Mu Changchun: The final liquidity of digital RMB is provided by the central bank, and ownership is not affected by bankruptcy of the operating agency

Source | China Payment Clearance Association

"Even if the operating agency is bankrupt, the digital RMB in the user's wallet is not included in the bankruptcy property. Digital RMB is the central bank currency, and the central bank is the ultimate provider of liquidity." On September 15th, members of the China Finance Forty Forum (CF40), members of the China Financial Forum (CF40), members of the China Finance Mu Changchun, director of the Institute of Digital Currency of the People's Bank of China, shared the thinking on the legal issues of digital RMB value characteristics at the 11th China Payment and Clearance Forum. "Because commercial banks and payment institutions and account owners are the debt relationship, once the institution is bankrupt, according to the" zero -point law ", it will be affected from the court to the court by the court. Contradiction. "Mu Changchun said. The so -called "zero -point law" refers to the rules of bankruptcy law that starts to take effect from zero on the date of the bankruptcy announcement. The consequences of all transactions during the early morning of the day were invalid transactions. "Therefore, internationally, it is generally provided through legislation, eliminating the application of the" zero point law 'in the field of payment and settlement to achieve a certain guarantee for the finality of the settlement. Digital RMB naturally has the final nature of the settlement and is not subject to the "zero point law". The influence is legal. "He said that this is because the digital RMB has property rights attributes. Users enjoy the ownership of the digital RMB in the wallet. The digital RMB in the user's wallet does not belong to the asset surface. The following is the full text of Mu Changchun: "Thinking about the Legal Issues of the Value Features of Digital RMB"

Mu Changchun, Director of the Institute of Digital Currency Research of the People's Bank of China

Digital RMB is the legal currency of the digital form issued by the People's Bank of China and has valuable characteristics. Value characteristics are the basis of understanding the legal attributes of digital RMB, so that it has property rights attributes like the real RMB. It applies to the "possession, that is, all" rules.

1. Value characteristics are the basis for the establishment of digital RMB ownership

First, the value of digital RMB is reflected in the form of currency string. Digital renminbi is produced by an encrypted front system, and the encrypted front machine distributed in the operating agency adds the user's owner's logo and related fields to the core domain of the digital RMB, forms a coin string, and sends it to the user's digital RMB wallet. The value of the real RMB is not determined by the physical paper as a carrier. Similarly, the value of the digital RMB is not in the currency string itself, but the national credit given by it. The foundation of functional implementation.

Digital RMB is a general equivalent. Taking the RMB "meta, horns, and division" as the basic pricing unit, it can measure the value of all goods in the jurisdiction of the jurisdiction and reflect the characteristics of its value scale. Digital RMB is used as a payment method. The holder can use it freely to use it for valuable activities such as property exchange and debt settlement, which reflects the characteristics of its exchange medium. At the same time, the value of digital RMB is given by the state and has the strongest credibility. By legal possession and control of digital renminbi, users enjoy the corresponding value to achieve value storage. In addition, the technologies such as encryption algorithms have enhanced the characteristics of non -duplicate costs of digital RMB, illegal replication and forgery, transaction cannot be tampered with and resisted, and ensure the reliability and safety of the currency string as the value carrier of the digital RMB.

Secondly, digital RMB has valuable characteristics. It has the attributes of "things" and has the general characteristics of property rights. Digital RMB is a special property. Currency is a highly alternative type, which can be used by the same variety and quantity. Digital RMB, as the unity of value scale and exchange medium, determines that it does not have "personality", and the value it shows is calculated based on the currency units expressed. Therefore, when users use digital RMB, they will exchange property exchange based on their value and complete debt claims. Digital RMB is a typical consumer. Consumption refers to things that cannot be used repeatedly for the same purpose. As a medium of digital RMB, its liquidity far exceeds other property. Once it is used, it is transferred to the hands of others. The original owner cannot be used again and is a typical consumer.

Second, value characteristics give the legal attributes of digital RMB currency, apply the "possession, that is, all" rules, and the transfer of ownership will occur if it is delivered.

The currency follows the "possession, that is, all" rules, that is, anyone who possess currency will be prescribed as the owner of the currency. This rule emphasizes that its ownership is determined by the current possession of currency. The essence of currency determines that it is highly liquid and alternative, and does not apply to the legal rules of specific objects. It should not create ownership of currency dominance in addition to the legal reality.

The most important purpose of people's creation as a general equivalent currency is convenient transactions. The use of currencies to exchange property directly, buy goods, and settle debts have high convenience. People are accustomed to such a transaction method. Once the currency possession is separated from all, the burden of clearing the authenticity of the ownership will be increased during transaction. order.

