Without online transfer, digital RMB, which is more convenient than Alipay and WeChat, has come.

In official website, the Ministry of Commerce issued the Notice on Printing and Distributing the Overall Plan for Comprehensively Deepening the Innovation and Development of Service Trade (hereinafter referred to as the "Plan") on June 5438+04, in which digital RMB was piloted in qualified pilot areas in Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions.

In fact, the People's Bank of China set up a special research group to study the statutory digital currency as early as 20 14, and it has been 6 years since then. Recently, the Ministry of Commerce issued a document saying that a pilot project of digital RMB will be launched, which also rekindled the reverie of digital currency.

What exactly is digital RMB?

At present, many countries are studying legal digital currency, but there are differences in technical route, operating system and delivery path. When talking about China's legal digital currency, Yi Gang, governor of the People's Bank of China, once said that the People's Bank of China will combine digital currency with electronic payment tools to launch a package plan with the goal of replacing some cash.

In other words, China's legal digital currency is a digital substitute for paper money and a "digital RMB". Earlier, Mu Changchun, director of the digital currency Research Institute of the Central Bank, said that the functions and attributes of digital currency are exactly the same as those of paper money, but its form is digital.

Why develop digital RMB?

How to use digital RMB?

From the usage scenario, digital currency, the central bank, can be used for small, retail and high-frequency business scenarios without paying interest, which is not much different from using paper money. It doesn't depend on bank account and payment account, so long as users have digital currency wallet, they can use it. In addition, digital currency of the central bank has adopted the latest dual offline technology, which can be used even without cell phone signal.

Mu Changchun once described the usage scenario like this: As long as you and I have digital wallets with digital RMB on our mobile phones, we don't even need the Internet. As long as the mobile phone has power, two mobile phones can "touch" and transfer the digital currency in one person's digital wallet to another person.

Seven possible effects.

Combined with the current situation of China's social residents, government, enterprises and other departments, as well as the financial and economic fields, digital RMB may have seven major impacts.

First, improve the convenience and privacy of residents' payment. On the one hand, digital RMB is easy to carry and store; On the other hand, digital RMB supports dual offline payment and does not rely on network signals, which better protects the privacy of residents. In the future, digital RMB may be further transformed into deposits, loans and wealth management products, providing new financial management channels for the people.

Second, reduce the management cost of banknotes and coins in printing, distribution, transportation, storage and security. Renminbi paper money needs the support of high technology, special ink and printing technology, while coin casting needs aluminum-magnesium alloy, stainless steel, nickel-plated steel core, copper-plated steel core and other materials, so the cost remains high. Compared with physical cash, digital RMB eliminates the high costs of anti-counterfeiting, printing, return, transportation, inventory and security, improves transaction efficiency and reduces the economic burden of society.

Third, it helps the government to crack down on illegal and criminal acts of currency abuse and maintain social security and stability. Digital RMB has the characteristics of controllable anonymity. The central bank can obtain the specific amount of each transaction and the real-name information of both parties in the background, lock the real identity and track the flow of funds in real time, which is conducive to assisting the government in cracking down on illegal crimes quickly and efficiently and ensuring the safety of people's lives and property.

Fourth, it is conducive to enhancing financial stability and preventing systemic financial risks. The popularity of digital RMB means that the capital flow and stock of any individual or institution in society are under the supervision system of the central bank, which will stifle financial risks in the cradle in advance, reduce the probability of financial crisis and ensure the stable operation of the national economy.

Fifth, improve the effectiveness of monetary and fiscal policies. On the one hand, the landing of digital RMB will promote China to take the lead in upgrading the traditional monetary policy system and release the innovation dividend of monetary policy tools. On the other hand, digital RMB helps to improve the efficiency of the use of fiscal funds and enhance the effectiveness of fiscal policy implementation.

