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May 20 Love Day, Central Bank again “Issue Currency”?

Recently, the central bank’s “currency issuance” news has been frequently searched.

On May 20, the People’s Bank of China issued a set of 2020 Auspicious Culture Gold and Silver Commemorative Coins. There are 6 commemorative coins in total, including 2 gold commemorative coins, 3 silver commemorative coins, and 1 gold and silver bimetallic commemorative coin, all of which are the legal currencies of the People’s Republic of China. The commemorative coins were printed with the patterns of “Song He Yan Nian”, “Qi Lin Song Zi”, “Hundred Years of Harmony”, and “Jin Yu Man Tang”. The issuance on the particularly loving day of “520” can be described as timely.

Not long ago, another news of the central bank’s “currency issuance” also caused a trend of screen scrubbing on the Internet, that is, the central bank’s digital currency started its internal testing in Xiangcheng District, Suzhou City, Jiangsu Province, in May. The central bank’s digital currency is a digital alternative to the paper money. The English name is DCEP (Digital Currency Electronic Payment), which refers to digital currency and electronic payment tools. Digital currency can be circulated like paper money, and its positioning as substitute for cash. It is a legal currency like cash. It is endorsed by national credit and has unlimited legal compensation. In the future, the issuance of DCEP will play an active role in protecting privacy, promoting the diversification of competition in the payment market, facilitating the internationalization of the RMB, and improving the efficiency of monetary policy transmission.

Currently, the Asia Digital Bank (AsiaDB) is also actively cooperating with the Nanjing Digital Financial Industry Research Institute which is operated by the China’s Central Bank Digital Currency Research Institute (Nanjing) Application and Demonstration Base. The two parties will jointly establish the “Belt and Road” Digital Finance Research and Innovation Center to accelerate the planning and promotion of the development of digital assets and digital finance, accelerate the research cooperation on digital currencies, accelerate the establishment of a digital asset transaction service platform, and further enhance the role of financial service in the development of real economy, facilitate the transformation of the digital economy in the “Belt and Road” countries. 

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