are only electronic transfer methods. And China's digital RMB actually turns legal currency into a computer code, which is the biggest difference. Is when talking about my country's legal digital currency, the President of the People's Bank of China Yi Gang once introduced that the central bank combined digital currency and electronic payment instruments to launch a package plan with the goal to replace part of the cash. In other words, my country's legal digital currency is the digital replacement of paper money, which is "digitalization of RMB." In data from international settlement banks, in international foreign exchange transactions, the proportion of US dollars far exceeds all other currencies, accounting for about 88%, and RMB only accounts for 4%. However, the analysts and economists quoted by the Wall Street Journal said that digitalization itself will not make the renminbi a competitors of the dollar in international banks, but in this new form of currency, the renminbi may be on the edge of the international financial system. "popular". Igly, one of them is to deal with international sanctions applied by the United States with the help of the US dollar. The report explained that when more than 2,100 banks around the world develop business, the US dollar needs to be used, and the United States has always actively asked to understand the trend of major cross -border currencies. This can allow the United States to freeze these entities outside the global financial system by prohibiting banks from trading with individuals and institutions. The outside world has also criticized this approach to "US dollar weapon". In fact, the US Department of Finance has a so -called sanctioned individual and company database, which involves almost every country on the planet. For a long time, the United States has imposed sanctions on Iran and North Korea, so that the economy of these two countries has "difficulty". After the turmoil in Myanmar in February this year, the United States also used sanctions to prevent the financial assets of Burmese senior officers flowing through banks. At present, major banks in the world have "Swift Code". During the user's telegram, the remittance bank will send the payment telegram according to the bank's international code of the receipt bank, and the payment can be remitted to the receipt bank. The reports that the information network used for transfer between commercial banks can be monitored by the US government, but if you use digital RMB, you do not need to use banking international code. In addition, the Wall Street Journal also noticed a series of actions in digital RMB recently. For example, on February 24th, the Bank of China announced that the People's Bank of China Digital Currency Research Institute and the Hong Kong Financial Administration, the Central Bank of Thailand, and the United Arab Emirates National Central Bank announced the joint launch of the multilateral central bank digital currency bridge research project (M-CBDC Bridge), It aims to explore the application of central bank digital currencies in cross -border payment. The project was supported by the Hong Kong Innovation Center of the International Clearance Bank. The Wall Street Journal speculated that China is positioning digital RMB as international use and designed it as the restraint of the global financial system. It will provide international transfer options for people in poor countries, and even limited international use may reduce the impact of US sanctions. "Digital currency may reshape the fundamentals of the financial industry, just like Amazon subverts the retail industry and Uber subverts the taxi industry." Making some bad policies The reports of the Wall Street Journal also mentioned the application scenarios of some digital RMB in China. In recent months of testing, more than 100,000 people in China have downloaded a mobile phone application launched by the central bank. Users can be a small digital cash issued by the consumer government in merchants including Starbucks and McDonald's. On February 24th, Chengdu Digital RMB Consumption Red Packet Testing activity launched a surging image . A Beijing woman told the Wall Street Journal that the digital RMB is "very good". The scanner can pay for the daughter's birthday photo. The "Wall Street Journal" commented that digital currency "looks like a potential tool for the government to realize macroeconomics", tracking people's expenditure in real time, speeding up the speed of disaster relief, or marking criminal activities. However, this media has no base that the Chinese government will "get huge new power" and provide "a new tool for national monitoring." The report also mentioned that Mu Changchun, director of the Digital Monetary Research Institute of the People's Bank of China, recently told the outside world that digital RMB has the characteristics of controllable anonymous anonymous and meet reasonable anonymous payment and privacy protection needs. For example, telecommunications operators have participated in the research and development of digital RMB, but according to relevant laws and regulations, telecommunications operators must not disclose user information to third parties such as central banks. Therefore, the digital RMB wallet opened with the mobile phone number is completely anonymous for central banks and various operating agencies. In fact, US financial officials and various economists have recognized the importance of digital currencies, and even raised it to the height of "national security". In recent weeks, when the digitalization of currencies such as China and other countries may have an impact on the US dollar, the US Treasury Secretary Yellen and the Federal Reserve Chairman Powell said that they are studying this issue seriously and the digitalization of the US dollar. feasibility. For example, at a recent Senate hearing, some American senators asked the feasibility of digitalization