[CNBC] 중앙은행이 디지털 화폐에 꽂힌 이유 -1

 

Why Central Banks Want To Get Into Digital Currencies
여러 중앙 은행은 왜 디지털 화폐를 원할까?
2021. 3. 6.
By CNBC

 

 

https://www.youtube.com/watch?v=ywV5JMDHiAY&t=62s 

 

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쓸 만한 표현 10가지, Useful ten expressions from the video

 

1.  ~ be booming. 

~이 뜨고 있다. 요즘 ~가 핫하다.

예)  Bitcoin is booming. 

비트코인이 뜨고 있다.

 

2. Believe it or not

믿기 힘드시겠지만

예) Believe it or not, we've sold 17 cars, Bentleys and Rolls, with Bitcoin.

믿기 힘드시겠지만 비트코인으로 벤틀리와 롤스로이스를 17대 구매했습니다.

 

3. There's been a lot of news about

~에 대한 뉴스가 많다, 뉴스에서 ~을 연일 소개한다.

예)There's been a lot of news about digital currencies lately.

디지털 화폐에 대한 뉴스가 최근 많다.

 

4. It remains to be seen (that) ~.

~할지는 지켜봐야 한다.

예) Whether all this turns Bitcoin into a viable currency remains to be seen.

이 모든 일이 비트코인을 그럴듯한 화폐로 취급받게 될 것인지는 지켜봐야 한다.

 

5. Advocates say~

찬성하는 사람들은 ~, 찬성하는 사람들의 주장은 ~

예) Advocates say digital money can make cross-border payments easier

 

6. a host of ~

많은, 다수의

예) But there's also a host of serious risks.

 

7. within the coming year

머지 않아

예) The world is going to see a functioning CBDC see very soon, within the coming year.

 

8. make everyday transactions

매일 거래하다, 결제하다

예) Similar to cash, the central bank would issue its digital currency to allow people to make everyday transactions.

 

9. be working with ~

~와 협력/작업하다, ~와 일하다

예) The European Central Bank is working with the European Commission.

유럽중앙은행(ECB)는 유럽 위원회와 협업중이다.

 

10. launch 

(제품/서비스) ~를 내놓다, 공개하다

동의어: launch, reveal, showcase, unveil 

예) Sweden launched a pilot program for its digital currency.

스웨덴은 시범 디지털 화폐를 공개했다.

 

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전체 스크립트

 

 

0:00 Introduction

 

Bitcoin is booming. 

 

[Interviewee]

We are going to look at cryptocurrency and or Bitcoin in terms of a currency to transact.
Believe it or not, we've sold 17 cars, Bentleys and Rolls, with Bitcoin.
Musk is driving so much of this market. It's fascinating. 

 

There's been a lot of news about digital currencies lately. Companies like Tesla, Square and PayPal have been getting into cryptocurrencies in a big way, with big, billion dollar bets on bitcoin specifically. Whether all this turns Bitcoin into a viable currency instead of a speculative investment or a store of value remains to be seen, but there's a growing number of governments around the world who aren't going to wait around.

 

 

 

0:42 Central banks in experiment to consider digial currency

The Bank of England is looking into its own digital currency. Sweden's central bank is testing an E-krona and emerging economies have introduced pilot programs. In 2020, about 60 percent of the world's 65 central banks surveyed said they're running experiments on CBDC. That's up 18 percent compared to 2019.

Advocates say digital money can make cross-border payments easier, promote financial inclusion and payment system stability. But there's also a host of serious risks. Surveillance and privacy issues could arise if the central bank is able to monitor every transaction.

 

[Interviewee]

You know, it is being implemented across the world. China's experiment is very large scale. When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital RMB to shop and to stay in hotels
and buy meals at restaurants. The world is going to see a functioning CBDC see very soon, within the coming year.

 

 

 

 

 

1:46 External pressure to central banks as China has pioneered

 

A central bank digital currency, or CBDC, is a digital form of a country's currency operated by the central bank. Similar to cash, the central bank would issue its digital currency to allow people to make everyday transactions.

 

Big-name investors and big-name companies are now pouring money into bitcoin. It's adding mainstream credibility to the famously volatile digital currency. Citibank recently said Bitcoin could become the, quote, currency of choice for global trade.

All of this is forcing the Fed to get more serious about the digital dollar. The U.S. also faces pressure from competitors
like China, which has been ahead of its own digital currency development.

 

China is actually very much driving, I think, a lot of the agenda around central bank digital currency. They've been testing their version of a central bank digital currency, the DCEP, which stands for digital currency electronic payment. China has been researching how it could create a digital yuan. The country has set up massive pilot testing in major cities in the past. On February 4th, China's central bank also set up a joint venture with SWIFT, the global system for financial messaging and cross-border payments.

 

 

 

3:01 Currencies governments revealed

Many governments, including the U.K., Sweden, Hong Kong, Australia and the U.S., are all exploring ways digital currency could work. The European Central Bank is working with the European Commission in experiments to consider the benefits of a digital euro. It'll decide whether to launch the digital euro in mid 2021. Sweden, which has one of the lowest usage rates of cash, launched a pilot program for its digital currency known as E Krona in 2019. And in Hong Kong, an experiment using digital currency to settle cross-border transactions between Thailand is being expanded.

[Interviewee]

In terms of human and institutional engagement, the United States is certainly behind the scale and the scope of what
China is doing, what Europe is doing, what Singapore and other individual nations are doing. But, you know, I've never felt that being first or second is what's important here. It's not about being there first. It's about doing it right.

 

 

4:02 Two ways governments would take; China's digital yuan ecosytem

 

Central bank digital currencies would operate just like the money you see when you check your bank accounts online. The digital dollars would be issued by the central bank and held directly in a citizen's digital wallet. Instead of printing physical money, the central bank would use electronic coins or notes. The digital wallet would be accessible through
smartphones. Governments could also decide whether they want its citizens to create a direct account with its central banks or operate the digital currency through existing financial institutions.

[Interviewee]

It is my understanding that many governments in Europe and also in Canada, they have considered their first option. They really want to feel more like the direct relationship with the person because they have experienced this need during covid to distribute a lot of funds to people. And they literally didn't know where they hold accounts, how to reach them.

China's digital yuan is not based on blockchain, the digital ledger technology underpinning cryptocurrency such as bitcoin. Put simply, blockchain is a permanent record of transactions linked an order, or a chain, to act as a timeline or a ledger. And in bitcoin's case, it's purposely decentralized. Central bank digital currencies can be blockchain based or not, depending on the design.

 

China's digital yuan works very similarly to its existing commercial digital payments, like Alipay and WeChat Pay. Users download digital wallets on their phones where they can store their funds. This generates a QR code, which can be scanned by payment terminals and shops to pay for things like food and retail items.

 

[Interviewee]

They have that ecosystem where WeChat and Alipay enabled the use of the digital yuan. They had the ability for people who are already quite comfortable with that way of transacting.