China News Service, Beijing, July 16 (Reporter Wang Enbo) The People's Bank of China released the "White Paper on China's Digital RMB R&D Progress" on the 16th, stating that as of June 30, 2021, digital RMB has opened more than 20.87 million personal wallets. There are more than 3.51 million public wallets, with a total of 70.75 million transactions and an amount of approximately 34.5 billion yuan.
The white paper introduces that since the end of 2019, the People's Bank of China has followed the principles of stability, safety, controllability, innovation, and practicality, and carried out digital RMB pilot tests in Shenzhen, Suzhou, Xiongan, Chengdu and the 2022 Beijing Winter Olympics to test theoretical reliability , System stability, function availability, process convenience, scenario applicability and risk controllability.
Starting from November 2020, six new pilot areas will be added in Shanghai, Hainan, Changsha, Xi'an, Qingdao and Dalian.
The selection of pilot areas for digital RMB research and development takes into account factors such as major national development strategies, regional coordinated development strategies, and local industrial and economic characteristics. The current pilot provinces and cities basically cover the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, Central China, Western China, and Northeast China. Different regions such as, Northwest, etc. are conducive to the experiment and evaluation of the application prospects of the digital renminbi in different regions of China.
According to statistics, as of June 30, 2021, there have been over 1.32 million pilot scenarios for digital RMB, covering areas such as life payment, catering services, transportation, shopping and consumption, and government services.
The white paper stated that with the active participation and support of local governments, digital renminbi red envelope activities have been carried out in some regions, real user pilot tests in different scenarios and large-scale centralized testing in batches have been implemented, verifying the technical design and system stability of the digital renminbi business The compatibility, product ease of use and applicability of scenarios have enhanced the public’s understanding of the concept of digital renminbi design.
During the pilot period, the digital renminbi focused on continuous exploration of application model innovation.
Use smart contract technology to give digital RMB programmable features, improve expansion capabilities, and promote in-depth integration with application scenarios.
Cooperate with relevant mobile phone manufacturers to research and provide new mobile payment experiences including dual offline transactions.
Based on the smart visual card test, the hard wallet payment model separated from the mobile phone provides the possibility to bridge the "digital divide".
According to the white paper, pilot users generally believe that digital renminbi is beneficial to further improving payment efficiency and reducing payment costs. The general public, small and micro businesses, and enterprises truly feel the convenience and inclusiveness.
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