区块链大讲堂（五）开讲啦，爱分析在之前的区块链大讲堂中，解读了区块链在支付、交易所结算、物联网和保险等领域的应用。
The Block Chain Lecture (V) was opened, and in the previous Block Chain Lecture, the use of the Block Chain in the areas of payments, exchange settlements, material networking and insurance was interpreted.
而要想实现这些区块链应用，首先要解决的就是数字货币的发行。
The first solution to the application of these block chains is the distribution of digital currency.
今年1月，英国央行发布了RScoin，即英镑的数字货币概念。瑞典央行受到国内现金使用下降的压力，考虑发行数字货币。与此同时，中国央行行长周小川宣布将要发行国家数字货币，一石激起千层浪。
The Swedish Central Bank was pressured by the decline in domestic cash use to consider issuing a digital currency. At the same time, Governor Zhou Xiaochuan of the Central Bank of China announced that a national digital currency would be issued, one stone fuelling thousands of waves.
那么央妈，作为中国金融体系的大脑的央行，为什么要发行以国家信用背书的数字货币，法定的数字货币到底怎样区别于现有的民间数字货币，数字货币规范化以后又为区块链的应用打来了哪些机会？
So why does the central bank, as the brain of the Chinese financial system, issue digital currencies with a national credit endorsement, how does the legal digital currency differ from the existing private digital currency, and what opportunities do digital money regulation offer for the application of block chains?
今天爱分析将为您详细解读货币的前世今生，数字货币给我们带来了哪些改变和机遇。
Today's analysis of love will provide you with a detailed reading of what changes and opportunities digital currency has brought us in the future and in the present.
笔者经过访谈分析，认为央行发行的数字货币将带来深远的影响，现有结论如下：
After an interview, I concluded that the digital currency issued by the central bank would have far-reaching consequences, and the following conclusions are available:
宏观而言，未来金融体系将透明化。央行数字货币的出现，能够帮助监管当局更准确、更灵活地运用政策工具，追踪资金流向。
At the macro level, the financial system will be transparent in the future. The emergence of central banks’ digital currencies can help regulatory authorities to use policy instruments more accurately and flexibly to track financial flows.
同时，数字货币能够帮助央行全面监测和评估金融风险，为金融体系提供一个透明化的账本。加上大数据分析的介入，让以前藏于暗处的偷税、漏税、腐败、洗钱等非法交易无所遁形。
At the same time, digital money can help central banks to monitor and evaluate financial risks in a comprehensive manner, and provide a transparent account for the financial system. Added to the intervention of big data analysis, illegal transactions, such as tax evasion, tax evasion, corruption, money-laundering, etc., that were previously hidden under cover.
微观而言，数字货币对各行业也带来了挑战和机遇。
At the micro level, digital currency also presents challenges and opportunities for industries.
第一，可以编程的数字货币能够被指定用途和路径。因此，对于借贷行业而言，贷款的去向会变得可以控制。
First, digital money that can be programmed can be earmarked and routed. So, for the lending industry, the direction of the loan can be controlled.
比如对于装修类的借款，数字货币可以被限制只能打入装修公司或者供应商的账户。在此情形下，即使没有消费场景的借贷平台，也能够确保放出去的贷款不会用于高风险领域。因此，根据笔者的推测，数字货币能够给未来的借贷类公司，包括商业银行、现金贷公司等提供一个有效的风控手段。
For example, in the case of renovating-type borrowings, digital money can be limited to the company’s or supplier’s account. In this case, even without a platform for borrowing the consumption scene, it can ensure that lending out is not used in high-risk areas.
第二，数字货币可以搭载智能合约，对于金融支付和清算体系的升级提供了可能性。
Second, digital money can carry smart contracts and offer possibilities for upgrading financial payment and liquidation systems.
数字货币可以实现P2P的直接交易，不通过传统的支付结算体系。因而整个支付清算产业链上的企业，比如支付宝钱包，这样的业务会受到冲击。
Digital money enables direct P2P transactions, not through the traditional payment settlement system. The entire payment chain, such as the payment of purses, is hit.
