央行数字货币试点 炒币的凑什么热闹——币圈对DCEP的四个误区

央行数字货币（DCEP）已在农行内测的截图惊起币圈欢呼，有说这样就可以和BTC（比特币）互换了；有的说锚定DCEP的稳定币要出世了；有的说大量合法资金要进入币圈了；更有的说，DCEP可以炒了……有时真佩服币圈的想象力。

The central bank's digital currency (DCEP), which has been measured in the agricultural sector, cheers the currency circle, saying that it can be exchanged with the BTC (bitcoin); that the stable currency that anchors the DCEP is about to be born; that a large amount of legal money is about to enter the currency circle; and, more importantly, that the DCEP can fire up the imagination of the currency circle sometimes.

然而，就算蝴蝶效应显灵，非但看不出此事件对币圈有什么利好，反而是良币驱逐劣币，对现有币圈生态进一步冲击。

However, even if the butterfly effect is evident, instead of seeing how the event would benefit the currency ring, it would be a good currency to expel the bad currency and further impact on the ecology of the current currency ring.

之所以币圈会有如此兴奋，源于对DCEP的几个误区：

The reason why the currency circles are so excited is because of a few misunderstandings about DCEP:

误区一：DCEP是和BTC是一类

Error One: DCEP is the same as BTC.

在币圈，BTC被认为是数字货币，当央行的DCEP也叫数字货币时，一些人有意或者无意将两种事物归为一类。

In the currency circle, BTC is considered to be a digital currency, and when the central bank's DCEP is also called a digital currency, some people deliberately or unwittingly class either.

但事实上，两种事物差异巨大。BTC是基于区块链的一种记账奖励，具有点对点的交易能力，按照严格的货币属性，BTC甚至算不上货币。货币须有便于流通、便于存储、相对稳定的基本属性。BTC流通效率低下，密码难记不易存储，更重要的是波动性太大，谁希望自己手持的货币今天买辆汽车，过几天就只能买辆摩托车了？

But, in fact, the two things are very different. BTC is an incentive for bookkeeping based on block chains, with a point-to-point trading capacity, and BTC does not even count as a currency according to strict monetary attributes. Currency must have basic properties that are easy to circulate, easy to store, and relatively stable.

从BTC的基本属性来看，BTC被称为“加密代币”更为合适。BTC诞生10年，有太多人期望推行BTC作为货币进行日常支付，比如有机构开发出BTC的ATM机，有机构签约商家使用BTC支付。但都属于实验性质，并无成功。

In terms of the basic properties of the BTC, the BTC is better known as an “encrypted token”. Ten years after BTC was born, too many people expected BTC to be used as a currency for daily payments, such as an agency that developed BTC's ATM machine and an institutional contractor that used BTC to pay. But they were experimental in nature and were not successful.

而央行数字货币DCEP设计就是作为货币使用的，其支持双离线、国家法定认可等特点还是BTC无法比拟的。其币值和人民币1：1兑换，波动性很小，按照目前的技术路线，具有每秒30万TPS的交易处理能力，足够应付日常交易，并且储存在数字货币运营商提供的钱包中，用户使用便捷性和微信支付、支付宝接近，依据多种身份信息来确权，资产不会轻易丢失，甚至比纸币更容易存储。

The central bank's digital currency DCEP is designed to be used as a currency, and it supports double-linking, state-sanctioned approvals, etc., which are not comparable to BTC. Its currency value and RMB 1:1, with minimal volatility, under the current technical route, have 300,000 TPS transaction processing capacity per second, sufficient to deal with day-to-day transactions, and stored in wallets provided by digital money operators, with users using easy and micro-trust payments and close access to payment treasures, and based on multiple identity information to confirm rights, assets are not easily lost, or even more easily stored than paper currency.

误区二：DCEP和BTC可以相互兑换

Error two: convertibility of DCEP and BTC

很多币圈投资者认为，DCEP出来后，和BTC兑换就简单了。现在的兑换特别复杂，因为支付通道比如银行、微信、支付宝都不能直接用人民币兑换。只能通过OTC市场。

Many currency circle investors believe that when DCEP comes out, it's easy to exchange with BTC. Exchanges are complicated because payment channels such as banks, micro-letters, payment treasures cannot be exchanged directly in the renminbi. Only through the OTC market.

