Chinanews client, Beijing, July 17th (Reporter Li Jinlei) Digital RMB does not count interest, small anonymous large amounts are traceable according to law, will coexist with physical RMB for a long time, and there is no preset timetable for launch...
On July 16, the Central Bank released the "White Paper on China's Digital RMB R&D Progress", revealing some important information about the digital RMB, which is worthy of attention.
Data map: Digital RMB payment test enters the Shanghai Metro.
Photo by Zhang Hengwei
Digital RMB does not accrue interest
According to the definition of the white paper, digital renminbi is a digital form of legal tender issued by the People’s Bank of China. It is operated by designated operating institutions. Based on the broad account system, it supports the loose coupling function of bank accounts and is equivalent to physical renminbi. It has value characteristics and legal characteristics. Compensatory.
Digital RMB does not count interest.
The digital renminbi is positioned at M0, which is consistent with the physical renminbi that also belongs to the M0 category, and no interest is calculated on it.
The central bank stated that the digital renminbi adheres to the M0 position and does not accrue interest in order to reduce competition with bank deposits.
The delivery method of digital renminbi is basically the same as that of physical renminbi. It adopts a two-tier operation model and commercial banks assume the function of converting to the public.
Consistent with the management of physical renminbi, the People's Bank of China does not charge designated operating agencies for exchange and circulation service fees, and designated operating agencies do not charge individual customers for digital renminbi redemption and redemption service fees.
Data map: Digital RMB "touch one touch" offline payment function.
Photo by Zhong Sheng
Small amount anonymous, large amount traceable according to law
The white paper pointed out that the digital renminbi follows the principle of “small amounts anonymity, large amounts can be traced according to law”, attaches great importance to personal information and privacy protection, fully considers the business risk characteristics and information processing logic under the existing electronic payment system, and meets the public’s anonymity for small amounts Payment service demand.
At the same time, prevent digital renminbi from being used in telecommunications fraud, online gambling, money laundering, tax evasion and other illegal and criminal activities, and ensure that relevant transactions comply with anti-money laundering and anti-terrorist financing requirements.
The digital renminbi system collects less transaction information than traditional electronic payment models, and does not provide it to third parties or other government agencies unless it is clearly stipulated by laws and regulations.
The People's Bank of China has set up a "firewall" for digital RMB-related information, and strictly implements information security and privacy protection management through dedicated management, business isolation, hierarchical authorization, post checks and balances, and internal auditing, and prohibits arbitrary inquiry and use.
Data map: Some consumers experience digital renminbi payment services.
Photo by Zhang Hengwei
There are different levels of digital renminbi wallets
The white paper points out that wallets are divided into different levels according to the strength of customer identification.
Designated operating institutions classify and manage digital RMB wallets according to the strength of customer identification, and assign different single, single-day transactions and balance limits to various wallets according to the strength of their real names.
The least-privileged wallet does not require identification information to reflect the principle of anonymous design.
By default, users open an anonymous wallet with the lowest authority, which can be upgraded to a real-name wallet with high authority as needed.
Digital RMB visual card "hard wallet".
Photo by Chinanews reporter Li Jinlei
According to the carrier, it can be divided into soft wallet and hard wallet
According to the carrier, it is divided into soft wallet and hard wallet.
The soft wallet provides services to users based on mobile payment APP, software development kit (SDK), application programming interface (API), etc.
The hard wallet implements digital renminbi-related functions based on technologies such as security chips, and provides services to users based on IC cards, mobile terminals, wearable devices, and Internet of Things devices.
Digital RMB visual card "hard wallet" can display balance and transaction amount.
Photo by Chinanews reporter Li Jinlei
Will coexist with the physical renminbi for a long time
The white paper pointed out that the digital renminbi is mainly positioned as a cash payment voucher (M0), and will coexist with the physical renminbi for a long time.
Both digital renminbi and physical renminbi are liabilities of the central bank to the public and have the same legal status and economic value.
The digital renminbi will be issued in parallel with the physical renminbi, and the People's Bank of China will make statistics, collaborative analysis, and overall management of the two.
As long as there is a demand for physical renminbi, the People's Bank of China will not stop the supply of physical renminbi or replace it with administrative orders.
The cumulative transaction amount of digital RMB is approximately 34.5 billion yuan
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.
Starting from November 2020, six new pilot areas will be added in Shanghai, Hainan, Changsha, Xi'an, Qingdao and Dalian.
The current pilot provinces and cities basically cover different regions such as the Yangtze River Delta, the Pearl River Delta, the Beijing-Tianjin-Hebei region, the central region, the western region, the northeast and the northwest.
The white paper revealed that as of June 30, 2021, there have been more than 1.32 million digital RMB pilot scenarios, covering life payment, catering services, transportation, shopping and consumption, government services and other fields.
More than 20.87 million personal wallets and 3.51 million public wallets were opened, and the total number of transactions was 70.75 million with an amount of approximately 34.5 billion yuan.
Digital RMB data map.
Photo by Chinanews reporter Li Jinlei
Digital RMB does not have a preset timetable for launch
The People's Bank of China will continue to steadily advance the digital renminbi research and development pilot projects in accordance with the national "14th Five-Year Plan" plan, and will not preset a timetable for launch.
The white paper stated that the R&D pilot work will continue to be promoted in a steady and orderly manner.
According to the pilot test work in the early stage, combined with the development plan and local characteristics of the pilot test area, further expand the coverage of the pilot test application scenarios and achieve full coverage of the application scenarios in the specific pilot area.
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