Look at the white paper!
The system answers your curiosity about digital RMB
Xinhua News Agency, Beijing, July 16 -
Question: look at the white paper!
The system answers your curiosity about digital RMB
Xinhua News Agency reporter Wu Yu
The People's Bank of China began researching and developing the digital renminbi at the end of 2017, and finally disclosed its research and development to the outside world for the first time more than three years later.
On the 16th, the People's Bank of China released the white paper "Research and Development of China's Digital RMB". Let's take a look at the white paper that answers your questions about digital RMB?
Question 1: Will the digital renminbi replace the physical renminbi?
The white paper clearly pointed out that digital renminbi is mainly positioned as a cash payment voucher (M0) and will coexist with physical renminbi for a long time.
Fan Yifei, deputy governor of the People's Bank of China, said that digital renminbi and physical renminbi have the same legal status and economic value, supported by national credit, and are legally compensatory.
The management method of digital renminbi is the same as that of physical renminbi, and the People's Bank of China does not calculate and pay interest on it.
"Digital RMB will be issued in parallel with physical RMB. The People's Bank of China will make statistics, collaborative analysis, and overall management of the two." Luo Rui, Director of the People's Bank of Currency and Finance Bureau, introduced that my country has a vast territory, a large population, and differences in regional development. The environment, residents' payment habits, age structure, and safety requirements determine that the physical renminbi has the irreplaceable characteristics of other payment methods, and the physical renminbi will coexist with the digital renminbi for a long time.
Question 2: Will the digital renminbi replace existing electronic payment tools in the future?
The white paper introduces that digital renminbi supports the interaction with traditional electronic payment systems and makes full use of the existing financial infrastructure to realize the interconnection between wallets of different designated operating institutions, digital renminbi wallets and bank accounts, and improve the interactivity of payment tools.
"Digital renminbi will coexist with traditional electronic payment tools for a long time." Mu Changchun, director of the People's Bank of China's Digital Currency Research Institute, said that China has always supported the coordinated development of various payment methods. Digital renminbi and general electronic payment tools are in different dimensions, complementary and different .
Mu Changchun said that digital renminbi and electronic payment tools have similar payment functions, but they also have specific advantages: they can transfer value without relying on bank accounts, support offline transactions, and have "payment as settlement" features; support controllable anonymity, and Conducive to the protection of personal privacy and user information security.
Question 3: How does the digital renminbi avoid the "digital divide" problem of specific groups such as the elderly?
In terms of digital RMB wallet design, the white paper proposes to meet the differentiated needs of users with multiple subjects, multiple levels, multiple categories, and multiple forms, to ensure the inclusiveness of digital wallets, and to avoid usage obstacles caused by the "digital divide".
According to Luo Rui, the digital renminbi hard wallet implements digital renminbi-related functions based on technologies such as security chips, and provides services to users based on IC cards, wearable devices, and Internet of Things devices, which can help solve the operational intelligence of specific groups such as the elderly and the disabled. Mobile phone inconvenience problem.
In the design of future digital renminbi products, the actual needs of specific groups will also be fully considered, and the difficulty of use will be reduced through a variety of technical means to further enhance the inclusiveness of the digital renminbi.
Question 4: Will the digital renminbi further expand the scope of the pilot program?
According to the white paper, based on the preliminary pilot test work, combined with the development plan and local characteristics of the pilot test area, the coverage of the pilot test application scenarios will be further expanded to achieve full coverage of the application scenarios in the specific pilot area.
Data 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.
Fan Yifei stated that he will continue to steadily advance the digital renminbi R&D pilot without a preset timetable for launch.
The central bank will further expand the coverage of pilot application scenarios, and at the same time expand the scope of participating institutions and pilot testing areas in light of the actual research and development pilot work.
Research and formulate management measures related to digital renminbi, and strengthen the protection of personal information of digital renminbi.
Question 5: What are the characteristics of digital renminbi in the Beijing Winter Olympics scene application?
The white paper introduces that in the Beijing Winter Olympics Organizing Committee Park, based on the construction of the technological and smart Winter Olympics, pilot deployment of innovative application scenarios such as unmanned vans, self-service vending machines, and unmanned supermarkets, and launches payment gloves, payment badges, and winter Olympics. Austria pays for wearable devices such as clothing.
Fan Yifei said that the digital RMB Beijing Winter Olympics scenario pilot mainly focuses on payment service needs in the seven key areas of food, housing, transportation, travel, shopping, entertainment, and medicine.
In addition, in order to facilitate overseas athletes, coaches, referees and tourists coming to China, the People's Bank of China will guide participating institutions to launch digital renminbi soft wallet and hard wallet service solutions.