Foreigners who come to China for a short-term can use digital RMB to pay. The
Central Bank: You can open a digital RMB wallet without opening a bank account in Mainland China
Yesterday, the official website of the central bank released the "White Paper on the Development of China's Digital RMB" (hereinafter referred to as the white paper).
The white paper stated that the public without bank accounts can enjoy basic financial services through digital renminbi wallets, and overseas residents who come to China for a short time can open digital renminbi wallets without opening a bank account in mainland China to meet their daily payment needs in China.
It is understood that the People's Bank of China attaches great importance to the research and development of legal digital currencies.
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.
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.
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.
Open a digital RMB wallet
The white paper stated that China’s research and development of the digital renminbi system aims to create a new digital form of renminbi for the purpose of meeting the public’s cash needs 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 digital renminbi enriches the form of cash provided by the central bank to the public, meets the public's demand for digital form of cash, and contributes to inclusive finance.
With the development of digital technology and electronic payment, the use of cash in the retail payment field is decreasing, but the central bank, as a public sector, is obliged to maintain direct access to legal tender by the public, and to ensure the unity of accounting units under the conditions of the digital economy through the digitization of cash Sex.
The digital renminbi system will further lower the threshold for the public to obtain financial services, and maintain a legal tender supply for a wide range of groups and various scenarios.
The public without a bank account can enjoy basic financial services through digital renminbi wallets. Overseas residents who come to China for a short time can open digital renminbi wallets without opening a bank account in Mainland China to meet their daily payment needs in China.
The "payment as settlement" feature of the digital renminbi is also conducive to enterprises and related parties while enjoying the convenience of payment, while improving the efficiency of capital turnover.
Possess technical conditions for cross-border use
The white paper stated that it actively responded to the international community's initiative and explored ways to improve cross-border payments.
All sectors of society pay more attention to the realization of cross-border use of the digital renminbi and the promotion of the internationalization of the renminbi.
Cross-border payments involve many complex issues such as currency sovereignty, foreign exchange management policies, exchange system arrangements, and regulatory compliance requirements. They are also difficult problems that the international community is committed to promoting.
Currency internationalization is a natural market selection process. The status of international currencies is fundamentally determined by economic fundamentals and the depth, efficiency, and openness of the currency and financial markets.
Digital RMB has the technical conditions for cross-border use, but it is currently mainly used to meet domestic retail payment needs.
In the future, the People's Bank of China will actively respond to the Group of Twenty (G20) and other international organizations' initiatives to improve cross-border payments, and study the applicability of central bank digital currencies in cross-border areas.
According to the domestic pilot situation and the needs of the international community, the People’s Bank of China will explore cross-border payment pilots on the premise of fully respecting the monetary sovereignty of both parties and complying with laws and regulations, and will follow the three requirements of “lossless”, “compliance” and “interoperability”. The monetary authority and the central bank establish legal digital currency exchange arrangements and supervisory cooperation mechanisms, adhere to two-tier operation, risk-based management requirements and modular design principles to meet the regulatory and compliance requirements of various countries.
There are more than 1.32 million pilot scenarios
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 scenes to test theoretical reliability and 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 RMB in different regions of my country.
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.
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.
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 tests in batches have been implemented, verifying the technical design and system stability of digital renminbi business, as well as product ease. The usability and applicability of scenarios have enhanced the public's understanding of the concept of digital renminbi design.
Text/Reporter Cheng Jie
Coordinator/Yu Meiying
Security and privacy
The central bank sets up a "firewall" for information related to the digital renminbi
Yesterday, the People's Bank of China held a media briefing to introduce the contents of the white paper on the development of China's digital renminbi.
Fan Yifei, deputy governor of the central bank, said at the meeting that the People's Bank of China attaches great importance to the security and privacy of the digital renminbi system and regards compliance with laws and regulations and safety and convenience as the two most important design principles, which run through all levels of the digital renminbi design framework.
In terms of security, first standardize the entire life cycle information security management of the design, development, and operation and maintenance of digital renminbi and related systems, and realize the characteristics of non-repetitive spending, non-illegal copying and forgery, non-tampering and non-repudiation of transactions, and preliminary completion Multi-level security protection system to ensure that the digital RMB operating system meets the requirements of high security, high availability, high scalability, high concurrency, high ease of use and business continuity.
Secondly, it has initially completed the construction of a multi-level joint prevention and control security operation system, established an information security management system, focused on strengthening actual combat training, provided normalized security support for the digital RMB, strengthened emergency drills and resource guarantees, and effectively improved the prevention of emergencies Risk response ability.
At the same time, it will study new security technologies to improve the security level of digital renminbi, introduce the research and application of emerging technologies such as distributed digital identity and zero trust, strengthen technical measures for personal privacy data protection, and enhance user trust and security.
In terms of privacy, Fan Yifei pointed out that the digital renminbi system follows the principle of "small amount anonymous, large amount traceable according to law", and fully considers the business risk characteristics and information processing logic under the existing electronic payment system, and satisfies the public's demand for small amount anonymous payment services. demand.
At the same time, pay attention to prevent digital renminbi from being used in telecommunications fraud, online gambling, money laundering and other illegal and criminal activities, and ensure that relevant transactions meet anti-money laundering requirements.
The collection of transaction information in the digital renminbi system follows the principle of "minimum and necessary", and does not collect excessively, and does not provide it to third parties or other government departments 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.
The public without a bank account can enjoy basic financial services through digital renminbi wallets. Overseas residents who come to China for a short time can open digital renminbi wallets without opening a bank account in Mainland China to meet their daily payment needs in China.
Digital RMB pilot scenario
Quantity: over 1.32 million
Fields: living payment, catering services
Transportation, shopping and consumption, government services, etc.,
Number of open wallets
Individuals: more than 20.87 million
To the public: 3.51 million
Cumulative transaction
Number of pens: 70.75 million pens
Amount: about 34.5 billion yuan