The "White Paper" clearly stated that the digital renminbi follows the principle of “anonymity in small amounts and traceable in large amounts according to law”, attaches great importance to the protection of personal information and privacy, and fully considers the business risk characteristics and information processing logic under the existing electronic payment system to satisfy the public’s concerns. Demand for small anonymous payment services.

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.


  Recently, the Central Bank's Digital RMB Research and Development Working Group released the "White Paper on China's Digital RMB Research and Development Progress" (hereinafter referred to as the "White Paper").

  The white paper includes six parts: introduction, R&D background, definition and goal vision, design framework, possible influence and response strategies, and work progress.

  This is the first time that the central bank has disclosed the digital RMB research and development to the domestic and global systems. The purpose is to listen to the public's opinions and suggestions on research and development work and strengthen communication with relevant parties.

  Why is the digital renminbi born?

  The digital renminbi is a digital legal currency issued by the People's Bank of China. It is operated by a designated operating institution. Based on the broad account system, it supports the loose coupling function of bank accounts. It is equivalent to the physical renminbi and has value characteristics and legal compensation.

  Since last year, Shenzhen, Suzhou, Beijing, Chengdu and other places have successively launched digital renminbi red envelopes, and steadily carried out digital renminbi pilot tests.

As of June 30 this year, the number of invited whitelisted users in the digital RMB pilot has exceeded 10 million, opened 20.87 million personal wallets, 3.51 million public wallets, and accumulated 70.75 million transactions with an amount of approximately 34.5 billion.

There are more than 1.32 million digital RMB pilot scenarios, both online and offline, covering areas such as wholesale and retail, catering, cultural and tourism, education and medical care, public transportation, government payment, tax collection, and subsidies.

  From the user's point of view, although the payment method of digital renminbi is not much different from the current mobile payment, the research and development of digital renminbi has its profound background significance.

  The "White Paper" pointed out that the development of digital renminbi firstly lies in the development of the digital economy, which requires the construction of a new, safe and inclusive retail payment infrastructure that adapts to the requirements of the times. With the development of the digital economy, my country's cash utilization rate has recently shown a downward trend. The function and use environment of cash Profound changes are taking place.

Since the advent of Bitcoin, the private sector has launched various so-called cryptocurrencies.

According to incomplete statistics, there are currently more than 10,000 influential cryptocurrencies, with a total market value of over US$1.3 trillion.

Some commercial organizations plan to launch a global stable currency, which will bring many risks and challenges to the international monetary system, payment and settlement system, monetary policy, and cross-border capital flow management.

  At the same time, at present, all major economies are actively considering or promoting central bank digital currency research and development.

The latest survey report of the Bank for International Settlements shows that about 86% of central banks in 65 countries or economies have carried out digital currency research, and the number of central banks undergoing experiments or proof-of-concepts has increased from 42% in 2019 to 60% in 2020.

According to relevant public information, the central banks of the United States, the United Kingdom, France, Canada, Sweden, Japan, Russia, South Korea, Singapore and other countries, as well as the European Central Bank, have announced their considerations and plans for central bank digital currencies in various forms in recent years. Completed preliminary tests.

  The digital renminbi will coexist with the physical renminbi for a long time

  Regarding the relationship between digital renminbi and cash, the "White Paper" clarifies the status of the two: digital renminbi is mainly positioned as a cash payment voucher (M0), no interest is calculated on it, and it 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 central bank will make statistics, collaborative analysis, and overall management of the two.

As long as there is a demand for physical renminbi, the central bank will not stop the supply of physical renminbi or replace it with administrative orders.

  It is worth noting that the "White Paper" identified the digital renminbi as a retail central bank digital currency, mainly used to meet domestic retail payment needs.

The central bank will divide digital currencies into two categories according to different users and uses: one is a wholesale central bank digital currency, which is mainly issued to commercial banks and other institutional entities, and is mostly used for large-value settlements; the other is a retail central bank digital currency , Issued to the public and used in daily transactions.

  In the future digital retail payment system, the digital renminbi and the electronic account funds of designated operating institutions are universal, and together constitute a cash payment tool.

