Di Gang: Cryptocurrency RMB Beijing Winter Olympics scene pilot work progresses steadily and orderly

The world has entered a stage of rapid digital integration and development. The role of digital technology has been widely recognized by the whole society, and it has developed rapidly in the financial industry. Compared with the previous electronic, informatization, and networking, it has now developed to digital and In the era of intelligence, the relationship with the real economy has evolved from assistance, support, and empowerment to integration, originality, and ubiquity. “On December 5, at the 18th Global Annual Meeting of the International Finance Forum (IFF), Di Gang, deputy director of the Digital Currency Institute of the People’s Bank of China, said.

Di Gang pointed out that in March this year, my country issued the “Fourteenth Five-Year Plan” and the “Outline of Vision Goals for 2035”. In the part of accelerating the promotion of digital industrialization, it clearly proposed that artificial intelligence, big data, and blockchain should be cultivated and strengthened. , Cloud computing, network security and other emerging digital industries. “Among the digital technologies that are focused on, blockchain technology has become an important engine for the development of digital finance.”

In fact, blockchain technology has been widely adopted. According to Di Gang, in 2021, relevant consulting agencies conducted blockchain surveys in ten countries including the United States, the United Kingdom, Singapore, Germany, China, and Japan. The results show that 81% of the interviewed institutions believe that blockchain technology has a wide range of possibilities. Scalability and adoption by the mainstream, among which the approval ratio of financial institutions is as high as 84%. All the global financial institutions interviewed have made blockchain an imperative strategic priority. In September 2021, a research institution conducted a survey on the use of blockchain in the world’s TOP100 listed institutions and showed that 81 institutions are using blockchain technology.

The application of blockchain technology in the field of digital finance has begun to appear. Di Gang pointed out that, on the one hand, from fighting for patents to fighting for strength, from looking for scenarios to building ecology, the achievements of blockchain implementation continue to increase, and more and more value advantages are exerted; on the other hand, blockchain technology In cross-border payment, supply chain finance, agricultural finance, trade finance, inclusive finance, social cities, “agriculture, rural areas, and people’s livelihoods”, some large international financial institutions are also actively expanding blockchain application scenarios, including trade Finance, information sharing, foreign exchange transactions, equity transactions, etc.

Di Gang focused on the use of blockchain technology by the Institute of Mathematics. He pointed out that the Digital Research Institute is the first to actively explore the application of blockchain in R&D projects.

One is to build a unified distributed ledger based on blockchain technology in the digital renminbi system. As a credible institution, the central bank puts transaction data on the chain to ensure the authenticity and reliability of the data. Operating institutions can perform cross-institutional reconciliation, collective maintenance of ledgers, and multi-point backups.

The second is to carry out a multilateral central bank digital currency bridge project with the support of the Innovation Center of the Bank for International Settlements. As the chairman of the technical committee of the digital currency bridge project, the Institute of Mathematics is exploring the use of distributed ledgers to build a currency bridge test platform.

The third is to take the lead in undertaking major projects of the national key research and development plan, to build a trade finance blockchain platform, and to complete the construction of a blockchain-based trade finance ecosystem with the goal of information penetration, trust transferability, and credit sharing.

Fourth, in the field of standardization, the Institute of Mathematics has actively strengthened the construction of the standard system, led the development of multiple blockchain international standards, served as the deputy director unit of the National Blockchain Distributed Ledger Accounting Technical Standards Committee, and participated in the blockchain technology reference Framework and other national standards are formulated, and with the support of the Golden Standards Committee, the development of relevant industry standards such as blockchain evaluation rules, security specifications, interconnection, trade finance, etc. is promoted.

Digang believes that the current blockchain still faces six major technical challenges in the field of digital finance. He pointed out that although blockchain technology has expanded many application scenarios in the global digital finance field, it still faces a series of technical challenges.

On the one hand, in terms of system architecture, there are still many problems with performance and scalability. We need to pay attention to solutions such as sidechains, multi-chains, hardware acceleration, and on-chain and off-chain collaboration.

The second is in terms of privacy protection. “Currently, mainstream privacy protection technologies such as zero-knowledge proof, homomorphic encryption, secure multi-party computing, and federated learning have relatively large limitations. They also need to innovate from the theoretical level and also from the engineering and technical aspects. “Di Gang said.

In terms of information security, Di Gang believes that the blockchain faces challenges such as autonomous controllability, open source licensing, and quantum computing. It needs to further strengthen security technology innovation, including smart contracts, formal verification, contract security, and DID distributed identities.

In addition, in terms of supervision and auditing, Di Gang believes that many of the nodes of the blockchain are anonymized and encrypted. Decentralization is difficult to supervise. The combination of privacy protection technology and supervisory detection technology can be used to achieve penetration. Supervision.

At the level of integration, “the integration and compatibility of blockchain and traditional technologies need to be strengthened, and there are technical frictions. It is necessary to strengthen the research on the inheritance and improvement of blockchain based on traditional technologies, and to strengthen the research on the integration and innovation of new technologies.” Di Gang Speaking of.

Finally, in terms of the standard system, Di Gang bluntly said that blockchain interconnectivity is poor, and the core technical standards and application standards are not enough. This requires increasing the construction of the interconnection standard system.

In Di Gang’s view, in the future, blockchain digital finance has room for improvement in terms of basic theory, core technology, core technology, and special demonstrations.

For example, in terms of basic theory, Di Gang believes that basic theoretical research should be increased. Digital financial technology practice is often faster than the development of technical theory. It is necessary to increase technical theoretical innovation in terms of system architecture, trusted technology, consensus algorithm, and cryptographic theory; core; In terms of technology, building core technologies includes smart contract innovation, blockchain network technology, chips and hardware, as well as cross-chain, regulatory audit, threat monitoring, etc.

Di Gang pointed out that the Digital Currency Research Institute of the People’s Bank of China is a public institution directly under the People’s Bank of China. According to the national strategic deployment and the overall work arrangement of the People’s Bank of China, it undertakes the research and development of national legal digital currency and focuses on the innovation and development of financial technology. “The digital renminbi will be piloted at the end of 2019, and it has been piloted in 10 regions and the 2022 Beijing Winter Olympics. In July this year, the People’s Bank of An important part of the preparations for the Olympic Games, the pilot work of the digital RMB Beijing Winter Olympics scene is also progressing steadily and orderly.”

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