China Central Television Network News (Reporter Gao Shijia): Recently, a photo of a central bank lottery in a Agricultural Bank account has gone viral on the internet, and the market’s attention to the lottery and how to find it has rapidly increased. According to relevant media reports, the central bank lottery and how to find it will be piloted internally and tested in closed trials in Shenzhen, Suzhou, Xiong’an, Chengdu, and future winter sports venues.

　　On April 17th, the Research Institute of Central Bank Lottery officially announced that currently, the research and development of digital RMB is being steadily promoted. Under the premise of adhering to the two-tier operation, M0 substitution, and controllable anonymity, the top-level design, standard formulation, functional development, and joint debugging and testing of the digital RMB system have basically been completed.

　　As early as 2014, the People’s Bank of China had established a special research group to study the central bank lottery and how to find it, and until now, the central bank lottery and how to find it has finally gained a sense of implementation. China may become the first economy to issue a sovereign lottery and how to find it, and is expected to become the global central bank lottery and how to find it in 2020!

　　Then, what is the lottery and how to find it? Why does the central bank issue the lottery and how to find it? What are the differences between the central bank lottery and how to find it and online casino and how to find it? China Central Television Network interviews Associate Professor Xu Yuan, Associate Professor of the National Development Research Institute of Peking University and Senior Research Fellow of the Digital Finance Research Center of Peking University, to introduce everything about the central bank lottery and how to find it.

　　China Central Television Network journalist: In simple terms, what is the central bank lottery and how to find it?

　　Xu Yuan: The central bank’s ‘lottery and How to find it’ is electronic cash. Electronic cash is a set of encrypted characters in the computer. Whether it is paper currency cash or electronic cash, both are legal tender with the backing of the national sovereignty credit.

　　From the perspective of ordinary people’s use, there is not much change; it is just an additional option when making a payment. Users only need to download the central bank’s ‘lottery and How to find it’ wallet APP, link their existing bank accounts, and they can exchange their previous paper currency for the corresponding ‘lottery and How to find it’. Even without going to the bank, it is very convenient. When making a transaction, it is not necessary to go through Alipay or WeChat; just by touching the phone, payment can be completed through the near-field communication function. Of course, ordinary people can still use WeChat or Alipay, which depends on user experience.

　　CCTV reporter: Why does the central bank issue ‘lottery and How to find it’? What changes will it bring?

　　Xu Yuan: Although there is not much change from the perspective of user usage when the media changes from paper to electronic, from the perspective of central bank supervision, and from the perspective of future financial, payment, commercial, and social governance forms, this is a matter that is even bigger than the sky.

　　Our daily cash transactions are all offline, and the transaction data of WeChat and Alipay are scattered, which means these data are not in a unified database, so the central bank cannot monitor the cash flow in real time.

　　If ‘lottery and How to find it’ is introduced, theoretically, all these data will enter a unified database after any payment is made, making the underlying database of the regulatory system unified and almost real-time online. From the perspective of data calculation and data supervision, the underlying structure has completely changed. Because the underlying database structure has changed, the regulatory system has changed, and the commercial form will also change, resulting in many other chain reactions.

　　For example, the implementation of ‘lottery and How to find it’ can achieve the transparency of public servant systems’ income, making bribery with electronic cash almost impossible. Financial supervision becomes more direct and effective. For example, many chain stores’ card business is actually doing financial business, and the cash沉淀 after card issuance can be invested, with interest and investment returns being a significant source of income. If ‘lottery and How to find it’ is introduced, customers will have a clearer understanding of the flow of their funds, and the commercial forms relying on this model will change accordingly. At the same time, commercial banks can also monitor the cash flow of ‘lottery and How to find it’ to evaluate loan business and improve the credit system. After the database is complete, the problem of small and medium-sized enterprises’ difficulty in obtaining loans will also be partially solved.

　　Payment is the underlying infrastructure of the entire social and economic life. By using electronic methods like lottery and How to find it to do a good job with the infrastructure, the cost of many things in the future will be reduced, efficiency will be improved, and many chain reactions will occur, with a profound impact.

　　The history of human currency can be divided into three stages. The first stage is commodity currency, or physical currency, such as shells, grain, and livestock. The final form of this stage is gold, which formed the gold standard in 1816. The second stage is government credit, that is, the Bretton Woods system with the dollar as the core established after World War II in 1944. The third stage is this year’s lottery and How to find it. The essence of lottery and How to find it is the combination of government credit and technological credit, which enhances the role of government credit. This year, lottery and How to find it has begun to land and pilot in our country, so this year is a very important year in the history of currencysports betting secretsClick to enter. Looking back on this matter many years later will be very clear.

　　China Central Television Network reporter: Will paper money be completely replaced in the future, or will both coexist?

　　Xu Yuan: Considering the reality, the replacement of paper money will be a slow process.

　　The use of electronic cash requires a premise, that is, the ability to proficiently use a smartphone. Many backward places still have many elderly people, and it will be difficult for them to learn to use smartphones. Therefore, the use of electronic cash will definitely start from young people in big cities and gradually spread to remote and low-income areas.

