People’s Bank of China: Promoting digital RMB research and development pilot

On March 31, 2022, the People’s Bank of China held a symposium on the pilot work of digital RMB research and development to summarize the preliminary research and development pilot work, and arrange the deployment of the next stage of work. Yi Gang, Governor of the People’s Bank of China, and Fan Yifei, Vice Governor of the People’s Bank of China attended the meeting and delivered speeches.

The meeting believed that since 2017, the People’s Bank of China, together with all participating research institutions, and with the strong support of the party committees and governments of the pilot areas, have made overall plans and careful organization to carry out the pilot projects steadily, dynamically improve the business technology design, continue to innovate application scenarios, and focus on solving financial service difficulties. The pain points have preliminarily verified the feasibility and reliability of the theory, policy, business and technology related to the digital renminbi. At present, digital renminbi has formed a number of application models covering online and offline, replicable and popularization in the fields of wholesale and retail, catering, cultural tourism, and government affairs payment. Major pilot projects such as the 2022 Beijing Winter Olympics and Winter Paralympics have been successfully completed. , the number of users, merchants and transactions participating in the pilot has grown steadily, and the market has responded well.

The meeting pointed out that with the in-depth progress of the pilot test, the research and development of digital renminbi will face new situations and new problems in terms of demonstrating convenience, optimizing inclusiveness, highlighting innovation, ensuring security, reflecting compliance, and strengthening sustainability, and needs to be further Deepen research and exploration.

The meeting emphasized that the digital renminbi research and development pilot should adhere to the “people’s nature”, expand the coverage of financial services, improve the level of inclusive financial services, help local economic development, support the construction of digital government affairs, improve the quality and efficiency of financial services for the real economy, and improve the business environment. etc. to play a greater role. It is necessary to adhere to marketization. In the process of the development, promotion and popularization of digital renminbi, the policy design should fully stimulate the enthusiasm and creativity of financial institutions, technology enterprises, local governments and other parties, and encourage competition in the promotion and operation. It is necessary to adhere to the rule of law, carry out various work in compliance with laws and regulations, carry out legal construction in a forward-looking manner, ensure the security of the digital renminbi system, grasp the relationship between privacy protection and crime prevention, and conduct in-depth research on the financial system and other aspects. potential impact.

The meeting demanded that in the next step, all relevant participants should follow the “14th Five-Year Plan” plan, adhere to the general tone of seeking progress while maintaining stability, take their own responsibilities, cooperate with each other, and steadily advance the pilot program of digital RMB research and development. Expand the scope of the pilot program in an orderly manner, adding Tianjin, Chongqing, Guangzhou in Guangdong, Fuzhou and Xiamen in Fujian, and 6 cities in Zhejiang that host the Asian Games as pilot areas, Beijing and Hebei. Zhangjiakou City in the province will be converted into a pilot area after the pilot program for the 2022 Beijing Winter Olympics and Winter Paralympic Games. Adhere to the “two-tier operation” structure, give full play to the advantageous role of designated operating agencies, and increase efforts in pilot applications and ecosystem construction. Strengthen the construction of safety and risk prevention and control systems, improve relevant laws and regulations and standard systems, deepen research on theoretical issues, and continuously consolidate the foundation of digital RMB research and development pilot projects.

Relevant departments, bureaus and directly affiliated units of the People’s Bank of China, all digital RMB participating R&D institutions, and relevant responsible comrades of local governments and branches of the People’s Bank of China in pilot areas attended the meeting. (over)

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