Opinions of the CPC Central Committee and the State Council: Why Support Shenzhen to Develop Digital Money Research

2019-09-21 13:46:59 618

Opinions of the CPC Central Committee and the State Council: Why Support Shenzhen to Develop Digital Money Research

At the beginning of the year, the leaders predicted that the government would promulgate documents to encourage and support the industry of block chains by October. At that time, I was still doubtful.

On August 18, the Central Committee of the Communist Party of China and the State Council issued opinions on supporting Shenzhen to build a pilot demonstration zone of socialism with Chinese characteristics.

The proposal will lead Shenzhen and even the whole country into a new era of digital currency, and the block chain will become the next outlet. If you are interested in developing block chains, please contact Bingde block chains. Why don't you take advantage of the wind and roll up to 90,000 li?

Opinions pointed out that support in Shenzhen to carry out digital currency research and mobile payment and other innovative applications. Promote interconnection with Hong Kong and Macao financial markets and mutual recognition of financial (fund) products. We should first try to promote the internationalization of RMB and explore innovative cross-border financial supervision.

As soon as the news came out, it quickly aroused wide discussion.

Referring to the speech made by Mu Changchun, deputy director of the payment and Settlement Department of the people's Bank of China on August 10 at the Yichun forum of 40 people in China's finance, combined with the "first try to promote the internationalization of RMB", we can infer that the "digital currency" in the above opinions is likely to refer to the central bank's digital currency DC / EP (DC, digital cur Rency, or digital currency; EP, electronic Payment, or electronic payment).

As a pioneer city of China's reform and opening up, Shenzhen has undertaken the mission of exploring ahead for reform and opening up since the establishment of special economic zones, and is famous for its wisdom of "crossing the river by touching the stones" and courage of "killing a blood road". This wisdom and courage are also reflected in the exploration of digital money.


Li Keqiang, Premier of the State Council of China

Experimental aspects

In recent years, Shenzhen has taken many actions in the area of block chain and digital currency, and block chain electronic invoice is one of the most well-known projects.

On August 10, last year, Shenzhen International Trade Rotary Restaurant issued the first block chain electronic invoice in China. The invoice password area is displayed by hash value, which is led by Shenzhen Taxation Bureau and approved by the State Administration of Taxation. Up to the beginning of August this year, nearly 6 million electronic invoices have been issued in Shenzhen block chain, totaling 3.9 billion yuan, covering more than 113 industries.

Policy aspect

In November 2016, the Financial Development Service Office of Shenzhen People's Government issued the 13th Five-Year Plan for the Development of Shenzhen's Financial Industry. The document pointed out that "financial institutions should be supported to strengthen the research and exploration of emerging technologies such as block chains and digital money."

In May 2017, the Shenzhen Economic Trade and Informatization Commission issued the Guidelines for the Declaration of the 2017 Support Plan for Major Science and Technology Industries in Shenzhen. The document pointed out that "we will focus on supporting the development and industrialization of block chain products, quantitative financial platforms and systems, Internet financial service platforms and financial risk management systems."

In October 2017, the Shenzhen Municipal Government issued "Several Measures to Support the Development of Financial Industry in Shenzhen". The document pointed out that "Fintech special awards should be established, focusing on awarding outstanding projects in the areas of block chains, digital currency and financial big data application. The annual award limit should be controlled within 6 million yuan."

In March 2018, the Shenzhen Economic and Trade Commission and the Information Technology Committee issued the document "Notice of the Municipal Economic and Trade Information Commission on Organizing and Implementing the Second Batch of Support Plans of the New Generation Information Technology Information Security Special Project for Warfare Emerging Industries in Shenzhen in 2018". The document points out that around the new application environments such as big data, cloud computing, mobile internet, Internet of things, block chains and so on, key core technologies will be promoted to achieve major breakthroughs and demonstration applications that can be controlled independently. The maximum subsidy for the project is 2 million yuan.

