本文是《DC/EP — — 人民币国际化的又一次尝试》系列的第三篇。DC/EP意味着人民币向新形态国际货币的一大迈步。
DC/EP is a digital form of the renminbi, the paper bill issued by the People’s Bank of China. It is another exploration of the internationalization of the RMB by the Chinese government, which is committed to building a new secure, reliable and smart payment system for the world.
DC/EP是中国人民银行发行的数字人民币，纸钞的数字化形态。它是中国政府对人民币国际化的又一次探索，致力于为全球构建安全、可靠、智能的新支付系统。
What is CBDC?
什么是CBDC
CBDC, known as Center Bank Digital Currency, or Central Bank Digital currency: CBDC is a digital currency issued by the Central Bank with the following characteristics.
CBDC，全称为Center Bank Digital Currency，即中央银行数字货币。CBDC是由中央银行发行的数字货币，具备如下特征：
(i) Legal tender, which is essentially digital in nature and needs to be included in the M2 statistics.
（1） 本质上是数字化的法定货币，需要被计入M2的统计口径；
(ii) Issued by the Central Bank and also recycled and destroyed through the Central Bank.
（2） 由中央银行发行，也通过中央银行回收销毁；
Viewed in this way, CBDC is essentially the use of paper money that does not use banknotes, a type of national sovereign digital currency.
从这样来看，CBDC本质上就是使用不使用纸币的纸币，是国家主权数字货币的一种。
By using the CBDC, the central bank will have the ability to track the flow of money, ensure the legitimate use of funds, and eliminate counterfeiting and money laundering. At the same time, central banks can also use CBDC to export sovereign credit to other countries through cross-border trade settlement and promote the internationalization of the currency.
通过使用CBDC，央行将有能力追踪货币的流向，确保资金的合法用途，杜绝假钞、洗钱等行为。同时央行也可以利用CBDC通过跨境贸易结算对其他国家输出主权信用，推动货币的国际化。
At present, in the field of CBDC, only China’s DC/EP has conducted substantial application testing, while other countries’ CBDC is still in the Research or development phase. At present, major developed countries or economies of the world, including the EU, the UK, the US, Japan and Korea, are conducting research or development on CBDC. development. After analysis, the main reason for this is that the use of digital currencies makes it cheaper to issue money while better restraining the currency Criminal acts such as manufacturing counterfeit money, money laundering, etc.
目前CBDC领域，仅有中国的DC/EP进行了实质性的应用测试，其他国家的CBDC还处于研究或开发阶段。目前包括欧盟、英国、美国、日本、韩国等世界主要发达国家或经济体都在对CBDC进行研究或开发。经过分析，其主要原因在于数字货币的应用使得货币发行成本更低的同时更好了抑制了货币犯罪行为如制造假钞、洗钱等。
What is DC/EP
什么是DC/EP
DC/EP, known as Digital Currency Electrical DC/EP is issued by the People’s Bank of China and is digital fiat currency The company has adopted a centralized management system.
DC/EP，全称为Digital Currency Electrical Payment，即电子支付的数字货币。DC/EP由中国人民银行发行，是数字化的法定货币，采用中心化管理体系。
E-commerce in China has been developed from a very high level, and the penetration of electronic payments has reached a world-leading level in the current electronic Tencent, Alibaba and UnionPay have more than 85% of the market share in the payment market. However, from an application point of view, the essence of existing electronic payments is to transfer existing fiat currency in different bank accounts. It is essentially the same as a bank transfer and there is no way to trace the origin of the currency.
中国电子商务已经由很高的发展水平，电子支付的渗透率也已经达到世界领先水平，在目前的电子支付市场中腾讯、阿里巴巴以及银联占据了市场85%以上的份额。但是从应用的角度来看，现有电子支付的本质是将已有的法币在不同的银行账户中进行转账操作，与银行转账实质无异，无法对货币的来源进行追溯。
DC/EPs are issued under a two-tier structure, with the central bank first exchanging them for specific commercial banks responsible for the circulation of the currency, and then the commercial banks. It is exchanged for the end-user of the currency and put into circulation. The user can make a down payment through the digital wallet of a specific commercial bank.
DC/EP的发行采用双层结构，首先由央行兑换给负责货币流通的特定商业银行，再由商业银行兑换给最终货币使用者并投入流通市场。使用者可以通过特定商业银行的数字钱包进行首付款操作。
As a digital currency based on blockchain technology, the DC/EP will have at least the following characteristics.
