Progress of Research & Development of E-CNY in China | | 中国数字人民币的研发进展白皮书 |
| (Working Group on E-CNY Research Development of the People's Bank of China; July, 2021) | | （中国人民银行数字人民币研发工作组 2021年7月） |
| Progress of Research & Development of E-CNY in China | | 中国数字人民币的研发进展 |
| Introduction | | 引言 |
| The robust development of network technology and digital economy call for retail payment services that are more convenient, safe, inclusive and privacy-friendly. In many countries and regions, central banks or monetary authorities have kept a close eye on Fintech development and sought to digitalize fiat currency, putting theory into practice. | | 随着网络技术和数字经济蓬勃发展，社会公众对零售支付便捷性、安全性、普惠性、隐私性等方面的需求日益提高。不少国家和地区的中央银行或货币当局紧密跟踪金融科技发展成果，积极探索法定货币的数字化形态，法定数字货币正从理论走向现实。 |
| The People's Bank of China (PBOC) attaches great importance to the research and development of digital fiat currency. In 2014, it set up a task force to study digital fiat currency, and its scope of research covered the issuance framework, key technologies, issuance and circulation environment, and international experience. In 2016, the PBOC established its Digital Currency Institute, which developed the first-generation prototype of digital fiat currency. At end-2017, upon the approval of the State Council, the PBOC began to work with commercial institutions in developing and testing digital fiat currency (hereinafter referred to as e-CNY, a provisional abbreviation following international practices). So far, as the top-level design, function development, and system testing has been basically completed, the PBOC has initiated pilot programs in some representative regions, while making sure the pilots run in a steady, safe, managed, innovative and practical manner. | | 中国人民银行(以下简称人民银行)高度重视法定数字货币的研究开发。2014年，成立法定数字货币研究小组，开始对发行框架、关键技术、发行流通环境及相关国际经验等进行专项研究。2016年，成立数字货币研究所，完成法定数字货币第一代原型系统搭建。2017年末，经国务院批准，人民银行开始组织商业机构共同开展法定数字货币(以下简称数字人民币，字母缩写按照国际使用惯例暂定为“e-CNY”)研发试验。目前，研发试验已基本完成顶层设计、功能研发、系统调试等工作，正遵循稳步、安全、可控、创新、实用的原则，选择部分有代表性的地区开展试点测试。 |
| The PBOC working group on e-CNY research and development hereby releases this white paper to clarify the PBOC's position, to explain the background, objectives and visions, design framework and policy considerations for the e-CNY system, to seek public comments, as well as to deepen communication with all those concerned and join hands with them in building an open, inclusive, inter-operable and innovative currency service system for the era of digital economy. | | 为阐明人民银行在数字人民币研发上的基本立场，阐释数字人民币体系的研发背景、目标愿景、设计框架及相关政策考虑，听取社会公众对研发工作的意见和建议，加强与相关各方的沟通，共同推动建立面向数字经济时代、普遍惠及大众、通用创新开放的货币服务体系，中国人民银行数字人民币研发工作组发布本白皮书。 |
| 1. Background of research and development | | 一、研发背景 |
| 1.1 The development of digital economy calls for new retail payment infrastructures that are safe, inclusive and adaptive to the digital era. | | (一)数字经济发展需要建设适应时代要求、安全普惠的新型零售支付基础设施。 |
| Currently, as the Chinese economy is shifting from high-speed growth to high-quality development, technological innovation represented by the digital economy has become an important driver of development. With the rapid development of digital technologies such as big data, cloud computing, artificial intelligence, blockchain and the Internet of Things, the digital economy has witnessed various new models and new businesses. Covid-19 has sped up digital transformation of people's work and life, and online shopping, remote working and e-learning have become more active. The digital economy has expanded in its geographic coverage, and the less developed and remote areas have witnessed a rising demand for online financial services. | | 当前，中国经济正在由高速增长阶段转向高质量发展阶段，以数字经济为代表的科技创新成为催生发展动能的重要驱动力。随着大数据、云计算、人工智能、区块链、物联网等数字科技快速发展，数字经济新模式与新业态层出不穷。新冠肺炎疫情发生以来，网上购物、线上办公、在线教育等数字工作生活形态更加活跃，数字经济覆盖面不断拓展，欠发达地区、边远地区人民群众线上金融服务需求日益旺盛。 |
