Digital RMB pilot scenarios have exceeded 1.32 million
Digital RMB will coexist with physical RMB for a long time
Beijing, July 16th (Reporter Xu Peiyu) On the 16th, the People's Bank of China Digital RMB Research and Development Working Group released a white paper on the research and development progress of China's digital RMB.
The white paper makes it clear that the digital renminbi is a legal tender issued by the People’s Bank of China.
As a retail central bank digital currency, it is mainly used to meet domestic retail payment needs.
The relevant person in charge of the People's Bank of China stated that with the vigorous development of network technology and digital economy, the general public has an increasing demand for convenience, security, inclusiveness, and privacy in retail payments.
Central banks or monetary authorities in many countries and regions closely follow the development of financial technology and actively explore the digital form of legal tender. Legal digital currency is moving from theory to reality.
The People's Bank of China attaches great importance to the research and development of legal digital currency.
In 2014, a legal digital currency research team was established, and special research on the issuance framework, key technologies, issuance and circulation environment and related international experience began.
In 2016, the Digital Currency Research Institute was established to complete the construction of the first-generation prototype system of legal digital currency.
At the end of 2017, with the approval of the State Council, the People's Bank of China began to organize commercial institutions to jointly carry out research and development trials of legal digital currency (hereinafter referred to as digital RMB).
At present, the research and development test has basically completed the top-level design, function research and development, system debugging and other work, and is following the principles of stability, safety, controllability, innovation, and practicality, and selecting some representative areas to carry out the pilot test.
The white paper shows that as of the end of June, 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.
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.
The white paper pointed out that China’s research and development of the digital renminbi system aims to create a new type of renminbi in digital form for the purpose of meeting the public’s cash demand under the conditions of the digital economy, with support for reliable, stable, fast and efficient, continuous innovation, and open competition in the retail payment field. Financial infrastructure supports the development of China's digital economy, improves the level of inclusive finance development, and improves the operating efficiency of the currency and payment system.
The People’s Bank of China will continue to steadily advance the digital renminbi research and development pilot program in accordance with the “14th Five-Year Plan” plan, without pre-determining a timetable for launching, study and improve relevant system rules, strengthen research on major issues, and deepen legal digital currency’s monetary policy, financial system The research and evaluation of the deep impact of financial stability has laid a good theoretical policy foundation and application prospects for the research and development of digital renminbi.