而基于数字货币的金融机构清算市场会迎来风口，比如万向分布式资本投资的矩真区块链专注于银行间清算，布比区块链投资的金股链专注于各类交易所的清算。
The clearing market for digital-currency-based financial institutions, such as the tectonic blocks chain for 10,000-to-distributed capital investments, focuses on inter-bank liquidations, and the gold stock chain for the Bubi block chain investments on the liquidation of various exchanges.
第三，数字货币通常存储在数字钱包中。数字钱包具有保护数字现金安全的功能，而一旦密码被盗，数字货币可能会被偷走，因此网络安全的要求提升。
Third, digital money is usually stored in digital wallets. Digital wallets have the function of protecting digital cash security, and digital money may be stolen if passwords are stolen, thus raising the requirements for cybersecurity.
这就意味着未来维护数字钱包安全是很大的需求，网络安全企业和金融基础设施企业的市场前景会变得广阔。
This means that future digital wallet security will be a high demand, and market prospects for cybersecurity and financial infrastructure enterprises will become wider.
第四，数字货币由于其可溯源的特性，使得所有人的信用档案和交易都可验证。这有助于社会征信体系的建设，对于征信类的公司意义重大。
Fourth, digital money, because of its traceability, makes credit files and transactions accessible to all. This helps to build social credit systems, which are important for companies in the mail class.
征信类的公司，可以通过对数字货币上搭载的交易信息的分析，实现征信档案的整理和补全。同时，基于数字货币的征信数据也会变得更可信，成为金融机构风控的有效基础。
By analysing transactional information on digital currencies, letter-writing companies can collate and complete the message files. At the same time, digital-currency-based mail-writing data can become more credible and an effective basis for financial institution control.
下面，笔者将带来数字货币的详细分析。
Below, I will present a detailed analysis of the digital currency.
用于结算币的数字货币
其实，数字货币我们已经是我们的老熟人了。作为区块链的第一个应用的比特币，早已吸引了全世界的眼球，目前的市值已达120亿美金。中国在比特币领域也是处在风口浪尖，全年的数字货币交易量占到了全球交易总量的70%。 As the first application of the block chain, bitcoins have attracted the world’s eyes, with a market value of $12 billion. China is also on the cutting edge in the area of bitcoins, with annual digital currency transactions accounting for 70% of total global transactions. KPMG发布的全球科技创新调查中，数字货币和3D打印、物联网、生物科技、IT等并列为未来三年最有前景的技术。 The Global STI Survey published by KPMG lists digital currency and 3D printing, object networking, biotech, IT, etc. as the most promising technologies in the next three years. 其实，在每一个区块链体系中，都有自己的数字货币，比如跨国银行转账公司Ripple的结算网络里，有瑞波币用于结算，区块链创业公司Oklink的结算网络里，也有OK币。当然，这些币只能在特定的区块链中，作为结算中介使用。 In fact, in each block chain system, there are its own digital currency, such as in the settlement network of the multinational bank transfer company Ripple, in the settlement network of the block chain starter Oklink, and in the settlement network of the settlement company Oklink. Of course, these currencies can only be used as settlement intermediaries in a particular block chain. 那些年，我们用过的货币 The money we used in those years. 为了帮助大家理解数字货币，我们可以简要回顾一下货币的演进历程。作为人类价值交换的中介，货币的历史就是一部人类经济史。 To help you understand digital money, we can briefly review the evolution of the currency. As an intermediary in the exchange of human values, the history of money is one of human economic history. 货币，是社会生产力发展到一定阶段，当人们有了剩余的商品就有了交换的需要，于是自然产生了作为一般等价物的货币。 Currency, a stage in the development of social productivity, entails a trade-off when people have the remaining commodities and naturally generates a currency that is a general equivalent. 1）贝壳和青铜 1) shells and bronze 远古时代，充当货币的是稀有的贝壳和青铜制品。因此直到今天，我们汉字中和钱有关的概念，如财、赚、赢等都有“贝”这个部首。 