Blockchain is the core technology of private digital currency, and it also provides ideas for the technical realization of legal digital currency in China. /kloc-In 0/7, the People's Bank of China successfully tested the digital bill trading platform based on blockchain technology, and in 20 18, it successfully tested the blockchain trade financing platform. The Bank of China has further strengthened its research on digital currency in the blockchain area. However, there are technical defects in the legal digital currency based on the blockchain, which makes the safe development of the legal digital currency in China have technical loopholes.
There are technical difficulties in legal digital currency, and the underlying technology of legal digital currency based on blockchain is not mature. First of all, the blockchain is a chain of transaction information records arranged in strict chronological order, which is tamper-proof. Based on this feature, the accuracy and integrity of the data recorded by blockchain are strong, but once the technical network is breached by hackers, this irreversible feature will bring irreversible economic losses to users. Secondly, China has a large population and an unbalanced level of economic development, which challenges the statutory digital currency to realize cross-regional, high-frequency, large-value transactions and systematic rapid response.
At present, the data processing speed of blockchain is only 6.67 times per second, which has long synchronization time, large data redundancy and low system throughput. In 2020, the peak traffic of "Double 1 1" Tmall will reach 583,000 pens per second. The transaction frequency of blockchain is far from meeting people's daily payment needs and the stable large-scale transactions in digital currency in the future. Finally, the statutory digital currency has difficulties in technical realization, and China's statutory digital currency has great advantages in theoretical analysis. However, in practice, whether the rapid collection, processing, monitoring and analysis of massive data can be realized and the efficient and accurate programmable operation can be implemented is also one of the technical problems faced by the statutory digital currency.
There are also technical problems in the circulation environment of legal digital currency. The promotion of legal digital currency needs the support of corresponding software and hardware infrastructure, and a wide circulation platform compatible with digital currency should be built on the basis of the original business. First of all, China's support for professional and technical personnel and terminal equipment is relatively scarce, the basic database is seriously fragmented, and the phenomenon of "data islands" is obvious, which makes it more difficult to promote the legal digital currency; Secondly, legal distribution outlets in digital currency need to spend a lot of manpower cost and capital and time cost to upgrade technology, software and hardware facilities. The upgrading of payment machines in digital currency, a major financial service institution such as enterprises and merchants, will take the public some time to adapt. This not only increases the cost of economic operation, resulting in the loss of efficiency, but also makes it difficult to build the circulation environment of legal digital currency in a short time.
(B) the impact of statutory digital currency on traditional commercial banks
China's statutory digital currency will adopt a "central bank-commercial bank" double-tier delivery model, with the central bank issuing currency and providing exchange and circulation services to the public through commercial banks. This dual-mode digital technology will inevitably lead to the innovation of financial system and monetary system, which will bring transformation pressure to the business philosophy, business model and business environment of traditional commercial banks in China. First of all, this is reflected in the traditional cash business of commercial banks. Based on the positioning of legal digital currency, M0, the currency in circulation, will be mainly replaced.
This will have a huge impact on the cash transfer, escort, circulation and counterfeit currency business of commercial banks, reduce the demand for traditional banknote counting and teller positions, reshape the management system of commercial banks, and increase the pressure on commercial banks to absorb and store. Secondly, due to the emergence of digital currency, the cash liquidity in the commercial bank system will gradually decline, and the existing technical system can not meet the operating space of the statutory digital currency, which will put forward higher requirements for the basic information system of commercial banks. At the same time, the main functions of commercial banks will be transformed into agents and other roles, which will greatly reduce their profit space.
The development of legal digital currency has impacted the credit system of commercial banks, and the pressure on demand deposits has increased, greatly reducing the space for money creation. The central bank plays a role in regulating and supervising commercial banks, and the issuance of legal digital RMB has added a layer of competition between the central bank and commercial banks. When the economy is depressed or the economic environment is unstable, people tend to deposit money in the central bank's credit system and convert their deposits into legal digital currency to avoid risks. The emergence of legal digital currency will make the scale of demand deposits of commercial banks tend to decline, the amount of cash loss will increase, the trend of financial disintermediation will accelerate, the currency multiplier will weaken, and the ability of commercial banks to create credit currency will decline, resulting in a decline in the overall liquidity of society.
The application of legal digital currency will greatly reduce people's desire to hold cash, improve the conversion rate of financial assets and increase the instability of assets and liabilities of commercial banks. Statutory digital currency makes it easier for the public to convert deposits and financial assets, blurs the boundary between deposits and currencies, enables customers to carry out frequent digital currency exchange operations, and increases the requirements for the scale of bank deposit reserve, thus affecting the credit supply of commercial banks and making their operating environment more severe.
(3) Ethical issues in the application of statutory digital currency.
Legal digital currency is bound to be another profound change in the history of currency development, but there are still ethical problems in its design and application. Digital currency's ethical problems of science and technology mainly include two aspects: first, there are moral and ethical problems such as thinking concept, value orientation and interest appeal in digital currency's technical design; Second, the business application process in digital currency is value-oriented, and the digital divide is getting more and more serious, which affects the distribution of social resources.
The hidden capital value orientation behind the legal digital currency technology algorithm. The existence of digital currency is loaded with value, that is, people with different value judgments will design different rules for using digital currency, or choose different coding rules to solve problems. Digital currency's design itself has a strong subjective deviation, which fundamentally determines that the emergence and development of monetary figures is based on human will. Digital currency's programming technology design will initially meet the interests of capitalists, which is the subjective embodiment of designers, and will inevitably be discriminated against and deviated from the developer's value tendency. Statutory digital currency is based on national credit, and its security and stability are higher than those of private digital currency. However, in the circulation and use of money, there will still be value ethics problems, which are more harmful and wider.
Legal digital currency will also have problems of value ethics in specific commercial applications. First of all, in the process of constructing the monetary system with financial institutions such as traditional commercial banks and internet finance, there will be problems such as the lack of scientific and technological ethics. For example, in the process of establishing an intelligent information system, the deviant behavior of technicians is hidden and difficult to monitor, and there are hidden ethical risks in science and technology. Secondly, with the increase of people's trust in technical tools, technological rationality will weaken people's thinking about value rationality, and the problem of ignoring humanistic care brought about by the rapid development of science and technology will gradually emerge.
Behind the efficient practical achievements brought by technical tools is the neglect of value rational care issues such as responsibility and obligation, morality and ethics. Whether the emergence of legal digital currency has widened the gap between the rich and the poor in science and technology; Whether the scientific and technological difficulties faced by the elderly in China will be more serious; Are poor and remote areas getting on the train in digital currency to achieve technological leap, or are they further derailed from this era of artificial intelligence? In the era of digital economy, marginal people are seriously aphasic, and resource allocation tends to the commanding heights. The digital divide is gradually expanding, which affects the fairness and justice of social governance, and the promotion of legal digital currency faces severe ethical challenges.