The central bank explores digital currency to reduce the high cost of issuing and circulating paper money.

China People's Bank digital currency Seminar was held in Beijing on 20th. The meeting held that under the current new normal of China's economy, it is of positive practical significance and far-reaching historical significance for the central bank to explore the issuance of digital currency.

Issuing digital currency can reduce the high cost of issuing and circulating traditional paper money, improve the convenience and transparency of economic transactions, reduce money laundering, tax evasion and other illegal and criminal acts, enhance the control of the central bank on money supply and circulation, better support economic and social development, and help inclusive finance fully realize.

In the future, the establishment of digital currency's issuance and circulation system will also help China to build a brand-new financial infrastructure, further improve China's payment system, improve the efficiency of payment and settlement, and promote economic upgrading and efficiency upgrading.

The meeting requested that the research team of the People's Bank of China in digital currency should establish a more effective organizational guarantee mechanism, further clarify the strategic goal of the central bank to issue digital currency, do a good job in technical research, study the multi-scenario application of digital currency, and strive to launch the digital currency issued by the central bank as soon as possible.

The design of digital currency should be based on the principles of economy, convenience and safety, ensure the low cost and wide coverage of digital currency application, realize the seamless connection between digital currency and other payment tools, and enhance the applicability and vitality of digital currency.

Since 20 14, the Bank of China has set up a special digital currency research team, and further enriched its strength in early 20 15, and conducted in-depth research on digital currency's issuance and business operation framework, digital currency's key technologies, digital currency's issuance and circulation environment, legal problems faced by digital currency, digital currency's influence on the economy and financial system, the relationship between legal digital currency and private digital currency issuance, and international digital currency issuance experience.