In ancient times, the currency is rare shells and bronze products. So, to this day, we have & & & & ldquao; & & rdquao; the headlines in Chinese and Chinese. 2）黄金白银 2. Gold and silver 后来，金银因具有质地均匀、体积小、价值大、便于分割、易于携带等自然属性而逐渐固定地充当了一般等价物，也成为政府和社会各阶层认可的货币，政府以自身的信用确保这些铸币具有准确的重量和十足的成色，避免了不同机构发行的、不同标准的铸币流通给经济活动带来的不便。 Since then, the gold and silver have become fixed as general equivalents because of their natural characteristics, such as their homogeneity, size and value, easy to divide and portability, as well as currencies recognized by the Government and all sectors of society, which, with its credit, ensures that they are of accurate weight and full colour, avoiding the inconvenience to economic activity caused by the circulation of different standards of casting coins issued by different institutions. 3）纸币 (3) Banknotes 但由于金属货币仍存在储藏、交易的不变，随着商业活动的发展，我国在宋朝开始出现了世界上第一种纸币-交子。进入现代以后，纸币的流通成为经济发展的主流，我们现在的人民币，美元，欧元都是属于现代信用货币。 But as the metal currency remains stored and traded, with commercial activity developing, our country began to emerge as the world’s first banknote-synchronous in Song Dynasty. After entering modern times, the circulation of banknotes became the mainstream of economic development, with our current renminbi, the United States dollar, and the euro being the modern currency of credit. 如果说，在实物货币的时代，金属本身具有内在价值所以可以履行货币的智能，那么进入到纸币时代以后，现代的信用货币的价值就是靠国家、政府的信用作为支撑的，也就是法币。 If, in the age of physical currency, the metals themselves have an intrinsic value that allows them to perform their intelligence, the value of modern credit currencies is supported by the credit of the State and the Government, i.e. the French currency, when they enter the age of paper currency. 4）电子货币 4) Electronic currency 进入电子时代以后，货币开始逐步虚拟化，我们现在用的微信、支付宝钱包就是电子化货币的雏形。 With the advent of the electronic age, the currency began to become virtualized, and the micro-letters and payment wallets we now use are the prototypes of e-money. 根据国际清算银行支付和市场基础设施委员会（CPMI）的定义，电子货币是可在支付和结算系统中使用，存储在诸如芯片卡或个人计算机硬盘驱动器等设备上的等价物，在全世界通用。 According to the definition of the Bank for International Settlements (BIS) Commission on Payments and Market Infrastructure (CPMI), electronic currency is the equivalent price that can be used in payment and settlement systems and is stored on equipment such as chip cards or personal computer hard drives, which are common throughout the world. 5）数字货币 5) Digital Currency 2008年，以比特币为代表的数字货币Digital Currency，开始出现，其实质是基于密码学的可编程货币。 In 2008, Digital Currence, the digital currency represented by Bitcoin, began to emerge and was based in substance on cryptographically programmable currencies. 然而，比特币因为其币值波动太大，引发了大量的投机行为，形成金融风险。央行于2014年联合五部委发文《关于防范比特币风险的通知》，限制比特币的流通，禁止金融机构参与比特币的项目。 However, Bitcoin’s volatility has led to a high level of speculation and financial risk. In 2014, the Central Bank issued a circular to five ministries on protection against Bitcoin risks, restricting the circulation of bitcoin and prohibiting financial institutions from participating in bitcoin projects. 相比传统纸币，数字货币有哪些优势 What's the advantage of digital currency over traditional banknotes? 数字货币，也是区别与现有的电子货币的。未来的数字货币充满科技感，将区块链、移动支付、云计算、密码学、安全芯片结合在一起的新一代信用货币。 Digital currencies, too, distinguish from existing electronic currencies. The future digital currencies are full of technology and a new generation of credit currencies that combine block chains, mobile payments, cloud computing, cryptography, and secure chips. 首先，数字货币是加密货币，安全性高。目前的法币，因其不可编程的局限，在防伪、溯源等环节耗费大量的成本。