Peking University Digital Finance Researcher: The promotion of digital currency will lead to a decrease in the demand for ATMs

Xu Yuan, a senior researcher at the Digital Finance Research Center of Peking University, said that the promotion of digital currency will lead to a cashless society and will reduce the demand for ATM machines, "the most important financial invention since the 20th century." However, the RMB is currently mainly circulated in electronic form, and the proportion of cash circulation is not high, so DCEP is only a further replacement for cash. Second, it will have an impact on third-party payment tools such as Alipay and WeChat. The biggest advantage of DCEP is that it is legal and has the credit endorsement of the state. It is not only safer and more reliable, but also cannot be rejected by any transaction subject. Secondly, DCEP implements the principle of controllable anonymity, which can better ensure the anonymity of transactions, while third-party payment tools often require real-name authentication, and user payment data is actually controlled by the platform. Third, it will have an impact on demand deposits. Both have their own advantages. On the one hand, the purpose of DCEP is to replace cash. It does not pay interest in the concept, while demand deposits can have a certain interest income; on the other hand, demand deposits do not have the anonymity advantage of digital currency transactions. Which payment method to use will depend on the user's trade-off. (People's Daily)