Commercial banks and licensed non-bank payment institutions can participate in the digital renminbi payment service system and make full use of the current situation when they fully and continuously comply with compliance (including anti-money laundering and anti-terrorist financing) and risk supervision requirements, and are approved and supported by the central bank. It has the role of payment and other infrastructure, providing customers with digital retail payment services.

  "Digital RMB will coexist with traditional electronic payment tools for a long time." Mu Changchun, director of the Central Bank's Digital Currency Research Institute, also emphasized the relationship between digital RMB and electronic payment at a media briefing held a few days ago. He pointed out that digital RMB and general Electronic payment tools are in different dimensions, complementary and different.

The design of digital renminbi takes into account the advantages of physical renminbi and electronic payment tools. It not only has the characteristics of payment and settlement and anonymity of physical renminbi, but also has the characteristics of low cost of electronic payment tools, strong portability, high efficiency, and resistance to forgery.

  Regarding the safety of the use of digital renminbi, the "White Paper" clearly stated that the digital renminbi follows the principle of "anonymity in small amounts and traceable in large amounts according to law", attaches great importance to personal information and privacy protection, and fully considers the business risk characteristics and characteristics of the existing electronic payment system Information processing logic meets the public's demand for small anonymous payment services.

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 departments unless it is clearly stipulated by laws and regulations.

The central bank has set up a "firewall" for digital RMB-related information, strictly implements information security and privacy protection management, and prohibits arbitrary inquiry and use.

  Will study and formulate relevant management measures for digital renminbi

  Fan Yifei, deputy governor of the central bank, said at a media briefing that the current digital RMB research and development pilot has made positive progress and is also facing some pressures and challenges.

In the next step, the central bank will continue to steadily advance the digital renminbi R&D pilot in accordance with the "14th Five-Year Plan" plan and will not preset a timetable for launch.

  "Expand the scope of the pilot in a timely and appropriate manner." Fan Yifei pointed out that the central bank will further expand the coverage of digital renminbi pilot application scenarios, achieve full coverage of application scenarios in specific pilot areas, and create a digital renminbi ecosystem.

  This includes the Beijing 2022 Winter Olympics. Fan Yifei said that in order to strengthen the organization and leadership of the digital RMB Beijing Winter Olympics scene pilot, the central bank established a special pilot working group in February this year.

Since the establishment of the team, it has cooperated with the Beijing Winter Olympics Organizing Committee and the governments of Beijing and Zhangjiakou to advance with all efforts, and positive progress has been made in the construction of pilot scenarios.

  He pointed out that the digital RMB Beijing Winter Olympics scenario pilot program mainly focuses on the payment service needs of the seven key areas of Beijing Winter Olympics: food, housing, transportation, travel, shopping, entertainment, and medical care, and creates distinctive pilot scenarios and products to facilitate domestic The foreign public uses digital renminbi payment services.

At the same time, through the Winter Olympics scenes to demonstrate the innovation results of application models, based on the construction of the technological Winter Olympics and smart Winter Olympics, pilot deployment of innovative application scenarios such as unmanned vans, self-service vending machines, and unmanned supermarkets, and launched payment gloves, payment badges, Wearable payment devices such as Winter Olympics payment clothing.

The central bank will guide participating institutions to launch App-based wallet services and hardware-based wallet service solutions in accordance with the actual needs of overseas users.

  "We must study and improve relevant systems, and actively promote the revision of laws and regulations such as the People's Bank of China Law." Fan Yifei also pointed out that the next step is to study and formulate management measures related to digital renminbi, strengthen the protection of digital renminbi personal information, and establish and improve the entire process of digital renminbi operation system Safety management system.

In addition, the central bank must strengthen research on major issues.

These include: deepening the research and evaluation of the in-depth influence of legal digital currency on monetary policy, financial system, and financial stability, actively participating in the international exchange of legal digital currency, discussing the formulation of legal digital currency standards and rules in an open and inclusive way, and jointly promoting the development of legal digital currency.

  China Youth Daily·China Youth Daily reporter Ning Di Source: China Youth Daily

  Edition 05 on July 20, 2021