相比传统的法币，数字货币可溯源，造假难度大。 First, digital money is encrypted and secure. The current French currency, because of its unprogrammable limitations, costs a lot in terms of security, traceability, etc. The digital currency is traceable and difficult to forge compared to the traditional French currency. 其次，数字货币是登记在区块链上的虚拟资产，没有物理机构，因而成本低廉。 Second, the digital currency is a virtual asset registered on the block chain, without physical facilities and therefore inexpensive. 央行货币研究所总架构师曾表示，央行一年花在人民币押运上的成本是350亿，每张百元人民币的印刷和回收成本达到2元。算法货币的运用可以消除纸币流通的成本。 The chief architect of the Central Bank's Monetary Institute said that the central bank spends 35 billion yuan a year on currency deposits, with the cost of printing and recovering two yuan apiece. The use of algorithmic currencies eliminates the cost of currency circulation. 除此以外，数字货币以计算机代码的形式存在，可实现编程，从而智能化运行。也就是说，发行货币方可以规定货币的用途，比如慈善基金里的数字货币就只能用作指定的用途，不能被挪用。 In addition, digital money exists in the form of a computer code that allows programming and thus intelligent operation. In other words, the issuer can specify the use of the currency, such as the digital currency in a charitable fund, which can only be used for specified purposes and cannot be diverted. 数字货币和电子货币的区别 Differences between digital and electronic currencies 数字货币当然已经领先于纸币，同时也区别于电子货币。 Digital currencies are, of course, already ahead of banknotes and are also distinguished from electronic currencies. 比如，我们平时使用的微信支付、支付宝钱等交易时所用的钱仍对应着银行账户里的一张张钞票，本质上属于电子货币。数字货币与电子货币虽然在使用中的感受相似，但本质上却有着较大的区别。 For example, the money we usually use in transactions such as micro-credit payments, payment of treasures, etc. still corresponds to a bank note in a bank account, which is essentially an electronic currency. Digital money and electronic money, while similar in their use, are inherently different. 首先，数字货币在法律定义上不同于电子货币。在司法管辖领域，电子货币需要以主权货币计价，比如美元的电子货币仍一对一美元。而数字货币以其自身的价值定价。 First, digital currencies differ in legal definitions from electronic currencies. In the jurisdictional area, electronic currencies need to be denominated in sovereign currencies, such as the United States dollar, which is still one to one. 其次，数字货币的价值属性不同于电子货币。数字货币被定义为一种大宗商品，其价值完全由供需决定，不同于基于主权货币的电子货币受到货币政策的影响。 Second, the value attributes of digital currencies differ from those of electronic currencies. Digital currencies are defined as large commodities whose value is entirely determined by supply and demand, unlike electronic currencies based on sovereign currencies, which are affected by monetary policy. 同时，数字货币的发行、运作、收单、清算等环节有着完全不同于电子货币的模式。 At the same time, the issuance, operation, receipt, liquidation, etc. of digital currencies have a pattern that is completely different from that of electronic currencies. 民间数字货币有局限性 尽管数字货币有以上的优势，但由于数字货币是民间自主发行的，其自身的局限比较明显。 Although digital currencies have more than one advantage, their own limitations are more pronounced because they are self-issued by the private sector. 首先，民间的数字货币只是解决了信用的问题，解决不了币值剧烈波动的问题。比如比特币，因其不遵循国家的货币政策的宏观调控，价格波动很剧烈，而显然波动过大的等价物是无法承担货币价值尺度的职责的。 First, the private digital currency solves the problem of credit and does not solve the problem of sharp currency fluctuations. Bitcoins, for example, are highly volatile because they do not follow the country’s monetary policy’s macro-regulations, and apparently too volatile equivalents cannot take on the role of monetary value scales. 其次，数字货币能否等到广泛使用取决于各方的认可度。一个没有国家信用背书和准备金的货币很难得到金融界的广泛承认。 