但去年，微信支付和支付宝向部分交易所发送律师函，要求交易所下架其OTC服务中的支付通道，停止非法使用其商标。OTC的兑换也被打击。

Last year, however, we sent a letter of attorney to some exchanges asking them to put an end to the illegal use of their trademarks by setting up payment corridors in their OTC services.

然而，DCEP出来后，就能开通DCEP兑换BTC的通道吗？相反，非但不会开启，反而更容易监管。

However, when DCEP comes out, can it open access to DCEP for BTC? On the contrary, instead of opening it, it is easier to regulate.

央行目前的态度是不支持法币兑换BTC的，因为具有洗钱、资金外流等风险。因此央行必然自己不会，也不允许数字货币的运营商如银行、支付公司开通DCEP兑换BTC的通道。

The central bank’s current attitude is not to support French currency exchange BTC, because of the risk of money laundering, capital flight, etc. The central bank will not be able to do so itself, nor will it allow digital currency operators, such as banks, payment companies, to open access to DCEP for BTC.

并且，根据DCEP的设计，其具有穿透式监管的能力。据互链脉搏研究央行数字货币的相关专利设计，其对非法、违规行为的交易监管更为便捷。DCEP的运营商的钱包服务端上部署每个监管方与运营机构约定的账户限制规则。某个监管方如果发现目标账户涉嫌在经济活动中违法或违规，则可以通过向钱包服务端发送账户限制指令的方式，调用运营机构预先同意的账户限制规则，并指定目标账户，使得钱包服务端可以立即依据调用的账户限制规则来对目标账户进行限制操作。

And, according to the DCEP design, it is capable of penetrating regulation. It is easier to regulate illegal and irregular transactions by studying the relevant patent designs for central bank digital money in a cross-linkal pulse. The DCEP operator’s wallet service deploys the account restrictions agreed by each regulator and the operator. If a regulator finds that the target account is in violation of the law or the law in the course of an economic activity, it can call on the account restrictions rules agreed to by the operator and designate the target account, so that the wallet service provider can immediately operate the target account restrictions in accordance with the applicable account restrictions rules.

换句话说一旦察觉有人用DCEP兑换BTC，可以立刻对相关账户进行限制权限、冻结等操作。

In other words, as soon as it is detected that someone is using DCEP to convert to BTC, the relevant accounts can be restricted, frozen, etc.

既然不可兑换，查的也更严，何有大量合法资金进入币圈之说？

Since it's non-convertible and more stringent, why is there a lot of legal money going into the currency?

误区三：可以合法地炒币了

Mistake three: you'll be able to legally collide.

理论上，DCEP确实可以炒，但只能当炒外汇那样操作。不太适合大多数币圈的投资人，因为他们面临的对手方是身经百战的国际炒家，甚至是国家力量。

Theoretically, DCEP can be fired, but it can only be used as a foreign exchange. It is not well suited for most investors in the currency circles, because they face international players, even national forces, who have fought a hundred wars.

而用人民币炒，相当于拳头打在棉花上。DCEP用于M0，和人民币1：1兑换，这就意味着用人民币炒不了，其实质是货币从一个篮子到另一个篮子。

Instead, they use the renminbi, which is equivalent to punching on cotton. DCEP is used for M0, and RMB 1:1, which means that the RMB can't be combed, and the real thing is that the currency runs from one basket to the other.

好吧，倘若有硬要炒的说，我用外币来炒。DCEP的理论发行量是M0的全部，3月底，M0的供应量是8300亿元。就算投资几十亿，几百亿进来，还是犹如雨水洒在大海里，很快看不见了。并且，更根本的是外币兑换成人民币，相当于增量了等值的人民币，比印纸钞还容易。

Well, if there's a hard-on, I'll do it in foreign currency. The circulation of DCEP's theory is M0, and the supply of M0 at the end of March was $830 billion. Even if we invest billions and billions of dollars in it, it's as though the rain was pouring in the ocean, and it's soon gone invisible. And, more fundamentally, the exchange of foreign currency into the renminbi, which is equivalent to an increase in the value of the renminbi, which is easier than the printing of banknotes.