| In recent years, the rapid development of electronic payment, especially mobile payment in China has provided the public with convenient and efficient retail payment services, which boosted development of the digital economy, helped the public get used to digital payment, and created higher demand for technology and new services. Meanwhile, a safer, more inter-operable and more inclusive retail payment infrastructure which meets diversified payment needs is an important public good for higher quality growth. Such infrastructure will deliver better and more efficient basic financial services, ensure smooth domestic circulations, and support the building of a new development paradigm. | | 近年来，中国电子支付尤其是移动支付快速发展，为社会公众提供了便捷高效的零售支付服务，在助力数字经济发展的同时也培育了公众数字支付习惯，提高了公众对技术和服务创新的需求。同时，经济社会要实现高质量发展，在客观上需要更为安全、通用、普惠的新型零售支付基础设施作为公共产品，进一步满足人民群众多样化的支付需求，并以此提升基础金融服务水平与效率，促进国内大循环畅通，为构建新发展格局提供有力支撑。 |
| 1.2 The functions of cash and the environment of using cash are changing profoundly. | | (二)现金的功能和使用环境正在发生深刻变化。 |
| As the digital economy develops, the share of transactions using cash is declining in China. According to a survey conducted by the PBOC in 2019, the number and value of transactions via mobile payment accounted for 66 percent and 59 percent of the total, while those paid in cash accounted for 23 percent and 16 percent, and those paid by card 7 percent and 23 percent, respectively. Among those surveyed, 46 percent used no cash in any transaction during the survey period. It should be noted, however, from end-2016 to end-2020, cash in circulation (M0) registered RMB6.83 trillion, RMB7.06 trillion, RMB7.32 trillion, RMB7.72 trillion and RMB8.43 trillion, respectively, representing a small rise. In the areas where financial services are less available, in particular, cash usage is still quite common. Meanwhile, the cost of cash management is quite high. Every element in the cash cycle consumes much human, physical and financial resource. Such elements include banknote design, minting and printing, transportation, deposit and withdrawal, identification, processing, reflow, destruction, counterfeit prevention and etc. | | 随着数字经济发展，我国现金使用率近期呈下降趋势。据2019年人民银行开展的中国支付日记账调查显示，手机支付的交易笔数、金额占比分别为66％和59％，现金交易笔数、金额分别为23％和16％，银行卡交易笔数、金额分别为7％和23％，46％的被调查者在调查期间未发生现金交易。同时也要看到，根据2016年末至2020年末统计数据，中国流通中现金(M0)余额分别为6.83万亿元、7.06万亿元、7.32万亿元、7.72万亿元和8.43万亿元人民币，仍保持一定增长。特别是在金融服务覆盖不足的地方，公众对现金的依赖度依然较高。同时，现金管理成本较高，其设计、印制、调运、存取、鉴别、清分、回笼、销毁以及防伪反假等诸多环节耗费了大量人力、物力、财力。 |
| 1.3 Cryptocurrencies, especially global stablecoins (GSC), have developed rapidly. | | (三)加密货币特别是全球性稳定币发展迅速。 |