Second, whether digital currencies can wait until they are widely used depends on the acceptance of all parties. A currency without a national credit endorsement or reserve is difficult to obtain broad recognition in the financial community. 数字货币的国家队出场，央行数字货币 不同于比特币这类的去中心化货币，央行的数字货币，爱分析推测一定是中心化的数字货币，区别于比特币的去中心化。在形式上，最可能是央行联合国有银行和股份制商业银行一起，搞一个联盟链。 Unlike decentralized currencies such as Bitcoin, central banks’ digital currencies, analytical speculations must be centralized digital currencies, distinct from the decentralization of bitcoins. In the form most likely, the central bank’s United Nations has banks and stock-based commercial banks working together to build a chain of alliances. 央行发行的数字货币，可以做到交易流通可监管、可溯源。同样，数字货币的管理也将和传统货币整合，在央行的框架下一体化运行。 A digital currency issued by a central bank can be regulated and traceable. Similarly, the management of digital money will be integrated with traditional currencies and run in an integrated manner within the framework of the central bank. 同时，人民币的发行是国家主权的体现，央行发行数字货币能够保留国家对货币发行主权的控制权。 At the same time, the issue of the renminbi is an expression of national sovereignty, and the issuance of digital currency by central banks preserves national control over the sovereign issue of the currency. 央行的数字货币与比特币，也就是数字货币的代表有以下的区别： The difference between the central bank's digital currency and the Bitcoin, that is to say, the digital currency, is as follows: 数据来源：央行调查统计司 Data source: Central Bank Survey Statistics Division 不同于比特币没有特定的发行方，需要通过采矿来获得，技术门槛较高。央行的数字货币应该是获得简便、无门槛，能够抑制洗钱、恐怖主义等犯罪行为。 Unlike Bitcoin, which has no specific issuer, it needs to be obtained through mining, and the technology threshold is high. The central bank’s digital currency should be simple and non-threshold, which can deter money-laundering, terrorism, etc. 央行的数字货币战略规划 央行从2014年发起成立了研究法定数字货币的小组，目前已经完成了数字货币的两轮修订。 The Central Bank launched a group to study the legal digital currency in 2014, and two rounds of revisions of the digital currency have now been completed. 日前，央行官网上公布了招聘公告，表明要招聘专业人士研究数字货币。从中可以看出，央行成立数字货币研究所已是大势所趋。 Recently, central bankers published an online recruitment announcement to recruit professionals to study digital money. As can be seen, the central bank’s establishment of the Digital Monetary Institute is already on the rise. 央行科技司副司长兼数字货币研究所筹备组组长姚前表示，数字货币的发行将由央行主导，在保持纸币发行的同时，流通中的现金将由一部分用数字货币替代。发行者可以采用安全芯片为载体，来保护密钥和算法运算过程中的安全。 The Deputy Director of Science and Technology of the Central Bank and Head of the Preparatory Group for the Digital Monetary Institute, Yao, said that the issuance of digital currency would be dominated by the central bank and that, while maintaining the issuance of banknotes, some of the cash in circulation would be replaced by digital currency. Issuers could use a safe chip as a vehicle to protect the security of key and algorithm operations. 总体框架还是在中央银行和商业银行二元体系下完成，中央银行负责数字货币的发行与验证检测，商业银行负责申请数字货币，直接面向社会，搭建应用生态体系。 The general framework is also completed under the dualist system of the Central Bank and the Commercial Bank, which is responsible for issuing and validating digital money, and the Commercial Bank, which is responsible for applying for digital money, directs it to society for the establishment of an applied ecological system. 据中国金融（中国人民银行主管的媒体）的报道， 法定数字货币的核心要素可以概括为：一币，两库，三中心，具体的构成如下表： According to China Finance (the media in charge of the People's Bank of China), the core elements of the legal digital currency can be summarized as follows: one currency, two banks, three centres, specifically: 数字货币将会通过循序渐进的方式进行应用，比如先用在票据交易所。