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Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, said that we do not count interest in holding paper money, so the digital renminbi does not count interest. In addition, if the public goes to commercial banks to redeem and redeem digital renminbi, the bank will not charge service fees for redemption and redemption. In the foreseeable future, digital renminbi will coexist with paper money for a long time.

2. How to use digital RMB?

Image source: Xinhuanet

Digital RMB has four major functions: scan code payment, remittance, receipt and payment, and one touch. “Scan QR Code” is similar to commonly used payment platforms such as WeChat Pay and Alipay. In addition, digital renminbi also supports “touch” payment, which allows people to use digital renminbi without the network or bank account. As long as both mobile phones are equipped with DC/EP digital wallets, they can pass ” “Touch” to achieveThe transfer function is called “dual offline payment” for both income and expenditure. This function is based on the NFC(near field communication) module of the smartphone and UnionPay Label payment technology.

Picture source: tuxi

Relevant personnel stated that the 50,000 citizens who were selected will be invited to download an internal beta application called “Digital RMB”. Clicking in and displaying the digital RMB 200 denominations will be paid under the denomination and the payment will be debited on the top. , There are also the words “transfer” on the page, but the “touch” and “transfer” functions are not enabled in this pilot.

Picture source: sohu

3. What is the difference between digital RMB, Alipay and WeChat?

Many small partners think that digital renminbi is similar to WeChat Pay and Alipay, but in fact, digital renminbi has no competitive relationship with them and is not a dimension Things.

WeChat and Alipay are financial infrastructures, and generally speaking, they have the function of a wallet. The digital renminbi is a payment tool, the money in the wallet.

In the era of electronic payment, the money in the wallet comes from the bound bank card, which is the currency traditionally issued by the banking system. In the era of digital renminbi, ordinary people can still use WeChat and Alipay to pay, but the money in the payment tools not only includes bank deposit currencies, but also adds the option of digital renminbi.

Nowadays, it is impossible to transfer money from WeChat to your Alipay account. You must first withdraw the money to your bank card and then recharge it to your Alipay balance. In the future, since DC/EP can be circulated on all online payment platforms, in this way, transfers between different platforms can also be realized directly.

Source: TV series “The Name of the People”

The digital renminbi just virtualizes our physical money, taking the money from the realReal sense has become a virtual currency in the Internet. In other words, the digital renminbi gives the money in Alipay and WeChat wallets a “look”. It is no longer a string of numbers, but a “face” and a “skin”.

In addition, there is no need to use the Internet when using digital renminbi, and payment methods such as Alipay and WeChat cannot be used in an environment where there is no Internet or a poor network signal. Digital renminbi can realize anonymous payment. Many small partners may have discovered that real-name authentication is required to grab red envelopes on WeChat, and this type of payment is also real-name payment. The central bank’s digital renminbi is legal tender and has national credit. WeChat Pay and Alipay are a type of payment method based on commercial bank deposit currency settlement, behind which is the commercial credit of the bank.

four, the status quo of digital RMB

On August 14 this year, the Ministry of Commerce officially issued the “Overall Deepening of Service Trade Innovation and Development Pilot Program”, The “Measures and Division of Responsibilities” section proposes to carry out digital RMB pilot projects in the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and the pilot areas in the central and western regions where conditions permit. The People’s Bank of China formulates policy guarantee measures, which will be first assisted by Shenzhen, Chengdu, Suzhou, Xiongan New District and other relevant departments in the future Winter Olympics scene, and will be expanded to other regions as appropriate.

Picture source: CCTV 13

Currently, the Bank of China has conducted pilot payments in certain internal scenarios on the bank’s internal apps in Shenzhen and other places. A total of 3389 merchants in Shenzhen enteredThe operation training of the digital renminbi transaction process was conducted, the digital renminbi payment system was updated, and a “digital renminbi” sign was placed on the checkout counter.

Fifth, why implement digital RMB?

Central Bank Governor Yi Gang introduced that at present, the digital economy is an increasingly important driving force for global economic growth. The development and application of legal digital currency is conducive to efficiently satisfying the public’s demand for legal currency under the digital economy, improving the convenience, security and anti-counterfeiting level of retail payments, and boosting the accelerated development of my country’s digital economy.

Source: zhihu

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6. What are the counterfeit digital RMB wallets appearing on the market?

On October 25, Mu Changchun said at the 2nd Bund Finance Summit: “We have discovered that the market Fake numbers appear onThe word renminbi wallet. “

The name of the fake app is “digital renminbi wallet”, but the content in it is not the digital renminbi itself. Currently, there is no such fast technology that can steal fake banknotes, and more use digital renminbi. The gimmick comes to fool everyone. The digital renminbi is still in the internal testing stage and has not been officially issued. When you encounter digital currency transactions, you must keep your eyes open to avoid being deceived.

The digital renminbi is really coming, do you expect it?

Reference materials:

[1] Digital RMB is here! Do you really understand? |Xinhuanet

[2] Fake digital RMB wallets have appeared, what are they really like? China News Network

[3] “Comprehensive Deepening of the Overall Plan for the Pilot Program for the Innovation and Development of Trade in Services”. Ministry of Commerce

This article is from WeChat official account:Institute of Physics, Chinese Academy of Sciences (ID: cas-iop), author: small Lin Lvzai