Organizational aspects

In December 2016, at the first FinTech Summit in Shenzhen, China, Shenzhen announced the establishment of the first Fintech Digital Monetary Union and Research Institute in China. Following the announcement of the establishment of the Digital Monetary Research Institute by the Central Bank, the first local city in China launched a financial technology alliance and Research Institute from the strategic height of national financial innovation and opening up, and promoting the internationalization of RMB.

He Xiaojun, then director of Shenzhen Finance Office, said at the meeting.

Shenzhen will give full play to the basic advantages of Finance and science and technology industries, explore the establishment of digital currency research awards, create special financial science and technology awards under the framework of the Municipal Financial Innovation Award, and focus on Rewarding outstanding teams and projects in the fields of digital currency, block chain, financial big data application, etc.

Strive for a strategic digital currency platform to settle down. The Municipal Finance Office will speed up the landing of RMB digital currency operating entities in accordance with the municipal government's deployment.

Intellectual support for research and development and promotion of digital currency should be strengthened. Colleges and universities are encouraged to set up specialized courses in financial science and technology such as digital currency and block chain to train digital currency professionals; scientific research institutes and financial institutions are encouraged to increase the research and development and application of digital currency and accumulate market experience such as digital currency and block chain technology.

In June 2018, Shenzhen Financial Technology Co., Ltd., which is 100% controlled by the Digital Monetary Research Institute of the People's Bank of China, was established in Shenzhen. People close to the project said that the company participated in the development of trade and financial block chains and other projects. Tian Eye Check shows that the company was founded on June 15, this year, with a registered capital of 2 million yuan. Business scope includes: financial science and technology related technology development, technical consultation, technology transfer, technical services; financial science and technology related system construction and operation maintenance.

Application aspect

In April 2018, the project "Application Research of Digital Money Prototype" initiated by the Preparatory Group of the Financial Science and Technology Research Institute of the People's Bank of China won the first prize of Shenzhen Special Award for Supporting Financial Development.

In September 2018, the "Bay Area Trade and Finance Block Chain Platform" was put into trial operation in Shenzhen. The platform is committed to building an open financial and trade ecology based on Guangdong, Hong Kong, Macao and the Great Bay Area, facing the whole country and radiating the whole world. Under the joint promotion, coordination and organization of the Digital Monetary Research Institute of the People's Bank of China and the Shenzhen Central Branch of the People's Bank of China, Shenzhen Institute of Financial Science and Technology has joined the Bank of China, Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank and BYD for nearly two months. Closed development, the successful realization of the Gulf Trade and Finance Block Chain Platform Project Phase I target.

Shenzhen is the youngest big city in China. Its multi-inclusive culture has created Shenzhen people's quality of innovation and daring to be the first in the world, as well as Shenzhen's mature financial, scientific and Technological Ecology and developed economic and financial environment. With the support of powerful policies, Shenzhen has the ability to carry out the reform and innovation mission entrusted by the state, and explores how to carry out the reform and innovation mission. The new path of the development of digital currency.

Guo Yuhang, chairman of Star Joint Venture and director of China Block Chain Applied Research Center, told reporters in an interview with Babbitt that the CPC Central Committee and the State Council supported the development of digital currency research in Shenzhen for both external and internal reasons.

The external cause is the Libra project launched by Facebook. Within less than 10 days after the launch of the Libra project, the central bank held internal seminars with four major banks, Tencent, Ali and so on. In addition, the central bank's statement was also seen at the Yichun Forum.

Despite Shanghai's position as an international financial center, the lack of conservatism in large Internet companies and financial innovation (the central bank tried to pilot block-chain-based supply chain finance in Shanghai, but ultimately failed), made Shanghai miss out on digital currency.

Article 8 of the opinion states, "Shenzhen shall be allowed to make flexible provisions on laws, administrative regulations and local regulations in accordance with its authorization, based on the needs of reform and innovation practice." He likens it to the "Shangfang sword" of digital currency innovation, because only when the law is fully authorized, can digital currency really land in Shenzhen.