At present, the country has reached the second large-scale pilot city, with a total amount of 30 million yuan issued, and a total of 150,000 citizens have won the lottery. It seems that it is very close to our daily life, but the real thing about CBDC is from From a global perspective, this issue cannot be viewed from a domestic perspective alone, because the blockchain itself is a technology that can be used globally.
According to statistics, 42 central banks around the world plan to release CBDCs, and 46 central banks plan to create CBDCs, with a huge R&D weight.
First, let’s look at the motivation for developing CBDC. As early as 2014, some countries have begun to pay attention to the sharp rise of Bitcoin, and the blockchain technology behind it has also begun to be unearthed. However, many countries did not rush to start at that time, but they also found that the emergence of Bitcoin has an impact on taxation. Here comes a big challenge.
Each of us will deduct personal income tax when the salary exceeds the threshold; each company also needs to pay value-added tax, corporate income tax, additional taxes, etc.; third-party payment software similar to WeChat and Alipay is also controlled by the company. The tax issue used between payments has also been resolved.
However, there are thousands of Bitcoin controllers, and the span is global, and the tax system of each country is different. This has become an incentive for countries to develop CBDC (central bank digital currency), even if many countries are It only started in the past two years, but tax is still the main reason why the country wants to develop CBDC.
Let’s look at what is the fuse that caused Bitcoin to explode on a global scale? It is “Silk Road”, an online website that can use Bitcoin to trade illegal drugs and illegal information.
There are also the frequent occurrences of capital runaways. After obtaining digital currency assets, one after another bad project parties under the banner of blockchain can use OTC to quickly realize the money, but in the end the victim’s money cannot be found.
There are also many types of digital currencies on the market. Air coins and altcoins flood the market. The behavior of “cutting leeks” is becoming more and more intense. The high operating threshold accompanied by Xiaobai’s blind entry has gradually reduced people’s acceptability.
These three are the reasons that I think have led to the development of digital currency in terms of supervision. These events have led the country to establish relevant laws and further promoted the determination of countries in the development of CBDC. It is believed that the relevant bills of CBDC will be introduced along with the official release, and will unify the countries. Just like a federation, there will be a parallel situation of big and small policies in order to achieve the implementation of supervision by CBDC.
The dramatic fluctuations in the prices of digital currencies such as Bitcoin and Ethereum are also one of the reasons for the promotion of CBDC. The closest thing is the “3.12” plunge and the recent sustained rise. The number of holders and market shares of these two digital currencies can be said to occupy the mainstream of the current market, and each time a sharp rise or plunge will cause a large amount of money. Liquidation.
The prices of mainstream international currencies such as the renminbi, the U.S. dollar, the euro, the franc, the pound sterling, and the yen are affected by the exchange rate, while the price of digital currencies is not controlled. People holding them in the context of continuous increases are vulnerable to damage to funds due to callbacks. This is also the main reason why it cannot be applied to daily life.
On the other hand, the stable currency market most similar to CBDC is not necessarily a good thing. It is not necessarily a good thing to continue to issue additional stable currencies in parallel. If a stable currency is thundered, the security of property and the exchange between the two currencies will become a problem. A double-edged sword.
Currency circulation is to allow people to “exchange money for things”. Although Bitcoin has been born for 12 years, it has always been regarded as a product of investment and financial management. With the increasing amount of funds invested, the issuance of CBDC is imminent. It needs to allow people to use the convenience brought by blockchain technology normally, rather than simply using it as a speculative tool.
In addition to the above-mentioned taxation, supervision, price fluctuations and other factors, CBDC issuance has many advantages such as greatly preventing the appearance of counterfeit banknotes, unable to pay when the network environment is poor, and high cross-border trade costs.
Nowadays, the progress of digital currency research and development in different countries is different. China has been in the forefront of the world, and other countries have also accelerated the progress of research and development, laying a good foundation for the arrival of the digital age.
It is believed that in the near future, the synonym of CBDC will be weakened and become a tool that people use daily, which is convenient for payment and applicable to the world.