相反，投资者更要警惕，打着央行数字货币的非法代币。在DCEP还没有出来之前，就有不少骗子推销DCEP，DCEP正式出炉后，他们可能又要割韭菜。包括所谓要锚定DCEP的稳定币，很可能都觊觎你口袋里的钱。

Instead, investors are more wary of illegal tokens in central banks’ digital currencies. Before DCEP comes out, there are many liars who sell DCEP, and after DCEP's official release, they may cut vegetables.

误区四：DCEP基于区块链

Error four: DCEP based on block chain

种种证据显示，央行数字货币并不是基于区块链。

Evidence suggests that central bank digital currencies are not based on block chains.

央行数字货币的信用来源于国家的信用，只要保障了安全、隐私等，便不需要区块链赋予每一笔交易的确认。

The credit for the central bank's digital currency comes from the credit of the State and does not require a chain of blocks to give recognition to each transaction, as long as it guarantees security, privacy, etc.

今年2月，中国人民银行数字货币研究所区块链课题组课题组成员穆长春、狄刚、吕远、钱友才、卿苏德联合发文《央行数字货币研究所谈区块链技术的发展与管理》。文章指出，区块链以大量冗余数据的同步存储和共同计算为代价，牺牲了系统处理效能和客户的部分隐私，尚不适合传统零售支付等高并发场景。文章还表示，区块链的去中心化特性与中央银行的集中管理要求存在冲突。中央银行提供的支付服务不能离开集中式账户安排，需建立在中心化系统之上，这和区块链的去中心化特性相冲突。因此，目前不建议基于区块链改造传统支付系统。

In February of this year, the issue group members of the Digital Currency Research Institute of the People’s Bank of China’s Project Group on Block Chains, Mu Changchun, Digang, Luyun, Money-friends, and Jing Sood co-authored “Development and Management of Block Chain Technologies at the Central Bank’s Digital Monetary Institute.” The article notes that block chains, at the expense of the simultaneous storage and co-calculation of large amounts of redundant data, are not yet suitable for high-level developments, such as traditional retail payments.

但DCEP也借鉴应用了区块链部分组成技术，例如，利用智能合约实现资金的定向流通，利用非对称加密认证身份。其中，比特币区块链中的非对称加密与“传统”的数字身份认证类似，或将被用于DCEP的大量场景，例如，由用户钱包的安全模块生成公、私钥对，两者一一对应，公钥可公开，私钥不公开，私钥可用于对消息签名，公钥可用于验证私钥签名后的信息，以此确认私钥所有者的身份。

However, DCEP also draws on the application of block chain components, such as the use of smart contracts for targeted financial flows and asymmetric encryption to authenticate identities. In this case, asymmetric encryption in the Bitcoin block chain is similar to “traditional” digital authentication, or will be used in a large number of scenarios of DCEP, such as the generation of public and private key pairs by the user wallet security module, one-to-one, public and private keys, private keys closed, private keys used to sign messages, and public keys used to authenticate information after a private key signature, thereby confirming the identity of private key owners.

央行数字货币进入试点阶段，说明问世已不远矣。和币圈没关系，但会促进中国数字经济的发展，区块链应用落地的发展。

The central bank’s digital currency has entered the pilot phase, indicating that the world is not far away. It has nothing to do with currency circles, but it will facilitate the development of China’s digital economy and the application of block chains to local development.

1000年前，宋人发明交子（最早的纸币）时代，是古代中国经济的巅峰；如今央行DCEP率先发行，将助于中国在数字经济中再攀巅峰。

A thousand years ago, the Song invented the concubine (the earliest banknotes) as the peak of the ancient Chinese economy; now that the central bank DCEP was first issued, it will help China to climb again in the digital economy.

# 行业分析#