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| Currency Revolution: Financial Effects, Risks and Challenges of Issue of Digital Currency in China |
| GUO Shi-ping1, YANG Fan2 |
1.Institute of Contemporary Finance, Shenzhen University, Shenzhen, Guangdong, 518060;
2.College of Economics, Liaoning University, Shenyang, Liaoning, 110000 |
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Abstract Digital currency was proposed with the gradual improvement of blockchain technology. Due to the increasingly mature application of blockchain technology, private digital currency based on blockchain technology has cropped up one after another, attracting the attention of central banks. People’s Bank of China(PBC) has also been investing in research and development to explore the possibility of issuing digital currency as a national legal currency. At present, significant breakthroughs have been made in both theory and experiment. The central bank digital currency (CBDC) is not only a reform of the physical form, but also a new monetary policy tool, which will not only change the monetary multiplier, but also bring some changes to monetary policy, so as to enhance the monetary authority’s ability to regulate macro-economic policies. However, as an unprecedented innovation in the financial world, CBDC will inevitably face some risks and challenges, especially in technology, legal issues and financial system. For example, the current transaction performance can hardly meet the demand of real transaction volume. The current financial system may suffer from shocks brought by CBDC. The network security system may face a large number of unpredictable attacks, and there is still lack of relevant supporting legal policies. Therefore, for further application of CBDC, more efforts should be put in researches to tackle these risks and issues.
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Received: 20 September 2019
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2019, Vol. 36 
