Chinanews client, Beijing, October 27th (Reporter Li Jinlei) On October 26th, “fake digital RMB wallets have appeared in the market” and rushed to the first place in the hot search on Weibo.

Many small partners wonder: What is a digital RMB?

Haven't seen the real yet, the fake ones have come out?

On October 25, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, gave a speech at the 2nd Bund Finance Summit.

Live screenshot

What's the matter with counterfeit digital RMB wallet?

　　It turned out that on October 25, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said at the second Bund Financial Summit: "We have found that fake digital RMB wallets have appeared in the market."

　　Mu Changchun said that just like the paper money era, the People’s Bank of China is still facing the problem of anti-counterfeiting and anti-counterfeiting. In the paper money era, the cost of anti-counterfeiting and anti-counterfeiting is quite high. In the era of digital RMB, it is necessary to reduce the cost of anti-counterfeiting Coordinate the construction of a digital renminbi wallet ecosystem to facilitate identification by the people.

　　"It is necessary to coordinate the management of digital renminbi wallets, unify the digital renminbi recognition system, and effectively reduce the cost of anti-counterfeiting. According to the principle of two-tier operation, the central bank and designated operating agencies will jointly develop the wallet ecological platform through the use of co-construction and sharing methods, while achieving their own vision Identification and characteristic functions.” Mu Changchun said.

　　A few days ago, Shenzhen has issued 10 million digital RMB red envelopes on a trial basis. Each red envelope is worth 200 yuan. To receive digital RMB red envelopes, you need to download the digital RMB app and open a personal digital wallet.

It should be noted that the background colors of digital renminbi of different banks are different. For example, CCB is blue, Agricultural Bank is green, and ICBC and Bank of China are red.

Screenshot of digital RMB red envelope.

What is a digital RMB?

　　According to the latest definition of the central bank, the digital renminbi is a legal tender issued by the People’s Bank of China in digital form.

The designated operating agency participates in the operation and exchanges with the public. Based on the broad account system, it supports the loose coupling function of bank accounts, which is equivalent to banknotes and coins, has value characteristics and legal compensation, and supports controllable anonymity.

　　Simply put, digital renminbi is a digital alternative to cash.

　　According to Mu Changchun, the digital renminbi is mainly positioned at M0, that is, cash and coins in circulation.

It is not a new currency, but a digital form of RMB.

Everything you can buy with banknotes and digital RMB

　　Recently, there have been rumors that in Shenzhen second-hand housing transactions, some traders are forced to accept digital renminbi and are not allowed to exchange for gold or foreign currency.

　　In this regard, Mu Changchun emphasized that digital renminbi is equivalent to banknotes and coins. Anything you can buy with banknotes can be bought with digital renminbi. Foreign currencies that can be exchanged for banknotes can also be exchanged for digital renminbi. So don’t worry. .

Screenshot of the CCB digital RMB test interface.

Digital RMB has no interest and free exchange

　　The digital renminbi is a digital alternative to cash, and cash has no interest. Therefore, the digital renminbi has no interest.

　　According to the central bank, the digital renminbi does not count interest and is non-profit, and it seeks to maximize social benefits and social welfare.

Therefore, the People's Bank of China implements a free strategy consistent with cash for digital renminbi.

The central bank establishes a free digital renminbi value transfer system and financial infrastructure, and does not charge exchange and circulation service fees from the issuer, and commercial banks do not charge individual customers for digital renminbi redemption and redemption service fees.

　　Mu Changchun pointed out that although the central bank does not charge exchange and circulation service fees from the issuer, and commercial banks do not charge customers for redemption and redemption service fees, the fees between operating agencies, market service agencies and merchants need to pass market mechanisms. It is up to both parties to decide through a market-oriented approach.

Double offline payment, transfer with one touch

　　Recently, Mu Changchun also stated at the 2020 Financial Street Forum annual meeting, “In the follow-up process, new projects will be launched. For example, the “dual offline” wallet has been fully developed and the use is relatively smooth. In the follow-up pilot process It will also apply."

　　It is reported that dual offline payment refers to a process of completing a business when both the media and the accepting terminal are offline.

Even if there is no mobile phone signal, it can still be used. As long as the mobile phone with the digital currency wallet is held together, you can easily complete the transfer or payment.

　　"No QR code is generated when there is no internet, but you can use Tap NFC to pay directly, which is very convenient." A winner of a digital RMB red envelope in Shenzhen told a reporter from Chinanews.com that he used Tap to pay. Other payment methods are more convenient.

The transaction record of the digital RMB red envelope of a winner in Shenzhen.

Digital RMB and banknotes will coexist for a long time

　　Will digital renminbi completely replace paper money?

In this regard, Mu Changchun said that in the foreseeable future, digital renminbi and banknotes will coexist for a long time.

　　"We have been developing digital renminbi products that are suitable for the elderly or those who exclude the use of smart terminals." Mu Changchun said that the issuance of digital renminbi is not achieved by administrative enforcement, but should be done in a market-oriented way. We will issue as much as the people need to exchange.

In addition, as long as the people have the need to use banknotes, the People's Bank of China will not stop supplying banknotes.

Data map: People are using mobile phones to pay.

Photo by China News Agency reporter Zhang Yun

No competition with WeChat and Alipay

　　When talking about the relationship between digital renminbi, WeChat and Alipay, Mu Changchun explained that the two are not fundamentally the same.

WeChat and Alipay are "wallets", while digital renminbi is the "money" in them.

　　"At present, WeChat and Alipay have become systemically important financial infrastructures in the retail payment scenario. Generally speaking, they are "wallets" and "highways". The content used for payment is commercial banks in the era of electronic payment. In the era of digital renminbi, the digital renminbi option has been added to the wallet. Therefore, in the future, people using WeChat and Alipay can choose not only the currency of commercial bank deposits, but also digital renminbi.” Mu Changchun said.

　　Mu Changchun said that the respective commercial banks of Tencent and Ant Group are also operating institutions and therefore do not have a competitive relationship with digital RMB.

　　It is reported that the digital renminbi is currently undergoing internal closed pilot tests in Shenzhen, Suzhou, Xiongan, Chengdu and future Winter Olympic scenes, and there is no timetable for the official launch.

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