in the US dollar, and whether they could continue to help defend the "overlord" status of the United States. This, Powell replied that studying this question is a "very preferred" project. "We don't need to be the first, we need to make it last." Powell's statement, in fact, it has been unreasonable. In recent years, digital currencies have gradually become a huge market. The data quoted by the Wall Street Journal shows that more than 60 countries are at a certain stage of studying or developing digital currencies. The World Bank said that 1.7 billion people around the world do not have a bank account. For them, digital currency has the greatest potential. Sowed, Josh Lipsky, a former staff member of the International Monetary Fund, and the current Atlantic Council member Josh Lipsky commented: "Any thing that threatens the US dollar is a national security issue. In the long run, this pair of this pair The US dollar constitutes a threat. " but some other experts are a bit pessimistic. Kevin Warsh, who was currently in the Hoover Research Institute of Stanford University, believes that the pace of digital currency in China allows the United States to notice financial infrastructure that needs to modernize itself. "If we wait for 5 or 10 years, we may usher in some very bad (digital currency) policies." Since China began to conduct digital RMB tests with public participation in 2020 Enter the public vision. From 2014 to the development of research and development to the public test in 2020, digital RMB pilot cities are expanding, and more and more public is expected to experience digital RMB. Is for cross -border transactions such as the outside world, Wang Xin, director of the Central Bank Research Bureau, said at a press conference held on April 1: "The design of digital RMB in my country is mainly used for domestic retail payment However, when the conditions are mature, if the market has such demand and uses digital RMB for cross -border transactions, this can also be realized. " This is an exclusive manuscript of the Observer Network. It is not allowed to reprint without authorization.
"Digital RMB may shake the pillar of US forces." The Wall Street Journal launched a long report on April 5 to introduce Chinese digital RMB. Although the report will inevitably "monitor" in China to "monitor" and "invade privacy" by digital renminbi, it also evaluates that this measure in China may shake the "hegemon" status of the global financial system in the US dollar. Sanctions performed by weapons ".
In fact, even the US Finance Minister Yellen and Fed Chairman Powell said that they are seriously studying China's digital RMB and the feasibility of digitalization of the US dollar. But in this huge market, US media believe that China has "one step first."
"Wall Street Journal": China has created its own digital currency, which is the first time in the world's major economies. Earlier, when the money refers to the coin, China invented banknotes. Now, the Chinese government manufactures cash digitally, and this re -imagination for currency may shake the pillar of American power. "
" The Wall Street Journal 》 The opening chapter describes China's digital RMB. According to the report, since World War II, the US dollar has been the "overlord" of the global financial system, but China is trying more forms including currency digitalization, and "one step" in these future technology.
D digital RMB data diagram Surging image
The report explained that although the current American Apple Pay (Apple Pay) and China's WeChat payment have made transactions virtualized, these are only electronic transfer methods. And China's digital RMB actually turns legal currency into a computer code, which is the biggest difference.
Is when talking about my country's legal digital currency, the President of the People's Bank of China Yi Gang once introduced that the central bank combined digital currency and electronic payment instruments to launch a package plan with the goal to replace part of the cash. In other words, my country's legal digital currency is the digital replacement of paper money, which is "digitalization of RMB."
In data from international settlement banks, in international foreign exchange transactions, the proportion of US dollars far exceeds all other currencies, accounting for about 88%, and RMB only accounts for 4%. However, the analysts and economists quoted by the Wall Street Journal said that digitalization itself will not make the renminbi a competitors of the dollar in international banks, but in this new form of currency, the renminbi may be on the edge of the international financial system. "popular".
Igly, one of them is to deal with international sanctions applied by the United States with the help of the US dollar. The report explained that when more than 2,100 banks around the world develop business, the US dollar needs to be used, and the United States has always actively asked to understand the trend of major cross -border currencies.
This can allow the United States to freeze these entities outside the global financial system by prohibiting banks from trading with individuals and institutions. The outside world has also criticized this approach to "US dollar weapon".
In fact, the US Department of Finance has a so -called sanctioned individual and company database, which involves almost every country on the planet. For a long time, the United States has imposed sanctions on Iran and North Korea, so that the economy of these two countries has "difficulty". After the turmoil in Myanmar in February this year, the United States also used sanctions to prevent the financial assets of Burmese senior officers flowing through banks.
At present, major banks in the world have "Swift Code". During the user's telegram, the remittance bank will send the payment telegram according to the bank's international code of the receipt bank, and the payment can be remitted to the receipt bank.
