Digital RMB events!This innovation has become a new outlet?Deputy Governor of the Central Bank: Getting staged results ... see the eight major points

On September 8, Fan Yifei, deputy governor of the People's Bank of China, delivered a keynote speech at the China (Beijing) Digital Financial Forum in 2022.

Fan Yifei pointed out that during the pilot process of digital RMB research and development, the People's Bank of China always attached great importance to the dialectical relationship between innovation and security, adhered to development and standardization, focusing on the goal of serving the overall national strategic situation, adhered to the principles of people's nature, marketization and rule of law, and continued in practice in practice. Summarize experience, promote the work of digital RMB out of a development path that is in line with China's national conditions, and continuously deepen the development in market applications and technological innovation, and stabilize.

In his speech, Fan Yifei mainly shared the experience of digital RMB ecological development, innovative applications, and unified acceptance standards.

(The picture is provided by the organizer)

Look at Fan Yifei's focus:

1. At present, the central bank has achieved staged results in the construction of the digital RMB ecosystem. Practice has proved that the "double -layer operation" structure is the best solution for building an open digital RMB ecology, which has also been widely used by central banks from various countries.

2. Digital RMB and traditional payment methods have both common and personality. They cannot completely copy the set of physical cash and electronic payment.

3. Diversified decisions and risk sharing are important institutional arrangements for the market economy, which complement the incentive mechanism. Digital RMB should be used well to adhere to power and responsibility under the "double -layer operation" structure.

4. Digital RMB smart contracts have been successfully applied in the fields of consumer red envelopes, government subsidies, retail marketing, and prepaid funds management to achieve good results.

5. Digital RMB smart contracts should pay attention to system connection and remaining risk prevention. Intelligent contracts do not eliminate native risks of various industries. We must strengthen communication and coordination with relevant industry management departments and judicial departments to discuss the management of remaining risk management.

6. In order to achieve the "money of the same currency and currency" in the digital age, we must accelerate the standardization of the digital RMB system from the dimensions of information interaction, business processes, and technical specifications.

7. Promote the unity and standards of digital identity, message specifications, QR code systems, Bluetooth and NFC, etc., to realize the interconnection of the digital RMB system and traditional electronic payment tools, so that consumers can "scan one yard", and consumers can "scan one yard", and they can "scan one yard". Merchants can support various payment tools without increasing costs.

8. In order to avoid disclosure of user information and eliminate hidden dangers of data security, it is also necessary to organize all parties to upgrade and strengthen relevant technologies, improve the level of security protection, and ensure the security and convenience of paying.

Talking about ecological construction: Persist in power and responsibility in the "double -layer operation" structure, etc.

"To make the digital RMB sufficient and inclusive, the optimal choice is to build an open digital RMB ecology." Fan Yifei said that at present, the central bank has achieved phased results in the construction of the digital RMB ecosystem. "The architecture is the best solution to build an open digital RMB ecology, which is also widely used by central banks from various countries.

Regarding the "double -layer operation" architecture, Fan Yifei pointed out that on the one hand, the central bank has implemented centralized management to ensure the ability to regulate monetary issuance and monetary policy; on the other hand, the central bank provides the foundation of openness, neutrality, credibility and stability for commercial institutions facility.

He emphasized that in the process, we must fully respect the market laws and cannot ignore the basic attribute of "public product". There are three specific points:

First of all, it is necessary to establish a sustainable development mechanism, pay attention to the institutional arrangements in the market economy, promote the formation of the interest balance and commercial incentive mechanism of the parties, continue to mobilize the enthusiasm of all parties, and maintain my country's leading advantage in the digital currency field of the central bank.

Secondly, on the basis of respecting market laws and market entities, we must better play the role of the central bank, guide market expectations with policies, use planning to clearly develop directions, and use the rule of law to regulate market behavior. Compared with the traditional payment method, the digital RMB has both common and personality. "You cannot completely copy the set of physical cash and electronic payment."

Third, decentralized decision -making and risk sharing are important institutional arrangements for the market economy, which complements the incentive mechanism. Digital renminbi should be used well, adhere to power and responsibilities under the "double -layer operation" structure, etc. On the one hand, strengthen incentives and constraints, avoid distorting and inefficient behaviors of various institutions caused by asymmetric power and responsibility, and on the other hand Autonomous decision -making, self -risk, and improve the stability of the digital RMB ecology.

Talking about innovative applications: Digital RMB smart contracts have outstanding advantages

One of the highlights of the China (Beijing) Digital Financial Forum is the application promotion of digital RMB smart contracts. When talking about digital RMB innovation applications, Fan Yifei pointed out that digital RMB as a major innovation and upgrade of the central bank's currency payment system has great adjustments in technology and business models. One prominent aspect is programmability. Customized payment.

In fact, the concept of smart contracts has been proposed as early as 1994, but in the next 20 years, it has not been applied to the application of the real economy. Fan Yifei said that Digital RMB has a prominent advantage in this regard. Digital RMB smart contracts have been successfully applied in the fields of consumer red envelopes, government subsidies, retail marketing, and prepaid funds management to achieve good results.

He also proposed that in the future, digital RMB smart contracts should pay attention to three aspects in specific advancement:

First, digital RMB smart contracts should effectively play a role in supporting the development of digital economy, the construction of service business environment, and enhancing digital governance capabilities.

Second, digital RMB intelligent contracts must adhere to open and inclusive and fair competition, and make overall advancement under the principles of central bank centralized management and the "double -layer operation" structure to avoid forming new information barriers. Third, digital RMB smart contracts should pay attention to system connection and remaining risk prevention. On the one hand, the legitimacy, consistency, and universality of the contract template are an important foundation for the value of intelligent contracts to play a compulsory performance value. Therefore, it is necessary to establish an effective mechanism to strengthen the management of it. On the other hand, the application of new technologies helps solve reality problems, but smart contracts do not eliminate native risks of various industries. We must strengthen communication and coordination with relevant industry management departments and judicial departments to jointly discuss the business remaining risk management issues.

Talking about unified acceptance standards: promote the realization of consumers "one yard to scan"

Fan Yifei pointed out that the main body of the market economy is individuals and institutions, relying on law to regulate and restrict; the object is products and services, relying on standards to regulate and lead. Standards and laws and regulations together constitute the foundation of stable and effective operation of the market economy. As the cornerstone of the market economy, the standard unity is particularly critical.

He further stated that digital RMB, as a public product provided by the central bank to the people, must reflect the people and make it more convenient and fast. In terms of promoting digital RMB ecological construction, the expansion of environmental and application scenarios needs to be broken. "The unified and specifications of the standards are the key."

Fan Yifei said that in order to achieve the "money of the same currency and currency" in the digital age, it is necessary to accelerate the standardization of the digital RMB system from the dimensions of information interaction, business processes, and technical specifications.

Specifically, it is necessary to promote the unity of norms and standards for digital identity, message specifications, QR code systems, Bluetooth and NFC, etc., and realize the interconnection of the digital RMB system and traditional electronic payment tools, so that consumers can "one -size communication one size through the code. Sweeping, and merchants can support various payment tools without increasing costs.

In addition, Fan Yifei also said that in order to avoid user information leakage and eliminate hidden dangers of data, it is also necessary to organize all parties to upgrade and strengthen relevant technologies, improve the level of security protection, and ensure the security and convenience of paying.

Editor -in -chief: Wang Lulu

School pair: Zhao Yan

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