| Since the creation of Bitcoin, the private sector has launched a variety of so-called cryptocurrencies. According to incomplete statistics, there are over 10,000 kinds of cryptocurrencies which have gained some influence, whose total value exceeds USD1.3 trillion.1 Adopting blockchain and encryption technology, cryptocurrencies such as Bitcoin are claimed to be decentralized and entirely anonymous. However, given their lack of intrinsic value, acute price fluctuations, low trading efficiencies and huge energy consumption, they can hardly serve as currencies used in daily economic activities. In addition, cryptocurrencies are mostly speculative instruments, and therefore pose potential risks to financial security and social stability. Moreover, they have been employed as payment instruments for money-laundering and other illegal economic activities. To tackle the relatively big price fluctuation concern of cryptocurrencies, some commercial institutions launched so-called “stablecoins”, and tried to stabilize their values by pegging them to sovereign currencies or related assets. Some commercial institutions even plan to launch global stablecoins, which will bring risks and challenges to the international monetary system, payment and clearing system, monetary policies, cross-border capital flow management and etc. | | 自比特币问世以来，私营部门推出各种所谓加密货币。据不完全统计，目前有影响力的加密货币已达1万余种，总市值超1.3万亿美元1。比特币等加密货币采用区块链和加密技术，宣称“去中心化”“完全匿名”，但缺乏价值支撑、价格波动剧烈、交易效率低下、能源消耗巨大等限制导致其难以在日常经济活动中发挥货币职能。同时，加密货币多被用于投机，存在威胁金融安全和社会稳定的潜在风险，并成为洗钱等非法经济活动的支付工具。针对加密货币价格波动较大的缺陷，一些商业机构推出所谓“稳定币”，试图通过与主权货币或相关资产锚定来维持币值稳定。有的商业机构计划推出全球性稳定币，将给国际货币体系、支付清算体系、货币政策、跨境资本流动管理等带来诸多风险和挑战。 |
| 1.4 The international community pays close attention to central bank digital currency (CBDC) and is exploring CBDC options. | | (四)国际社会高度关注并开展央行数字货币研发。 |
| At the moment, many major economies are actively considering or advancing research and development of CBDC. According to the latest survey conducted by the Bank for International Settlements (BIS) on central banks in 65 countries or economies, about 86 percent have carried out researches on digital currencies. Meanwhile, the proportion of central banks that were performing experiments or developing a proof-of-concept prototype increased from 42 percent in 2019 to 60 percent in 2020. Publicly available information shows that, in recent years, central banks of the US, the UK, France, Canada, Sweden, Japan, Russia, Korea and Singapore as well as the European Central Bank have all disclosed their considerations and plans regarding CBDC in various ways. Some central banks have initiated or even completed preliminary trials. | | 当前，各主要经济体均在积极考虑或推进央行数字货币研发。国际清算银行最新调查报告显示，65个国家或经济体的中央银行中约86％已开展数字货币研究，正在进行实验或概念验证的央行从2019年的42％增加到2020年的60％。据相关公开信息，美国、英国、法国、加拿大、瑞典、日本、俄罗斯、韩国、新加坡等国央行及欧央行近年来以各种形式公布了关于央行数字货币的考虑及计划，有的已开始甚至完成了初步测试。 |
| 2. Definition, objectives and visions | | 二、定义和目标愿景 |
| 2.1 Definition of e-CNY | | (一)数字人民币的定义。 |
| E-CNY is the digital version of fiat currency issued by the PBOC and operated by authorized operators. It is a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage. It has the following connotations: | | 数字人民币是人民银行发行的数字形式的法定货币，由指定运营机构参与运营，以广义账户体系为基础，支持银行账户松耦合功能，与实物人民币等价，具有价值特征和法偿性。其主要含义是： |
| First, e-CNY is the fiat currency issued by the central bank. Firstly, e-CNY has all the basic functions of money, i.e., unit of account, medium of exchange and store of value. Same as the physical form of RMB, e-CNY is China's legal tender. Secondly, e-CNY is the digital version of China's fiat currency. Throughout history, the form of currency has evolved from objects, metal coins to banknotes. Such evolution of currency is a result of progress made in science and technology as well as evolution of economic activities. The issuance and circulation of e-CNY is identical with physical RMB, while the value of the former is transferred in a digital form. Thirdly, e-CNY is the central bank's liabilities to the public. Backed by sovereign credit, e-CNY has the status of legal tender. | | 第一，数字人民币是央行发行的法定货币。一是数字人民币具备货币的价值尺度、交易媒介、价值贮藏等基本功能，与实物人民币一样是法定货币。二是数字人民币是法定货币的数字形式。从货币发展和改革历程看，货币形态随着科技进步、经济活动发展不断演变，实物、金属铸币、纸币均是相应历史时期发展进步的产物。数字人民币发行、流通管理机制与实物人民币一致，但以数字形式实现价值转移。三是数字人民币是央行对公众的负债，以国家信用为支撑，具有法偿性。 |