目前工行、中行几个机构已经开始和央行合作开发的票据交易所，预计将于12月正式上线运行，接入43家金融机构，数字货币将会在票交所里代替一部分现金。之后待银行清算体系的升级完成后，能够在银行间清算市场进行推广。 Digital money will be applied in a gradual manner, for example, in an exchange of notes. An exchange of notes, which is now being developed by a number of industry and central bank institutions in cooperation with the central bank, is expected to be officially launched in December, with access to 43 financial institutions, and the digital currency will replace a portion of cash in a ticket exchange. 那为什么一定要在票据交易所进行试点呢，爱分析做了以下的分析： So why does it have to be piloted on an exchange of notes? 首先，票据市场在我国的规模很大。目前已运行了30年，规模达到50万亿，其次，如此庞大的市场电子化程度一直不高，上线7年的电子票据交易系统渗透率低。 First, the paper market is large in our country. It has now been in operation for 30 years, reaching 50 trillion dollars, and secondly, such a large market has not been sufficiently digitized and seven years of online penetration of electronic paper trading systems has been low. 这种情况导致了票据交易的纸质的票据的比例很大，而且纸质票据最高的面额可达9亿人民币，操作风险巨大。因而，票据造假的案件频发，比如今年农行北京分行就爆发了39亿元的大案。 This has led to a large proportion of paper-based instruments traded, with paper-based instruments with the highest face value of RMB 900 million and high operational risks. As a result, cases of paper counterfeiting, such as this year’s 3.9 billion yuan case in the Beijing branch of the Farmers’ Bank, have erupted. 因此，央行发出通知，表示从2017年1月起，300万以上的票据将全部实现电子化，本次电子票据交易所的成立，也是对此政策的贯彻实施。 As a result, the Central Bank issued a circular stating that, as of January 2017, more than 3 million instruments would be electronicized in their entirety, and that the establishment of this electronic instrument exchange is also a follow-up to this policy. 纸币时代走向终结, 数字货币时代可期 The Times of Paper and Digital Currency 移动支付微信钱包、支付宝的普及已经让电子货币快速渗透进了我们的生活，笔者的直观感受是已经很久没有用过纸币了。 The spread of mobile payment micro-credit wallets and payment treasures has allowed e-money to penetrate our lives quickly, and my visual perception is that there have been no banknotes for a long time. 那么央行的数字货币，会不会是压垮纸币的最后一根稻草？ So would the central bank's digital currency be the last straw to crush the banknotes? 2015年末人民币的广义货币M2的余额为139.23万亿元，流通中的现金为6.32万亿元，需要由央行印制发行的现金数量已经降到了不足5%。由此可以看出，现金比重的下降和基于区块链的算法货币的上升，已是大势所趋。 By the end of 2015, the broad currency of the renminbi, M2 had a balance of 13,923 trillion yuan, cash in circulation was 6.32 trillion yuan, and the amount of cash that needed to be printed and released by the central bank had fallen to less than 5%. As can be seen, the decline in the share of cash and the rise in the currency of the algorithm based on the block chain are on the rise. 当然，姚前司长也表示，我国人口多、体量大,换一版纸币，小的国家几个月就可以完成,我国则需要约10年时间。因此,在较长时期内,数字货币和纸币将并存流通。对于普通百姓来说,未来到银行取钱时,既可以选择兑换实物现金,也可以选择兑换数字货币。 Of course, the former Director-General of Yao also said that our country has a large population and a large size, with a small country that can be completed in a few months, and that it will take us about 10 years. So, in the longer term, digital currency and banknotes will be in circulation together. 相信在不远的未来，路上的运钞车将会越来越少，假币也会绝迹。 It is believed that in the near future there will be fewer and fewer banknotes on the road and that counterfeit currency will be eliminated.
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