作为一种基于区块链技术的数字货币，DC/EP至少会有以下特征：
(1) Transactions are anonymous and as secure as paper money transactions.
交易具有匿名性，如同纸币交易一般安全；
(2) Traceability of transactions and financial flows, which is used mainly by the central bank to enhance the security of the currency.
交易及资金流转具有可追溯性，这一可追溯性主要是由央行使用，提升货币的安全性；
(3) Transaction payments can be equipped with smart contracts to improve transaction efficiency.
交易支付可以搭载智能合约，提升交易效率；
(4) May be used as a cross-border settlement instrument.
可作为跨境结算工具；
(5) May be included in the M2 statistics.
可以被纳入M2统计口径；
(6) Lower issuance/conversion costs than traditional currencies.
比传统货币更低的发行/兑换成本。
Prospects for DC/EP applications
DC/EP的应用前景
The launch of DC/EP carries the Chinese government’s expectation for the internationalization of the RMB, and the attributes of digital currencies make DC/EP a wide application prospect.
DC/EP的推出，承载了中国政府对人民币国际化的期待，数字货币的属性也使DC/EP有广泛的应用前景。
(1) Promoting the internationalization of the RMB、
推动人民币国际化
Due to the traditional geopolitical factors, the internationalization of the RMB has been difficult, and the Chinese RMB has not been able to achieve its proper status in the international arena.
由于传统地缘政治因素，人民币的国际化一直难度重重，中国的人民币一直未能达到其在国际中应有的地位，DC/EP由于其颠覆传统的结算及收付机制，给了人民币再一次推动国际化的机会。
(2) Loading of smart contracts improves the efficiency of economic transactions
智能合约的加载提升了经济交易的效率
Traditional transactions require the disbursement of funds on a contractual basis, and the disbursement of funds often needs to be done manually one at a time and according to the progress of the contract. The comparison is resource-intensive. If a smart contract is loaded at the time of payment, the funds can be automatically paid at a specified point in time after the realization of a particular situation.
传统交易需要基于合同进行资金的支付，资金的拨付往往需要根据合同进度一次次人工操作并进行比对，需要耗费大量的资源。若是在支付时加载智能合约，则资金可以在指定的时间节点在实现某一特定情况后实现自动支付。
Another effective application scenario for smart contracts is in micropayments. Currently, micro-payments do not provide a valid record of transactions to track transactions, and if problems arise they cannot be properly traced back to past transactions. transactions. The introduction of smart contracts provides an effective solution to this scenario by effectively tracking information, setting up reasonable payment conditions, leading to the identification of small transactions and the documentation of evidence of potential conflicts.
智能合约的另一个有效应用场景在于小额支付。目前小额支付无法提供有效交易记录对交易行为进行追踪，如若产生问题无法很好地追溯过去的交易。智能合约的引入为这一场景提供了有效的解决方案，通过有效对信息进行追踪，设定合理的支付条件，进而实现小额交易的确认以及潜在冲突的证据记录。
(3) Significant reduction in currency crimes
货币犯罪大量减少
DC/EP based on blockchain technology perfectly integrates the advantages of traceability of blockchain digital currency transactions. On top of this, central banks can easily trace the recipient and the payer of each digital currency and the substance of the corresponding transaction, which is also It makes traditional currency crimes such as money laundering invisible.
基于区块链技术的DC/EP完好地集成了区块链数字货币交易可追溯的优点。在这一基础之上，央行可以很轻松地追踪到每一笔数字货币的收付双方以及相应的交易实质，这也使得洗钱等传统货币犯罪无所遁形。
Also considering that digital currencies themselves can only be issued by banks and are not circulated in the market in the form of paper money, etc., this means that for DC The counterfeiting of /EP can only be cloned or stolen by IT means. Due to the ability of central banks to track digital currencies, it is also almost impossible to hide.
同时考虑到数字货币本身只能通过银行发行，没有纸币等形式在市面上进行流通，这表示对于DC/EP的造假只能通过IT手段进行克隆或盗窃。由于央行对于数字货币的追踪能力，这一手段也几乎无法匿踪。
Therefore, with the introduction of DC/EP, there will be a significant reduction in currency crime because there will be nowhere to hide.
因此，随着DC/EP的推行，货币犯罪将因无处可匿而大量减少。
