image description
Image source: Visual China
Digital renminbi (DC/EP, e-CNY) is a legal digital currency issued and supervised by the People's Bank of China. It is a supplementary or alternative currency to traditional legal tender. Specifically, digital currency has the following characteristics: 1) Legal compensation. Endorsed by national credit, it has the same status as paper RMB; 2) Circulation. The digital renminbi is positioned at M0 (cash-based payment voucher), and the bank does not calculate and pay interest, and does not charge service fees for exchange and recovery; 3) A two-tier operating system. The operation of digital renminbi adopts the dual system of "central bank-commercial institutions"; 4) retail type. The digital renminbi is mainly used for domestic retail demand to improve payment efficiency.
first level title
secondary title
Policy environment: A number of policies have been implemented to clarify the direction for the development of my country's digital renminbi
secondary title
Technical environment: The mature application of the underlying technology lays a solid foundation for the rapid development of digital RMB
first level title
secondary title
Operating system: The digital renminbi adopts a two-tier operating model
secondary title
Application status: The pilot and application of digital renminbi are advancing in an orderly manner, and the application scenarios are gradually expanding
According to data from the State Council Information Office, as of December 31, 2021, there have been more than 8.0851 million digital renminbi pilot scenarios, a total of 261 million personal wallets have been opened, and the transaction amount has reached 87.6 billion yuan. In April 2020, the digital renminbi will conduct internal closed pilot tests in Shenzhen, Suzhou, Chengdu, Xiongan New Area and the future Winter Olympics scene. In October of the same year, six new pilots will be added in Shanghai, Hainan, Changsha, Xi'an, Qingdao, and Dalian. . In March 2022, the promotion of digital renminbi will enter the third stage, adding Beijing, Zhangjiakou, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities hosting the Asian Games in Zhejiang as pilot areas.
secondary title
Participants: In addition to commercial banks, more and more third-party platforms are participating in the promotion of digital RMB
first level title
secondary title
With the gradual liberalization of pilot areas and application scenarios, digital RMB will be applied to more commercial and government scenarios
secondary title
The development of digital renminbi brings new business demands to industry chain participants
Original link
