Expand the scope of the pilot, the development of digital RMB "unstoppable"

The Division of the People's Bank of China recently introduced that the pilot of the digital RMB has expanded from the original "10" pilot area to 23 areas in 15 provinces and cities. Industrial Bank as a new designated operating institution.

Argentina's "Page Twelfth News" website reported on the title of "Digital RMB: Unsoptically Development", saying that the development strategy of digital RMB in China is very accurate, that is, to build an economic, fast and safe retail payment infrastructure for the Chinese.

The Spanish "Economist Daily" website published an article that digital currencies supported by central banks are becoming more and more common globally. In China, digital RMB develops rapidly, and its goal is to become a digital substitute for cash, and it is more convenient and fast to pay. In addition, the digital RMB has other particularity, and relevant departments are exploring its role in stimulating consumption and investment.

Reuters said that China is promoting digital RMB to provide consumers with a new way of mobile payment. Analysts said that digital RMB will realize the digitalization of the "last mile" of consumption, enabling banks and merchants to obtain data and achieve insight into consumer models.

The application scenario of digital RMB is constantly expanding. According to the data released by the People's Bank of China, as of the end of 2021, the pilot scenario of digital RMB has exceeded 8.851 million, with a total of 261 million personal wallets and a transaction amount of 87.565 billion yuan. On the C end (consumers, personal users), digital RMB has covered the scenarios of catering, transportation, shopping, tourism, medical care and other scenarios; on the G end (government, institutions), digital RMB covers government subsidies, provident fund payment, credit endorsement, social security, social security, social security, social security Taxation, etc.; At the B -end (corporate merchant), digital RMB has gradually applied to land, such as cash on bills, supply chain management, and financial leasing.

Digital RMB red envelopes have gradually become a new way to accurately promote consumption and expand domestic demand in pilot areas. Beijing, Tianjin, Guangzhou and other digital RMB pilot cities have distributed various forms of digital RMB consumption subsidies to residents, covering many fields such as food, housing, traveling, traveling, purchasing, and entertainment. Through intelligent contract technology, the government can make precise settings of the use time and scope of the use of digital RMB red envelopes to improve the accuracy of consumption, help boost consumer demand, promote the consumer market accelerated recovery, and help physical merchants recover. Enterprises have to pass the bank or online banks through banks in the past, while digital RMB payment is settled. In real time, it is no longer limited to working hours. Amendment and other operations have reduced the cost of corporate funds, improved corporate settlement and capital turnover efficiency, and continued to help enterprises' supply chain reduced efficiency.

Compared with third -party payment, digital RMB has technical advantages such as blockchain, smart contracts, and dual offline payment -through blockchain technology, digital RMB can track each transaction situation, master the flow of funds, and make the transaction process more transparent , Reduce risks such as money laundering, corruption, tax evasion, ensure the security of funds, and facilitate financial supervision; through smart contract technology, digital RMB can conduct automatic transactions in accordance with the conditions and rules agreed in both parties in the transaction. The account of the object to prevent funds from cutting funds is conducive to accurate support to implement; through dual offline payment technology, the two digital RMB wallets can "touch" to complete the payment. Consumers cannot use third -party payment in underground places and mountainous areas, but they can use digital RMB wallets. Double offline payment technology can also help elderly people, children and other special groups to achieve convenient payment. At present, Digital RMB double -line payment carriers can cover smart wearable devices such as gloves, canes, watches.

It is worth mentioning that, as a public product, digital RMB -oriented people who are obstacle -oriented people and user groups who are unfamiliar with electronic products have launched digital RMB APP functions optimizing adaptation and specialized hardware products, which is conducive to the "digital gap".

The Chinese government attaches great importance to the development of digital RMB. For a period of time, the scope of digital RMB pilot has been further expanded. On the basis of existing pilot areas such as Shenzhen, Suzhou, and Xiong'an New District, six cities in Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and Zhejiang Province have been added as pilot areas. The Beijing Winter Olympics and the Winter Paralympic Scenaries are converted to pilot areas after the end of the pilot scene. At present, the digital RMB pilot has expanded to 23 regions in 15 provinces.

In the future, the application scenarios of digital RMB can be further expanded. In the issuance of poverty alleviation funds, demolition funds, etc., the tracing characteristics of digital currencies can be used to effectively shock and crack down on the problem of deduction and corruption. For digital renminbi that may be used for large payment, special fiscal and tax policies can be introduced to support the issuance and circulation of digital currencies. For taxable activities involving digital currency production and operation activities, tax reduction or discounts can be given appropriately.

At present, Digital RMB is mainly solved by domestic payment instead of cross -border payment. With the internationalization of the RMB, digital RMB can be further expanded to cross -border payment scenarios. In August 2020, the General Office of the People's Government of Hebei Provincial People's Government issued the "Notice of the Implementation Plan for the Construction of Cross -border E -commerce Comprehensive Pilot Zone in China (Xiong'an New District)", encouraging the use of RMB valuation and settlement in cross -border e -commerce activities, exploring digital currency cross -border cross -border Pay.

In order to continue to promote and popularize digital RMB, the following tasks should be done: First, increase application scenarios.Strengthen the cooperation with third -party payment platforms, add digital RMB payment interfaces to the third -party payment platform, increase the application scenarios of digital RMB in daily life and frequency of use.The second is to increase publicity and promotion.In order to better use the functions and methods of digital renminbi to the public, you can use online and offline media channels to open a lecture, introduce publicity advertisements, and publish popular science articles.The third is to expand the pilot.It can increase pilot cities in some second -tier cities and underdeveloped areas.Experts interviewed: Hong Yong, an associate researcher at the Institute of Electronic Commerce of the Ministry of Commerce

(Reporter Li Jiabao interview and sort out)

Original title: Digital RMB opens a new blue ocean (expert interpretation)

"People's Daily Overseas Edition" (1022, July 25, 2022)

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