Therefore, it is the basic legal need to be determined by the legal needs of the monetary owner to predetermine as a monetary owner to ensure the safety of transactions. Digital RMB is the same as physical currency, and the "possession is all" rules. Digital renminbi reflects the value of the currency, stored in the wallet opened by the user at the operating institution, and pays for settlement through wallets. The user is the owner of the digital renminbi in the wallet. The publicity of digital RMB ownership is achieved through the possession of the wallet and controlling. The transfer of digital RMB ownership is completed by the coin string. According to the laws and regulations of my country's "Civil Code", the effectiveness of the establishment and transfer of the property rights of the property occurred at the time of delivery, and it is also suitable for changes in digital RMB ownership as a special property. The payer uses digital RMB to pay for the purchase of goods or labor services. By completing the delivery of the possession of digital RMB string to the payee, the legal effect of digital RMB ownership transfer is synchronized. After the payment is completed, the payer loses the possession and control of the digital RMB delivered to the amount.

3. Value features make the digital RMB achieve the simultaneous completion of payment and settlement, and complete the transfer through digital RMB ownership to ensure the final nature of the settlement

Payment and settlement are two different legal acts and have different legal significance. Payment is a legal behavior of paying funds to the payee. The completion of the payment means the performance of the payer's payment obligations; and the settlement is the legal result of the payment of the payee's actual money, emphasizing that the debt is settled.

In physical cash transactions, the receipt and payment parties directly conduct point -to -point transactions. The payer pays the cash and the receipt of the receipt is completed simultaneously.

The digital RMB has the property of property rights, and has the same legal nature as the physical cash. The payee pays point -to -point payment and settlement, and simultaneously completes the transfer of the monetary value from the payer to the payee, and realizes the payment and settlement.

In traditional electronic payment, banks and payment institutions, such as risk control, liquidity conservation, or meet the regulatory requirements, etc., in consumption, cross -border, remittance and other cross -institutional businesses, the use of payment systems such as payment systems (FMI) and other financial market infrastructure (FMI) Therefore, clarify the final settlement point of the FMI and ensure that its legal stability is of great significance.

The "Financial Market Infrastructure Principles" jointly published by the Payment Settlement System Committee (CPSS) and the International Securities Regulatory Commission (iOSCO) Technical Committee clearly states that "FMI should provide clear and determined final settlement until the end of the effective date. Necessary or better, FMI should provide final settlement during day or real -time. "Final settlement requires FMI or participants to transfer or debt for the transfer of assets and financial instruments in accordance with the relevant contract terms. The final nature of settlement is an important time for dividing the rights and obligations of the payment bank and the burden of risk. The determination of the time marks the "end" of the institution that provides the right to the rights and obligations in the payment transaction. At the same time, the traditional electronic payment method clarifies the determination of the final nature of the settlement in law, and it is also an objective need to eliminate the "zero -point law" of the application of bankruptcy.

The "zero -point rule" refers to the bankruptcy law rules that start to take effect from the date of the bankruptcy announcement. The consequences of all transactions during the early morning to the time of declaration of bankruptcy were invalid transactions. Because commercial banks and payment institutions and account owners are the debt relationship, once the institution is bankrupt, according to the "zero -point law", it will be affected from the court to the court by the court. Essence

Therefore, internationally, it is generally provided by legislation to eliminate the application of the "zero -point law" in the field of payment and settlement, and achieve a certain guarantee for the finality of the settlement. Digital RMB naturally has the ultimate settlement of settlement, is not affected by the "zero -point law", and has legal certainty. This is because digital RMB has property rights attributes. Users enjoy the ownership of digital renminbi in the wallet. The digital RMB in the user's wallet does not belong to the assets of operating institutions and does not count as the balance sheet of the operating institution.

At the same time, from the perspective of the digital RMB system, once the payment instruction passes the relevant system verification, it has the characteristics of unconditional execution and irrevocable. The time of the completion of the payment settlement is the time when the ownership is transferred to ensure the final nature of the payment settlement. Therefore, even if the operating agency is bankrupt, the digital RMB in the user's wallet is not included in the bankruptcy property, and it is not affected by the "zero law". In addition, digital RMB is the central bank currency, and the central bank is the ultimate provider of liquidity. The use of central bank currency for currency settlement can better guarantee the final nature of settlement.

In summary, the value characteristics of digital RMB are the basis for establishing users to enjoy ownership. Users complete the payment by delivering the coin string, and complete the settlement while the transfer of digital RMB ownership. Risks such as liquidity.

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