| Second, e-CNY adopts a centralized management model and a two-tier operational system. The right to issue e-CNY belongs to the state. The PBOC lies at the center of the e-CNY operational system. It issues e-CNY to authorized operators which are commercial banks, and manages e-CNY through its whole life cycle. Meanwhile, it is the authorized operators and other commercial institutions that exchange and circulate e-CNY to the public. | | 第二，数字人民币采取中心化管理、双层运营。数字人民币发行权属于国家，人民银行在数字人民币运营体系中处于中心地位，负责向作为指定运营机构的商业银行发行数字人民币并进行全生命周期管理，指定运营机构及相关商业机构负责向社会公众提供数字人民币兑换和流通服务。 |
| Third, e-CNY is mainly a substitute for cash in circulation (M0), and will coexist with physical RMB. Both e-CNY and physical RMB are the PBOC's liabilities to the public, with the same legal status and economic value. The PBOC will issue e-CNY and physical RMB in parallel, and will take account of both during daily data collection, analysis and management. International experience shows that, as an economy matures, there naturally arises the need for more diversified means of payment. China is a large country with vast territory, large population, multiple ethnic groups and wide differences in regional development. In such a society, people's payment habits, age and security needs vary. Therefore, physical RMB enjoys advantages that could not be replaced by other means of payment. As long as there is demand for the physical RMB, the PBOC will neither stop supplying it, nor replace it via administrative order. | | 第三，数字人民币主要定位于现金类支付凭证(M0)，将与实物人民币长期并存。数字人民币与实物人民币都是央行对公众的负债，具有同等法律地位和经济价值。数字人民币将与实物人民币并行发行，人民银行会对二者共同统计、协同分析、统筹管理。国际经验表明，支付手段多样化是成熟经济体的基本特征和内在需要。中国作为地域广阔、人口众多、多民族融合、区域发展差异大的大国，社会环境以及居民的支付习惯、年龄结构、安全性需求等因素决定了实物人民币具有其他支付手段不可替代的优势。只要存在对实物人民币的需求，人民银行就不会停止实物人民币供应或以行政命令对其进行替换。 |
| Fourth, as retail CBDC, e-CNY mainly serves domestic retail payment demands. Categorized by user and purpose, there are two kinds of CBDC, wholesale and retail. Wholesale CBDC is mainly issued to institutions such as commercial banks and mostly serve large-value settlement. Retail CBDC is issued to the public for daily transactions. Major countries and economies vary in their priorities of developing CBDC, with some focusing on wholesale transactions and some dedicated to improving the efficiency of the retail system. E-CNY is a retail CBDC issued to the public. With a modern domestic payment system in China, the issuance of e-CNY will fully meet the public's daily payment needs, further improve the efficiency of the retail payment system and reduce the cost of retail payment. | | 第四，数字人民币是一种零售型央行数字货币，主要用于满足国内零售支付需求。央行数字货币根据用户和用途不同可分为两类，一种是批发型央行数字货币，主要面向商业银行等机构类主体发行，多用于大额结算；另一种是零售型央行数字货币，面向公众发行并用于日常交易。各主要国家或经济体研发央行数字货币的重点各有不同，有的侧重批发交易，有的侧重零售系统效能的提高。数字人民币是一种面向社会公众发行的零售型央行数字货币，其推出将立足国内支付系统的现代化，充分满足公众日常支付需要，进一步提高零售支付系统效能，降低全社会零售支付成本。 |
