Li Bin, Director of the Central Bank's Macro-Prudential Management Bureau: There is no timetable for the official launch of the digital renminbi

On April 12, the central bank held a data interpretation conference for the first quarter of 2021. The reporter noticed that this was the first public appearance by Li Bin, Director of the Central Bank's Macro-Prudential Management Bureau, since he took office, and responded to hot topics such as the digital renminbi.

Li Bin said that at present, the scope of digital renminbi pilots has been expanded in an orderly manner, the application scenarios are gradually enriched, the application models are also continuously innovated, and the system operation is generally stable, which has initially verified the feasibility and reliability of digital renminbi in terms of theoretical policies, technologies and businesses.

According to the official definition, the digital renminbi is a legal currency in digital form issued by the People's Bank of China. It is operated by designated operating agencies and exchanged to the public. It is based on a broad account system and supports the loosely coupled function of bank accounts, which is equivalent to banknotes and coins. In other words, the digital renminbi can be simply equivalent to the cash renminbi, but in a different form, but it is as legal as cash.

Distinguished Researcher of National Finance and Development Laboratory: The central bank's digital currency will be mainly used in small retail scenarios: Jinse Finance reported that on the CCTV13 "News Live Room" program at noon today, Dong Ximiao, a special researcher of National Finance and Development Laboratory, said, Central Bank Digital Currency (DCEP) is a legal tender and has the same effect as cash. Usually, many people refer to Bitcoin and the "Libra" to be issued by Facebook as digital currencies, which is inaccurate. Virtual currencies like Bitcoin and "Libra" are essentially virtual commodities because they have no national credit for endorsement and are not legally compensable. Xu Yuan, a digital finance researcher at Peking University, also said that Bitcoin is not a currency, and its value fluctuates greatly. Dong Ximiao mentioned that the central bank's digital currency will be mainly used in small retail scenarios, which is relatively close to the use of cash. [2020/4/27]

Li Bin pointed out that at the end of 2019, digital renminbi pilots and tests were successively launched in Shenzhen, Suzhou, Xiongan, Chengdu and the venue of the Beijing Winter Olympics. By October 2020, six pilot test areas in Shanghai, Hainan, Changsha, Xi'an, Qingdao, and Dalian will be added. The pilot scenarios now cover many fields such as living bill payment, catering services, transportation, shopping and consumption, and government services.

News | Foreign media: Turkey's new economic roadmap calls for the creation of a central bank digital currency: According to coindesk, the Turkish government announced its economic roadmap this week, which includes several projects related to the blockchain, including a A project for a central bank digital currency. Notably, according to the translation, "blockchain-based central bank digital funds will be implemented." The roadmap, dubbed the "Eleventh Development Plan," was reportedly submitted to the Turkish parliament on July 8. The plan, which covers the years 2019 to 2023, will be widely used as a guiding point for improving the Turkish economy. [2019/7/11]

According to incomplete statistics from 21st Century Business Herald reporters, since November 11, 2020, after Shenzhen launched the pilot activity of "Rite and Enjoy Luohu Digital RMB Red Envelope", Suzhou, Beijing, Chengdu and other pilot cities have also successively launched multiple rounds of digital RMB red envelope activities . Among them, Shenzhen carried out four rounds, Suzhou carried out two rounds, and Beijing and Chengdu each carried out one round. A total of eight rounds of digital renminbi activities have been carried out. A total of more than 1.2 million people have experienced the digital renminbi payment method.

Voice | Governor of the Bank of France: Stablecoins are completely different from speculative assets such as Bitcoin and need to be closely watched: According to cointelegraph, Francois Villeroy de Galhau, President of the Bank of France and policymaker of the European Central Bank (ECB), recently stated that the bank is Great interest follows the growing stablecoin marketplace, which allows members to exchange stablecoins for chartered securities, and merchandise services activities. He generally distinguishes stablecoins from other encrypted assets, arguing that stablecoins are completely different from other speculative assets such as Bitcoin. Unlike Bitcoin, the value of stablecoins is always directly tied to some assets, such as gold, legal tender, such as TrustTokens' lasttreated series of coins, consisting of TrueUSD (US dollar), TrueGBP (sterling pound), TrueAUD (Australian dollar) and TrueCAD (Canadian Dollar) composition. [2019/5/15]

It is worth mentioning that the digital renminbi can not only be used in offline scenarios, but also in online scenarios. Online digital renminbi payment is realized in the form of sub-wallet push. In the digital renminbi app, you can swipe left and right to see the interface of the six major state-owned banks (China Construction Bank of Industry and Agriculture), and the corresponding cooperative merchants, that is, sub-wallets, will appear under different banks. For example, the six major banks all support the Jingdong APP, Jingxi APP, and Jingdong Finance; Docked with Shanrong Business; Postal Savings Bank connected with Petrochemical Finance and Tuniu Travel; and Bank of Communications connected with Star Charging, SF Express, and Tuhu Auto.

Li Bin pointed out that the digital renminbi pilot test adheres to the principles of stability, safety, and controllability, and mainly focuses on small transactions by invited whitelist users. Currently, the number of participants, the number of transactions involved, and the amount of net exchange are still relatively small.

Li Bin said that the current digital renminbi is still in the pilot testing stage, and there is no timetable for its official launch. In the next stage, we will continue to improve and optimize the digital renminbi technology, business and policy solutions based on the feedback from all parties involved in the pilot, explore the digital renminbi application model in depth, strengthen the universality and inclusiveness of the digital renminbi, and improve product functions and applicability. Improve system security and stability.

(Author: Bian Wanli, editor: Li Yilin)

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