China’s Proposed Digital Currency Plans to Onboard ATM
Digital Currency Electronic Payment (DCEP) project proposed by China TA has launched research of DCEP’s free exchange on ATM. The research will be conducted by a state-owned enterprise called GRGBanking. The enterprise will start ecological cooperation with banks and password manufacturers to promote the plan.
Founded in 1999, GRGBanking is a state-owned high-tech listed enterprise (securities code: 002152). Its main business covers intelligent finance, transportation, public security, government affairs for the convenience of the people, as well as cultural tourism. The enterprise is committed to providing global customers with operation services, big data solutions and various intelligent terminal equipment. It is also a well-known domestic AI solution provider.
“In terms of blockchain, the multicenter distributed ledger technology of GRGBanking has been widely used in the financial field. Blockchain technology has been gradually applied to six scene areas such as agricultural digital asset circulation, industrial supply chain financial services, digital asset transaction, blockchain-based government sharing, government capital flow management.”
Said the chairman of GRGBanking , the multicenter distributed ledger technology of GRGBanking has been widely used in the financial field.
In 2016, GRGBanking established the digital currency research institute. Focusing on the deep financial scenario reserve, the company’s technology has been gradually applied to the above “six scenario areas”. Based on the blockchain technology, an integrated platform of electronic certificate sharing database for individuals and legal persons has been applied to the Finance Bureau of Cangnan County, Wenzhou.
“Blockchain-based supply chain financial service platform” is one of the fruits of the GRGBanking’s blockchain technology. The principle of application is to encrypt and record the trade-related data of the upstream and downstream enterprises in the blockchain system, endowing the data with the characteristics that cannot be usurped, thus eliminating the information asymmetry between small and medium-sized enterprises. Based on this platform, both the pre-loan audit and post loan monitoring of banks greatly reduce the risk.
China central bank’s DCEP greatly reduces the dependence on the account, which is conducive to the circulation and internationalization of RMB. DCEP can realize the real-time collection of data of currency creation, bookkeeping and flow, thus providing reference for the issuance of currency and the implementation of monetary policy.
At present, the digital currency DCEP of the People’s Bank of China has basically completed the top-level design, standard formulation, functional research and development, joint debugging and testing.