Sixth, reduce the financing threshold and financing cost of small and medium-sized enterprises and support the accelerated development of the real economy. Digital RMB can be traced back. Under the authorization of enterprises, banks and other financial institutions can quickly obtain the real business status and running water information of enterprises at low cost, evaluate the credit rating and repayment ability of enterprises, and even observe the changes of enterprise risks in real time, thus improving the willingness of small and medium-sized enterprises to issue loans, supporting the healthy development of small and micro enterprises and private enterprises in China, and enhancing the ability of financial services to the real economy.

Seventh, promote the digital economy to become a new engine of economic growth. In the era of digital economy, data, as a factor of production, can integrate physical assets and virtual assets into digital assets, and then divide and reorganize digital assets indefinitely, creating colorful digital products and services, promoting the further refinement and specialization of social division of labor, and bringing greater technological progress and market scale. At this time, digital RMB will be used for quantitative pricing and sales, which will generate new consumption and help high-quality economic development.

However, there may be some potential problems and challenges in the promotion of digital RMB in China. For example, new technologies are often accompanied by new risks, loopholes and deception; Digital RMB may challenge the traditional business of commercial banks; The laws related to digital RMB are not perfect, and so on.

The difference between digital RMB and Alipay and WeChat payment

Digital currency of the central bank is different from Alipay and WeChat payment in the following ways:

First, digital currency, the central bank, belongs to cash in circulation, not bank deposits. Third-party online payment, such as Alipay and WeChat payment, is the monetary settlement of commercial bank deposits, which belongs to the digitalization at M 1 and M2 level, and has no legal effect at M0 level, let alone replace M0.

M0 refers to the cash in circulation; M 1 is a demand deposit with M0+ units; M2 includes M 1+ demand deposit+corporate time deposit+corporate other deposit+securities company customer deposit, etc.

Second, digital currency, the central bank, only needs electricity for payment, which can realize double off-line payment and be bound with terminal equipment, and can complete basic operations such as cash withdrawal, payment and storage in digital currency. However, Alipay and WeChat third-party payment need electricity and network.

Third, digital currency, the central bank, has legal compensation, but Alipay and WeChat payment do not.

Fourth, digital currency, the central bank, has unlimited legal compensation, and no institution or individual may refuse to accept it.

Finally, digital currency, the central bank, is the legal tender, while Alipay and WeChat payment are just one payment method. digital currency is more widely used, with statutory compensation and compulsion, and other payment methods do not have this function.

Will it completely replace paper money?

Experts believe that it is impossible for digital currency to completely replace cash. At least for now, there are still some technical limitations. In addition, due to different user habits, not everyone is used to this payment method. For example, some elderly people may not accept digital currency. However, if digital currency is officially launched, banks or businesses cannot refuse users to use it.

Experts said that the substitution of paper money in digital currency faces two constraints, one is whether users are willing to use it, and the other is whether the technical conditions can be met, because the speed of transaction payment is limited by technology. When the number of transactions exceeds a certain limit, it may cause failure, downtime and software crash.

When can I use digital RMB?

At present, the research and development of digital RMB in China is progressing steadily.

The "Proposal" released this time announced the pilot areas of digital RMB: Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and qualified pilot areas of digital RMB in the central and western regions. At present, the pilot of digital RMB is still "4+ 1", that is, the pilot test of internal closure will be carried out in Shenzhen, Suzhou, xiong'an new area, Chengdu and the future Winter Olympics, and then it will be extended to other regions as appropriate.

When digital currency is put into use, it needs to test theoretical reliability, system stability, functional availability, process convenience, scenario applicability and risk controllability, and also meet regulatory requirements such as anti-money laundering, anti-terrorist financing and anti-tax avoidance. It needs to go through a series of research, testing, evaluation and risk prevention. Therefore, the central bank has repeatedly stated that there is no timetable for the launch of digital RMB. If the digital RMB pilot test is successful, we may be able to "see the beauty" at the 2022 Beijing Winter Olympics.

It is expected that digital RMB will meet the public in the near future.