The digital RMB is progressing rapidly in the second half of the year, personal wallet issuance increased by over 6.7 times

In recent months, more and more digital renminbi have appeared in our daily lives, and more institutions that later joined the digital renminbi wallet have access to more and more application scenarios.

For example, if you go to a bank such as the China Construction and Transportation Postal Savings of Gongnong, whether in the business hall or telephone consultation, the staff actively introduce the digital renminbi business to the customers. For another example, when taking public transportation, digital people payment has become an option. Even lawbreakers have mobilized the brains of using digital renminbi to launder money.

On November 3, the Hong Kong Fintech Week 2021 conference was held. In the “Retail CBDC: A Lesson from the Fast Movers & the Road Ahead” roundtable forum, Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, introduced the latest digital RMB progress.

Digital RMB is making rapid progress

In this roundtable meeting, Mu Changchun mentioned the three major challenges of officially launching the digital renminbi. First, improve terminal construction. Although the current digital RMB pilot project has been operating very smoothly, the construction of the system’s use environment is still on the way. On the one hand, we seek diversified smart, customized wallets, and more cases to improve user experience; on the other hand, we are building, transforming, and upgrading digital renminbi systems for merchants. Second, improve the safety and risk management mechanism. Central bank digital currency is extremely easy to be the target of hackers, so security is the primary task of system development. At present, the People’s Bank of China is cooperating with the international community to conduct security training. During the entire life cycle of the digital renminbi, it has always ensured the security management of the operating system, including encryption algorithms, financial information security, data security, and business continuity to ensure system security and stability. .

Mu Changchun also emphasized the need to clarify the regulatory framework. The newly released “Law of the People’s Republic of China on the People’s Bank of China (Revised Draft for Solicitation of Comments)” has included both physical cash and digital renminbi. On the basis of updating the original laws and regulations, the digital renminbi also needs to establish separate regulatory measures and management methods to supplement it.

The digital renminbi wallet has also made some new developments. At present, the latest version of the digital renminbi App (iOS version 1.3.43 Beta) has joined China Merchants Bank and WeBank, and is waiting to be opened.

Mu Changchun

The reporter learned from the Internet Merchant Bank that the Internet Merchant Bank previously under development can be used normally after the update.

This reporter learned that you can enter the App store or the app store to update. Click on the update in the original digital RMB APP, no matter which version it is, the latest version will also be displayed. Earlier, at a media briefing on the day of the release of the “White Paper on China’s Digital Renminbi Research and Development,” Fan Yifei, vice governor of the People’s Bank of China, revealed that China Merchants Bank had recently been approved to join the two-tier operating institution system.

Merchants have achieved remarkable results in helping the popularization of digital renminbi

In the roundtable meeting, Mu Changchun also pointed out that as of October 22, 2021, the cumulative transaction amount of digital renminbi has reached approximately 62 billion yuan, 140 million digital renminbi personal wallets have been opened, and 10 million public wallets have been opened. More than 1.55 million merchants support digital renminbi wallet payments, with a total of more than 150 million transactions involving public utilities, catering services, transportation, retail, and government services.

On July 16, the People’s Bank of China released the white paper “Research and Development Progress of China’s Digital RMB” on the official website of the People’s Bank of China, and for the first time announced the relevant data of the digital RMB pilot. As of June 30, 2021, there have been more than 1.32 million digital RMB pilot scenarios, with more than 20.87 million personal wallets and 3.51 million public wallets opened, and the cumulative number of transactions was 70.75 million with an amount of approximately 34.5 billion.

From the perspective of popularization and use, the digital renminbi is making rapid progress. By comparison, in less than 4 months, the number of personal wallet openings increased by more than 6.7 times, and the number of public wallet openings increased by 2.8 times; the cumulative transaction amount was close to 1.8 times, and the cumulative transaction number exceeded 2 times.

Merchants represented by the Meituan Digital RMB Green Travel Campaign have achieved remarkable results in helping to popularize the digital RMB.

On November 4, Meituan Bicycle Digital RMB pilot program handed over its first report card. As of October 14, the Meituan Bicycle Digital RMB pilot program that has been online for one month has attracted more than 1 million users to open digital RMB personal wallets. , Generating a total of 8,899,600 green riding kilometers. Compared with driving a fuel truck, it is estimated that the carbon emissions can be reduced by about 2,400 tons under the same transportation volume.

“Users have transformed their enthusiasm for digital RMB into a driving force for green travel. Digital RMB pilot activities have an obvious pulling effect on the frequency of green travel. Statistics show that in the same period of time, users have opened a digital RMB personal wallet for green travel. The frequency is 3.34% higher than the average before the issuance. At the same time, the green travel frequency of users who have opened a digital RMB personal wallet is 8.14% higher than ordinary users on average.” The relevant person in charge of the Meituan financial service platform introduced.

With the deepening of the pilot work, Meituan said that under the guidance of relevant departments, Meituan plans to continue to open more platform consumption scenarios such as food delivery, catering, wine tourism, etc., and use the platform as a connection point to bring national financial technology innovation to the common people. In-depth integration of daily consumption to assist in exploring the normal use of digital renminbi.

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