China News Agency, Shanghai, October 25 (Reporter Wang Enbo) The development of digital RMB research and development has attracted much attention. In the future, digital renminbi and banknotes will coexist for a long time, and it will not compete with WeChat and Alipay.
According to the official definition, the digital renminbi is a digital form of legal tender issued by the People's Bank of China.
The designated operating agency participates in the operation and exchanges to the public. Based on the broad account system, it supports the loose coupling function of bank accounts, which is equivalent to banknotes and coins, has value characteristics and legal compensation, and supports controllable anonymity.
Data map: People are using mobile phones to pay.
Photo by China News Agency reporter Zhang Yun
According to Mu Changchun, the digital renminbi is mainly positioned at M0, that is, cash and coins in circulation.
It is not a new currency, but a digital form of RMB.
"The digital renminbi can be bought for everything that paper money can buy, and the digital renminbi can also be exchanged for foreign currencies that can be exchanged for paper money."
Regarding whether the digital renminbi will squeeze the use of banknotes, Mu Changchun said that the issuance of digital renminbi is not achieved by administrative enforcement, but should be conducted in a market-oriented manner, "We will issue as much as the people need to exchange.
In addition, the People's Bank of China will not stop the supply of banknotes as long as the people have demand for banknotes.
When talking about the relationship between digital renminbi, WeChat and Alipay, Mu Changchun explained that the two are not in the same dimension: WeChat and Alipay are financial infrastructures and wallets, while digital renminbi is a payment tool and the contents of the wallet.
In the electronic payment scenario, this wallet contains commercial bank deposit currency. After the digital renminbi is issued, you can still use WeChat and Alipay to pay, but the content of the wallet adds central bank currency.
At the same time, the respective commercial banks of Tencent and Ant Group are also digital RMB operating institutions, so there is no competitive relationship.
Mu Changchun emphasized that in the process of digital RMB ecological construction, we must maintain fair competition, ensure that the market plays a decisive role in resource allocation, and fully mobilize the enthusiasm and creativity of all parties in the market.
"The issuance and circulation of digital renminbi involve all aspects of society. It has never been the responsibility of the People's Bank of China, nor is it something that an institution can accomplish by itself. It requires the joint efforts of the whole society." (End)