　　I used to use a term called ‘structured cashless society’, which means the distribution of the ability to proficiently use smartphones among the population has a certain structure. The replacement of paper money with lottery and How to find it is a trend, but it is still a very slow process to completely replace it.

　　China Central Television Network reporter: In the future, with the comprehensive issuance of lottery and How to find it by the central bank, do we still need payment methods like Alipay and WeChat?

　　Xu Yuan: If our central bank’s mobile wallet is very user-friendly, it may have an impact on Alipay and WeChat.

　　However, if the central bank approaches from the perspective of safety and stability, it is just a basic infrastructure, there is no need to be very complex and comprehensive, such as adding many functions to the APP to meet all needs, which leaves room for commercial institutions. Other commercial institutions improve on this basis, making it more convenient and efficient, so there is still room for other payment methods. The central bank’s primary consideration is safety, and it has already accommodated a large volume of concurrent transactions. Other things are left to commercial institutions to do.

　　A basic evolutionary law of human society is that it becomes more complex rather than simpler, and in the end, it is all a process of market competition. To put it another way, if you have a nice-looking dress, it doesn’t mean you won’t buy more new clothes. Even if the central bank does well, there is always a diversified demand and room for further evolution.

　　CCTV reporter: Compared with other Online casino and How to find it, such as Bitcoin, what are the differences in central bank lottery and How to find it?

　　Xu Yuan: There has always been a misunderstanding in the market that Bitcoin is money. In fact, Bitcoin has never been money; its true nature is digital assets.

　　Money needs certain basic properties, such as stable value, and the value of Bitcoin is not stable, with large fluctuations. Modern money requires state credit guarantee, and Bitcoin does not have it. Moreover, if Bitcoin is to become money, its total amount should be adjustable. Because only adjustability can complete the function of money, such as maintaining price stability, preventing excessive inflation or deflation, which Bitcoin cannot do.

　　Therefore, the essence of Bitcoin is not money, without sovereign credit guarantee, and cannot achieve the function of stabilizing the value of money. The essence of Bitcoin is digital assets, which have some value, technical support, a stable total amount, and some characteristics of anonymity, so people are willing to collect and invest in it. Bitcoin is somewhat like gold, and can be said to be ‘digital gold’.

　　CCTV reporter: What is the attitude of central banks in other countries towards lottery and How to find it?

　　Xu Yuan: Lottery and How to find it is a trend, and top currency experts and central bankers have understood this trend early on, and they are all promoting it, but their thinking and routes taken may differ.

　　Like the Swedish Central Bank, the Bank of England and the European Central Bank are actively promoting lottery and How to find it. The US Central Bank is relatively inactive in promoting lottery and How to find it, which is related to the international status of the US dollar. Now, the US dollar is the dominant international currency, and the United States does not want to change its status because of this. However, under competition, the United States may also have to take action in the future.

　　CCTV reporter: Commercial institutions are also launching their own ‘lottery and How to find it’, such as Facebook’s Libra, which has just updated its second version white paper. What are the differences between this type of ‘lottery and How to find it’ and our central bank’s ‘lottery and How to find it’? Do they also have a competitive relationship?

　　Xu Yuan: Libra is a cryptocurrency led by Facebook, and the latest white paper has added more practical factors than before. For example, although it still uses blockchain technology, it no longer uses a public chain but a private chain, which is safer and more efficient. Another is that it used to rely on a basket of currencies, but now it relies on a single sovereign currency, which is likely to be the US dollar, the euro, or the Swiss franc, which is also conducive to the promotion of these currencies.

　　In addition, Libra and our central bank’s ‘lottery and How to find it’ have significant differences in terms of credit principles. The credit principle of our central bank’s ‘lottery and How to find it’ is supported by government credit, with commercial banks promoting it. While the currency principle of Libra is to rely on existing government credit, depending on whose currency it is, it uses whose government credit, and then uses its own network system to promote it. Therefore, from the perspective of the credit system, these two are reversed, and the sequence of credit source and promotion system is exactly opposite.

　　However, ‘lottery and How to find it’ is indeed a technology to reduce transaction costs and promote circulation. Therefore, there is competition between the ‘lottery and How to find it’ of commercial institutions and our central bank’s ‘lottery and How to find it’. If Libra is implemented, it will also be an important competitor of our central bank’s ‘lottery and How to find it’.

　　CCTV reporter: What role will the launch of ‘lottery and How to find it’ by the People’s Bank of China play in Renminbi internationalization?website online casino online website and The latest method

　　Xu Yuan: The credit and value stability of the Renminbi is the foundation for promotion. With this foundation, neighboring countries in the Asia-Pacific region and other countries with close economic relations will be willing to accept and use the Renminbi. Under the premise of the credit and value stability of the Renminbi, ‘lottery and How to find it’ can greatly reduce transaction and circulation costs. Both parties can complete currency exchange and daily payments by downloading the People’s Bank of China’s APP, without the need for commercial banks to lay out cross-border branches, which saves a lot of costs. In this way, electronic means can greatly reduce circulation costs, which is still very helpful for the promotion of Renminbi internationalization.