“It’s very convenient to choose to pay by digital RMB. It only takes 2 seconds to check out easily!” Ms. Yang, who was shopping at a multi-point convenience store near Xuanwumen in Beijing, told reporters. Since the launch of digital renminbi pilots in Shenzhen and Suzhou at the end of 2019, the research and development and promotion of digital renminbi in my country in 2021 has pressed the accelerator button.
While gradually flying into “ordinary people’s homes”, digital RMB pilot cities are gradually expanding, opening up experience to individual users, and diversified scenarios are constantly infiltrating. Experts said that the promotion and application of digital renminbi has gradually entered a large-scale stage. While bringing the application ecology of digital renminbi and the scale of transactions greatly improved, it is also expected to open a “new business card” for my country’s digital finance.
The digital yuan will flourish in 2021
Looking back on 2021, from the unfamiliar to the familiar, significant progress has been made in the research and development and promotion of digital renminbi. From the debut of digital renminbi products in April 2021, to the official release of the R&D process white paper for the first time in July, to the debut of security chip manufacturers at the Service Trade Fair in September, more than 30 banks have joined the digital renminbi system, and the pilot scene of the Beijing Winter Olympics Construction has entered a sprint stage… The digital yuan is developing rapidly in 2021.
Based on the digital currency issued by my country’s central bank (ie digital renminbi), which is a retail central bank digital currency, it is issued to the public and used for daily transactions. The exploration of retail scenarios has become an important direction in the pilot process of my country’s digital renminbi. According to data from the central bank, as of the end of October 2021, a total of 150 million digital RMB wallets (including 140 million personal wallets and 10 million corporate wallets) have been opened, with a total of 150 million transactions and a total amount of 62 billion yuan. There are 1.55 million merchants supporting digital RMB wallets, covering various fields such as public utilities, catering services, transportation, shopping and government affairs.
Yi Gang, Governor of the People’s Bank of China, pointed out in a recent video speech at the 30th anniversary of the establishment of the Finnish Central Bank Emerging Economies Research Institute, “At present, more than 110 countries have carried out central bank digital currency (CBDC) related work to varying degrees. As far as China is concerned, the research and development of digital renminbi is mainly to meet domestic retail payment needs, improve the development level of inclusive finance, and improve the operation efficiency of the currency and payment system.”
In terms of offline scenarios, many shopping malls, hospitals, schools, Beijing subways, scenic spots, etc. in the pilot areas have realized the settlement of digital renminbi. The online and offline application scenarios are rich, covering shopping, travel, life, tourism, entertainment and other aspects.
In terms of the Winter Olympics, the deployment of digital renminbi has also attracted much attention. The reporter learned that in November 2021, the construction of the digital renminbi acceptance environment in the Beijing competition area will be promoted simultaneously with the construction of the venues. Among them, the scenes in the park of the Beijing Winter Olympics Organizing Committee have been completed. In the Zhangjiakou competition area, 100% of the payment scenarios of the completed venues have been implemented, and the rest of the venue scenarios have also completed the signing and docking.
In addition, digital renminbi is also widely used in e-government scenarios. It is understood that Bank of Communications Shanghai Branch, together with the Employment Promotion Center of Shanghai Pudong New Area and related streets, has recently issued digital RMB employment subsidies to the helpers, further enriching the application scenarios of digital RMB.
Digital RMB is expected to open the “new business card” of my country’s digital finance
A number of industry experts interviewed by reporters said that with the access of more and more high-frequency people’s livelihood application scenarios, the application ecology and transaction scale of digital renminbi are expected to be greatly improved, and digital renminbi will accelerate the expansion of application scenarios and integrate into people’s lives. It is also expected to open a “new business card” for my country’s digital finance.
Analysys senior analyst Su Xiaorui told reporters that with the steady progress of the pilot, in 2022, while the scope of the digital renminbi will continue to expand in the pilot area, more users will open digital renminbi wallets and use digital renminbi.
Zhang Deyong, a researcher at the Institute of Financial and Economic Strategy of the Chinese Academy of Social Sciences, told reporters that the current exploration of my country’s digital renminbi is at the forefront, and some experience has been initially accumulated, but it is still in the pilot test stage, and it will take a certain amount of time before the actual implementation. “But one thing is certain, the digital renminbi is a booster for accelerating digital development and building a digital China. Driven by the vigorous development of network technology and the digital economy, and supported by my country’s ever-increasing economic strength, the future of the digital renminbi is promising. expected.”
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