Digital RMB pilot is being carried out in an orderly manner. Do not misunderstand the digital RMB

Don't misunderstand the digital renminbi

　　Chen Guojing

　　Currently, the digital renminbi pilot program is being carried out in an orderly manner. After various activities such as the “digital renminbi red envelope lottery” have been launched, consumers are enthusiastic about participating.

However, after the wave of "grabbing red envelopes" faded, the public's understanding of the new digital renminbi was still limited, and there were many misunderstandings.

　　One of the misunderstandings is that when participating in the experience, many consumers have an intuitive feeling that they subjectively feel that there is no obvious difference between using digital renminbi and mobile payment, and then conclude that digital renminbi is to replace third-party payment; Another misunderstanding is that some people believe that the introduction of the digital renminbi is to replace the U.S. dollar's status as a reserve currency and the status of an international payment currency.

　　In fact, digital renminbi and third-party payment are not the same dimension, and will not be a relationship between competition and substitution.

The digital renminbi is money and a tool.

In the process of digital renminbi circulation, from the very beginning, the People's Bank of China did not directly provide exchange and circulation services to the public, but rather designated operating agencies provide consumers with exchange and circulation services.

Therefore, the entire link of digital renminbi exchange and circulation requires the participation of all social forces.

As a carrier and infrastructure, third-party payment can still be used as a carrier of digital renminbi to jointly provide people with digital renminbi services.

　　The launch of the digital renminbi is not to replace the U.S. dollar or other international currencies. It is based on me.

　　What needs to be noticed is that the digital renminbi is the cornerstone of the development of the digital economy. The development of digital renminbi research and development and the orderly development of digital renminbi pilot projects are mainly to meet the needs of my country's current economic development.

With the continuous advancement of Internet technology, the mode of economic operation is also changing, and new digital formats continue to emerge.

"China Internet Development Report 2020" shows that in 2019, the scale of China's digital economy reached 35.8 trillion yuan, accounting for 36.2% of GDP, and the total scale and growth rate of China's digital economy ranked among the top in the world.

In this context, the society as a whole will have higher and higher requirements for the security and convenience of payment. It is urgent to start from the top-level design, strengthen the construction of financial infrastructure, and establish a solid and healthy digital RMB ecosystem in China. system.

　　From an international point of view, countries are currently stepping up research on digital legal currency, and we must not lag behind in this field.

A questionnaire survey conducted by the Bank for International Settlements in the fourth quarter of 2020 shows that 60% of central banks are currently conducting digital fiat currency experiments or proof-of-concepts, while this level was only 42% in 2019.

The Bank for International Settlements predicts that in the next three years, the central bank, which represents one-fifth of the world’s population, is likely to issue universal digital fiat currencies.

　　At present, the digital renminbi is already at the forefront.

However, there is still a long way to go before the digital renminbi moves from a pilot to a formal launch.

　　First, the digital renminbi pilot adheres to the principles of stability, safety, and control. At present, the number of participants, the number of transactions, and the exchange amount are generally small.

Next, we can consider expanding the scope and scale of the pilot in a stable and orderly manner in areas where conditions permit, continuously optimizing and enriching the functions of the digital renminbi, and at the same time improving the relevant legal framework and institutional arrangements to lay a solid foundation.

　　Secondly, under the background that central banks of all countries are "shaking their hands", it is necessary to pay close attention to the development of digital currency research and development of central banks, steadily promote the international cooperation of central bank digital currency research and development, and actively participate in the discussion and research of international rules.

　　Finally, cracking the digital renminbi to "see the excitement" but not see the status quo of the "doorway" still depends on the strengthening of public communication.

As a new thing, digital renminbi is a common thing at first.

Next, if the effectiveness of interpretation and communication cannot be improved through various channels, misunderstandings and prejudices will be unavoidable.

In the future, it is necessary to further strengthen people's understanding and understanding of digital renminbi, and lay a solid foundation for the next pilot and promotion of digital renminbi.