Central bank digital currency. 1｜ CBDC becomes the focus of the Winter Olympics, how Hong Kong finance prepares for the technological revolution

In February this year, the 24th Winter Olympic Games will open in Beijing.

Fourteen years later, the Olympic torch has returned to Beijing, and many things have changed in the city, among which the application of digital renminbi has become a global focus.

The fourth in-depth report series on "Central Bank Digital Currency"

Thinking back to the 2008 Beijing Olympics, Apple had not released its first smartphone, Bitcoin remained in Satoshi Nakamoto’s cryptography paper, and the mainstream payment method in the mainland was still cash.

In the blink of an eye, at the upcoming Winter Olympics, the digital renminbi will provide applications and pilots to the world.

At that time, at the Beijing Winter Olympics, Olympians and spectators from all over the world will be able to simply complete shopping with gloves, mobile phones, wearing bracelets or a small card.

The country's research and development of digital renminbi is not only for consumption and payment.

The central bank digital currency represented by the digital renminbi (commonly known as "central bank digital currency" in Hong Kong, Central Bank Digital Currency, CBDC) is an issue that the world's monetary authorities are keenly concerned about.

According to the latest research by the Bank for International Settlements (BIS), 86% of the world's central banks are conducting CBDC research.

Because the central bank's digital currency technology will start from the foundation of the financial industry - currency, open "revolution", and create infinite possibilities for the transformation and upgrading of the traditional financial industry.

"Hong Kong 01" and experts such as Huang Yuanshan, Dean of the Public Policy Research Institute of the United Hong Kong Fund, and Chen Yingyin, researcher, Cheng Shi, Chief Economist of ICBC International, You Yang, Assistant Professor of the School of Economics and Management of the University of Hong Kong, Chen Fengxiang, a visiting professor of the City University of Hong Kong, and Hong Kong Financial Management The dialogue with the bureau takes readers into the central bank's digital currency and sees the upcoming technological revolution.

The Beijing Winter Olympics will open on the 4th of next month, and the application of digital renminbi has become a global focus.

(Visual China)

Huang Yuanshan, a member of the Legislative Council of the electoral committee and director of the Public Policy Research Institute of the United Hong Kong Foundation, described the development of the central bank's digital currency (CBDC) as "infrastructure first" in the digitalization of the financial industry. "The development of CBDC is related to Hong Kong's transformation from a traditional international financial center. It is a digital international financial center." (Photo by Yu Junliang)

"Preliminary Exploration of Digital Currency" pointed out that in the information revolution of the 21st century, currency has emerged a new form after commodity currency, metal currency, and paper currency, namely electronic currency, and the "invisibility" of currency has surpassed the physical form. The field, speed and efficiency have reached the peak in history.

(Source: Internet)

Central bank digital currency series reports:

Central bank digital currency.

1｜ CBDC becomes the focus of the Winter Olympics, how Hong Kong finance prepares for the technological revolution

Central bank digital currency.

2｜One Coin with N Sides: Perspective of Innovation from the Change and Unchangeability of Currency Development

Central bank digital currency.

3｜Retail CBDC: National R&D leads the world, Hong Kong is still on paper

Central bank digital currency.

4｜Wholesale CBDC: the key to Hong Kong’s transformation into a digital financial center

For details, please read the in-depth report of the 300th issue of "Hong Kong 01" electronic weekly published on January 17, 2022 "