The reports that the information network used for transfer between commercial banks can be monitored by the US government, but if you use digital RMB, you do not need to use banking international code.
In addition, the Wall Street Journal also noticed a series of actions in digital RMB recently. For example, on February 24th, the Bank of China announced that the People's Bank of China Digital Currency Research Institute and the Hong Kong Financial Administration, the Central Bank of Thailand, and the United Arab Emirates National Central Bank announced the joint launch of the multilateral central bank digital currency bridge research project (M-CBDC Bridge), It aims to explore the application of central bank digital currencies in cross -border payment. The project was supported by the Hong Kong Innovation Center of the International Clearance Bank.
The Wall Street Journal speculated that China is positioning digital RMB as international use and designed it as the restraint of the global financial system. It will provide international transfer options for people in poor countries, and even limited international use may reduce the impact of US sanctions.
"Digital currency may reshape the fundamentals of the financial industry, just like Amazon subverts the retail industry and Uber subverts the taxi industry." Making some bad policies
The reports of the Wall Street Journal also mentioned the application scenarios of some digital RMB in China. In recent months of testing, more than 100,000 people in China have downloaded a mobile phone application launched by the central bank. Users can be a small digital cash issued by the consumer government in merchants including Starbucks and McDonald's.
On February 24th, Chengdu Digital RMB Consumption Red Packet Testing activity launched a surging image
. A Beijing woman told the Wall Street Journal that the digital RMB is "very good". The scanner can pay for the daughter's birthday photo.
The "Wall Street Journal" commented that digital currency "looks like a potential tool for the government to realize macroeconomics", tracking people's expenditure in real time, speeding up the speed of disaster relief, or marking criminal activities. However, this media has no base that the Chinese government will "get huge new power" and provide "a new tool for national monitoring."
The report also mentioned that Mu Changchun, director of the Digital Monetary Research Institute of the People's Bank of China, recently told the outside world that digital RMB has the characteristics of controllable anonymous anonymous and meet reasonable anonymous payment and privacy protection needs. For example, telecommunications operators have participated in the research and development of digital RMB, but according to relevant laws and regulations, telecommunications operators must not disclose user information to third parties such as central banks. Therefore, the digital RMB wallet opened with the mobile phone number is completely anonymous for central banks and various operating agencies.
In fact, US financial officials and various economists have recognized the importance of digital currencies, and even raised it to the height of "national security".
In recent weeks, when the digitalization of currencies such as China and other countries may have an impact on the US dollar, the US Treasury Secretary Yellen and the Federal Reserve Chairman Powell said that they are studying this issue seriously and the digitalization of the US dollar. feasibility.
For example, at a recent Senate hearing, some American senators asked the feasibility of digitalization in the US dollar, and whether they could continue to help defend the "overlord" status of the United States.
This, Powell replied that studying this question is a "very preferred" project. "We don't need to be the first, we need to make it last."
Powell's statement, in fact, it has been unreasonable. In recent years, digital currencies have gradually become a huge market. The data quoted by the Wall Street Journal shows that more than 60 countries are at a certain stage of studying or developing digital currencies. The World Bank said that 1.7 billion people around the world do not have a bank account. For them, digital currency has the greatest potential.
Sowed, Josh Lipsky, a former staff member of the International Monetary Fund, and the current Atlantic Council member Josh Lipsky commented: "Any thing that threatens the US dollar is a national security issue. In the long run, this pair of this pair The US dollar constitutes a threat. "
but some other experts are a bit pessimistic. Kevin Warsh, who was currently in the Hoover Research Institute of Stanford University, believes that the pace of digital currency in China allows the United States to notice financial infrastructure that needs to modernize itself. "If we wait for 5 or 10 years, we may usher in some very bad (digital currency) policies."
Since China began to conduct digital RMB tests with public participation in 2020 Enter the public vision. From 2014 to the development of research and development to the public test in 2020, digital RMB pilot cities are expanding, and more and more public is expected to experience digital RMB.
Is for cross -border transactions such as the outside world, Wang Xin, director of the Central Bank Research Bureau, said at a press conference held on April 1: "The design of digital RMB in my country is mainly used for domestic retail payment However, when the conditions are mature, if the market has such demand and uses digital RMB for cross -border transactions, this can also be realized. "
This is an exclusive manuscript of the Observer Network. It is not allowed to reprint without authorization.