Feasibility Analysis On The Comprehensive Promotion Of Central Bank Digital Currency In China Based On Pilot Experience In Many Places

Digital economy is a new economic form following agricultural economy and industrial economy.With unprecedented speed,wide range and deep influence,digital economy is promoting profound changes in mode of production,way of life and management,and playing an important role in the reconstruction of global factor resources and global economic structure.Driven by digital economy,digital currency has gradually become a hot issue in academic research.The issuance and circulation of digital RMB by central Bank has become a wave that cannot be ignored in the context of digital economy.Meanwhile,the People’s Bank of China has been paying close attention to the impact of the digital yuan on the monetary system,monetary policy and financial stability.With the development of digital economy,the development wave of many cryptocurrencies is triggered by the payment.In this context,the development of central banks’ currencies has become imminent,but at the same time,they are facing huge obstacles.It brings different challenges to the currency and monetary policies of Central banks in China and other countries.The transaction efficiency of digital currency is much higher than that of mobile payment because it does not need the characteristics of network media.Therefore,the rise of digital currency of central banks is bound to be in the leading direction of a new round of monetary revolution.In the short term,the government should continue to strengthen the input of digital RMB,so that the design scheme of digital RMB is gradually improved;In the medium term,it is necessary to increase the promotion of digital RMB nationwide and build a "double cycle" operation mechanism between digital RMB and traditional RMB.In the long run,the internationalization of the digital RMB should be promoted and the construction of a global digital currency system beyond sovereignty should be promoted.This study mainly focuses on analyzing the mid-term goal of promoting the feasibility of digital people nationwide and putting forward policy suggestions for the following promotion work,in order to bring help to the government work.Since 2014,the People’s Bank of China has set up a special research group to conduct in-depth discussion and research on e-CNY issuance and business operation framework,related technologies and legal issues.The Digital Currency Research Institute of the People’s Bank of China(PBOC)applied for digital currency patents in early 2016 and named the RESEARCH and development and pilot project of digital RMB DC/EP in 2018.In November2019,China announced the completion of the digital currency design of the Central Bank.At the end of 2019,China launched 4+1 pilot areas,including Chengdu,Suzhou,Shenzhen and Beijing Winter Olympics scenes,and added pilot areas in Qingdao,Changsha,Hainan and Dalian at the end of 2020.In the past seven years,the CENTRAL Bank has basically completed top-level design,standard formulation,functional research and development,and joint debugging.By January 2022,trials of the digital RMB had gradually increased,basically covering the Yangtze River Delta,Pearl River Delta,Beijing-Tianjin-Hebei,central,western,northeastern and northwestern regions.Suzhou city as the first batch of digital renminbi pilot areas,so far has gone through more than two years of grinding,the science and technology,financial,digital good economic foundation,is in a leading position in digital currency application promotion,is the national standard,so choose it as the questionnaire issued to digital widely promoted the feasibility analysis of the value.The research ideas of this thesis are as follows.First,this thesis introduces the background,significance,research methods and ideas of the research on digital currency of central Bank.Secondly,it introduces the development and application of central bank digital currency,including concept and classification,relationship with mobile electronic payment,motivation for countries to implement central bank digital currency,and advantages of central bank digital currency.Then on the basis of above of shenzhen,suzhou,chengdu,Beijing winter scenes such as central Banks digital currency results and deficiencies to carry out the detailed analysis,including technology and actual effect analysis,the pilot to the financial system,payments,evaluate and analyze the effect of monetary policy,law and policy,the promotion of analysis,the comprehensive summary on the pilot experience.Then the central bank of Suzhou digital currency users questionnaire survey and results analysis.By analyzing the advantages of the large-scale promotion of digital currency by the central bank in China,the advantages of China’s consumer market,the position of the central bank in the national financial system,and the scope and depth of the pilot areas.Finally,the feasibility of accelerating the realization of a wide range of digital currency of the central bank is analyzed and further suggestions are given.Draw lessons from the advanced experience of the pilot regions,actively expand the application scenarios,strengthen the coordination of central and local policies,accelerate the construction of digital standardization,and provide policy suggestions for the large-scale promotion of central bank digital currency across the country.