| Fifth, in the future digital retail payment system, e-CNY and funds in the electronic account of authorized operators are inter-operable, and both constitute cash in circulation. Commercial banks and licensed non-bank payment institutions that meet compliance requirements (including anti-money laundering and countering terrorist financing requirements) and regulatory requirements regarding risk management on a comprehensive and on-going basis may participate in the e-CNY payment system as per recognition and support of the central bank. They can also fully tap existing payment and other infrastructures while providing digital retail payment services for customers. | | 第五，在未来的数字化零售支付体系中，数字人民币和指定运营机构的电子账户资金具有通用性，共同构成现金类支付工具。商业银行和持牌非银行支付机构在全面持续遵守合规(包括反洗钱、反恐怖融资)及风险监管要求，且获央行认可支持的情况下，可以参与数字人民币支付服务体系，并充分发挥现有支付等基础设施作用，为客户提供数字化零售支付服务。 |
| 2.2 Objectives and visions | | (二)目标和愿景。 |
| The development of China's e-CNY system aims to create a new form of RMB that meets the public's demand for cash in the era of digital economy. Supported by a retail payment infrastructure that is reliable, efficient, adaptive and open, the e-CNY system will bolster China's digital economy, enhance financial inclusion, and make the monetary and payment systems more efficient. | | 中国研发数字人民币体系，旨在创建一种以满足数字经济条件下公众现金需求为目的、数字形式的新型人民币，配以支持零售支付领域可靠稳健、快速高效、持续创新、开放竞争的金融基础设施，支撑中国数字经济发展，提升普惠金融发展水平，提高货币及支付体系运行效率。 |
| The first objective is to diversify the forms of cash provided to the public by the central bank, satisfy the public's demand for digital cash and support financial inclusion. As digital technology and electronic payment develop, the use of cash in retail payments has been on a decline. However, it's the mandate of the central bank to ensure the public's direct access to cash, and make sure the unit of account is consistent in the era of digital economy by digitalizing cash. An e-CNY system will make financial services more accessible, providing fiat money for a large population in various scenarios. Those without bank accounts can enjoy basic financial services provided via e-CNY wallet, and foreign residents temporarily travelling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account. In addition, as e-CNY is settled upon payment, businesses and related parties can improve cash flow while enjoying more convenient payment services. | | 一是丰富央行向社会公众提供的现金形态，满足公众对数字形态现金的需求，助力普惠金融。随着数字技术及电子支付发展，现金在零售支付领域使用日益减少，但央行作为公共部门有义务维持公众直接获取法定货币的渠道，并通过现金的数字化来保障数字经济条件下记账单位的统一性。数字人民币体系将进一步降低公众获得金融服务的门槛，保持对广泛群体和各种场景的法定货币供应。没有银行账户的社会公众可通过数字人民币钱包享受基础金融服务，短期来华的境外居民可在不开立中国内地银行账户情况下开立数字人民币钱包，满足在华日常支付需求。数字人民币“支付即结算”特性也有利于企业及有关方面在享受支付便利的同时，提高资金周转效率。 |
| ．．．．．． | | 二是支持零售支付领域的公平、效率和安全。数字人民币将为公众提供一种新的通用支付方式，可提高支付工具多样性，有助于提升支付体系效率与安全。中国一直支持各种支付方式协调发展，数字人民币与一般电子支付工具处于不同维度，既互补也有差异。数字人民币基于M0定位，主要用于零售支付，以提升金融普惠水平为宗旨，借鉴电子支付技术和经验并对其形成有益补充。虽然支付功能相似，数字人民币和电子支付工具也存在一定差异：一是数字人民币是国家法定货币，是安全等级最高的资产。二是数字人民币具有价值特征，可在不依赖银行账户的前提下进行价值转移，并支持离线交易，具有“支付即结算”特性。三是数字人民币支持可控匿名，有利于保护个人隐私及用户信息安全。 |
| | 三是积极响应国际社会倡议，探索改善跨境支付。社会各界对数字人民币在实现跨境使用、促进人民币国际化等方面较为关注。跨境支付涉及货币主权、外汇管理政策、汇兑制度安排和监管合规要求等众多复杂问题，也是国际社会共同致力推动解决的难题。货币国际化是一个自然的市场选择过程，国际货币地位根本上由经济基本面以及货币金融市场的深度、效率、开放性等因素决定。数字人民币具备跨境使用的技术条件，但当前主要用于满足国内零售支付需要。未来，人民银行将积极响应二十国集团(G20)等国际组织关于改善跨境支付的倡议，研究央行数字货币在跨境领域的适用性。根据国内试点情况和国际社会需要，人民银行将在充分尊重双方货币主权、依法合规的前提下探索跨境支付试点，并遵循“无损”、“合规”、“互通”三项要求2与有关货币当局和央行建立法定数字货币汇兑安排及监管合作机制，坚持双层运营、风险为本的管理要求和模块化设计原则，以满足各国监管及合规要求。 |
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