Golden Outpost | Shanghai Soviet Union moves "May 5th Shopping Festival" to expand the scope of digital RMB consumption

2021 is the year of popularization of digital renminbi.

According to Suzhou, in the "May 5th Shopping Festival" jointly organized by Suzhou and Shanghai, digital RMB consumption will become one of the main highlights of the event. This year's "May 5th Shopping Festival" will start on April 30 and will continue until June 30.

During this year's "May 5th Shopping Festival", the scope of use of digital renminbi will be further expanded. Citizens participating in the digital renminbi pilot program can use digital renminbi to pay at any merchant in Suzhou and Shanghai that has opened digital renminbi acceptance.

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At present, the six digital renminbi pilot banks have started docking with participating merchants, and will launch preferential activities to promote consumption.

The Suzhou Branch of the Agricultural Bank of China said, "The goal is to cover all the main shops in the scenic spot. The merchant Family Mart has more than 2,000 stores in the four cities of Suzhou, Shanghai, Changsha and Chengdu, and can also participate in the digital renminbi consumption full discount activity." . "

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At the Boao Forum for Asia, which is being held in Boao, Hainan recently, several senior officials of the central bank answered the progress of the digital renminbi.

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Li Bo, deputy governor of the People's Bank of China, said that there is no specific timetable for the official launch of the digital renminbi. In the future, China will continue to do a good job in the pilot work, expand the scope of the pilot, create a digital renminbi ecosystem, improve system security and reliability, and formulate corresponding laws and regulatory system.

The match adopted by the digital renminbi is a two-tier system design, which can be compatible with the current currency and banking system to ensure that the risk of financial disintermediation is minimized. At the same time, digital renminbi can achieve controllable anonymity, anonymization of small transactions, and tracking of large transactions by the central bank. This design is also an ideal feature of digital renminbi. In addition, the digital renminbi is trying a hybrid system that links the digital renminbi to the bank account system and the quasi-bank account system. This will be a fairly open system.

Zhou Xiaochuan, former governor of the People's Bank of China, said that China's digital renminbi is not for cross-border purposes, but for the development of technology, especially after the popularization of mobile Internet, it can provide payment for the public more conveniently. "China has a very large retail market with 1.4 billion people. Everyone hopes to have a more convenient, more effective, and lower-cost payment system. At the very beginning, the central bank never thought about whether it needed a wholesale system or RMB Internationalize, but start with the retail system."

In addition to actively promoting digital renminbi in China, the internationalization of digital renminbi is also advancing ahead of time. According to CNBC, a senior central bank official said on Sunday that China is working hard to enable foreign athletes and tourists to use its digital currency during the 2022 Beijing Winter Olympics, which may be the first test of China's digital currency by international users.

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