Thesis Overview
| Key Information | Details |
|---|---|
| Chinese Title | 我国法定数字货币的发行设想及影响研究 (Research on the Issuance Design and Impact of China's Legal Digital Currency) |
| Author | Ouyang Quan |
| Discipline | Economics - Finance |
| Degree | Bachelor of Economics |
| University | Renmin University of China |
| School/Department | School of Finance |
| Major | Finance |
| Primary Advisor | Zhang Jie |
| Completion Date | April 13, 2020 |
| Submission Date | June 4, 2020 |
Core Keywords
- Currency digitization
- Legal digital currency
- Path design
- Economic benefits
- Risk management
- Countermeasures
Abstract Summary
This thesis examines the feasibility of issuing a central bank digital currency (CBDC) in China, analyzing its potential economic impacts and associated risks. Key focus areas include:
- Historical evolution of digital currencies (from Bitcoin to Libra)
- Technical and operational frameworks for CBDC implementation
- Economic advantages: Reduced transaction costs, enhanced monetary policy effectiveness, and RMB internationalization
- Risk mitigation strategies for technological vulnerabilities and financial instability
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Research Methodology
- Comparative Analysis: Evaluates global digital currency models
- Path Design: Proposes a dual-tier system combining centralized issuance with distributed ledger technology
Impact Assessment: Quantitative analysis of CBDC's effects on:
- Payment systems
- Commercial banking stability
- Cross-border trade efficiency
Key Findings
| Benefit | Risk | Mitigation Strategy |
|---|---|---|
| Lower transaction costs | Bank run potential | Tiered interest rates |
| Improved monetary policy | Cybersecurity threats | Quantum-resistant encryption |
| RMB internationalization | Regulatory gaps | Adaptive legal frameworks |
FAQs
1. How does CBDC differ from cryptocurrencies like Bitcoin?
CBDCs are state-backed legal tender with centralized governance, unlike decentralized cryptocurrencies.
2. What are the main technological challenges?
Scalability, interoperability with legacy systems, and ensuring 24/7 operational resilience.
3. Could CBDC replace cash entirely?
Not immediately – phased implementation ensures financial inclusion for non-digital populations.
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Conclusion
This research provides a comprehensive roadmap for China's CBDC rollout, balancing innovation with systemic stability. Future studies should monitor pilot program outcomes and international regulatory developments.