The first anniversary of the digital renminbi pilot: Over a million people participated in the pilot city to start the "new" battle

Original Title: The First Anniversary of the Digital RMB Pilot 丨 More than a million people participated in the eight rounds of public testing, and the pilot city started the "new" battle A total of 10 million yuan in preferential benefits, a total of 500,000 new users were drawn. During the event, designated merchants across the city who use digital renminbi for consumption can enjoy additional discounts for exclusive digital renminbi payment methods on top of the merchants' existing discounts. In April last year, the central bank’s official website released news of the first batch of digital renminbi pilot cities. In the past year, Shenzhen took the lead in carrying out the pilot activity of "enjoying Luohu digital RMB red envelopes", distributing digital RMB red envelopes to citizens in Shenzhen, followed by pilot cities such as Suzhou, Beijing, and Chengdu, with a total of 8 rounds of tests, More than 1.2 million people participated. With the rounds of red envelope activities, the digital renminbi has gradually entered the field of vision of more and more people, but many people are still full of curiosity about the digital renminbi. What is digital renminbi and how to use it? Is it different from WeChat Pay and Alipay? is it safe? How is the pilot going? This article will unravel the doubts one by one. According to the official definition, the digital renminbi is a digital form of legal tender 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 generalized 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. The first domestic "Digital RMB + Digital Trade" incubation base settled in Shanghai: Jinse Finance reported that at the opening forum of the first Shanghai Digital Trade Forum, the People's Government of Changning District and Bank of China Shanghai Branch jointly established the "Bank of China Digital RMB Digital Trade Innovation Incubation Base" "Unveiled, the country's first incubation base focusing on "digital renminbi + digital trade" settled in Changning. In the future, the base will focus on building a "experimental field" and "model room" for the ecological construction and development of digital renminbi scenarios, and create a "pioneering demonstration area" for the development of digital renminbi. [2022/11/9 12:38:19] Legal repayment means that all public and private debts in our country are paid in digital renminbi, and no unit or individual may refuse to accept it if they meet the conditions for acceptance. As for legal compensation, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, also gave a more popular explanation in the “get” course, “We see that private payment institutions or platforms now set up various payment barriers, and use WeChat’s Alipay cannot be used in places, and WeChat cannot be used in places where Alipay is used. But for the central bank's digital currency (digital renminbi), as long as you can use electronic payment, you must accept the central bank's digital currency." "Dual offline payment" is digital Compared with electronic payment methods such as Alipay and WeChat payment, RMB has comparative advantages. The so-called "dual offline payment" means that both the payee and the payer are in a state of no network, and the transaction can still be completed, which will greatly enrich the transaction scenarios and reduce the transaction restrictions of electronic payment. In December 2020, the "dual offline payment" function was tested for the first time at the Suzhou digital renminbi pilot event. Beijing Business Management Department of the Central Bank: The digital RMB pilot has completed 400,000 scenarios and landed: According to news on December 16, the reporter learned from the Beijing Business Management Department of the Central Bank that since this year, in accordance with the deployment of the People’s Bank of China’s Winter Olympics payment environment construction, the People’s Bank of China’s business management The Ministry of Finance has promoted the full realization of the acceptance of bank cards and digital renminbi in key transportation areas such as buses and subways, and completed the transformation of the payment environment in 50 key business districts. More than 98% of ATMs in the city can accept foreign currency bank cards for cash withdrawals. Carry out three large-scale digital renminbi pilot activities, complete the implementation of 400,000 scenarios, and realize full coverage of seven categories of scenarios, including transportation, catering and accommodation, shopping consumption, tourism, medical and health care, communication services, and ticketing and entertainment. (Beijing Daily) [2021/12/16 7:43:43] A Suzhou citizen who has obtained the qualification for digital RMB dual offline payment test told reporters, "It's very convenient. I think offline payment is still very good. Sometimes We will encounter some poor signal or unstable situation, which can completely solve the disadvantage of not being able to pay.” According to Guo Yanhao, deputy director of the Local Financial Supervision and Administration Bureau of Xiangcheng District, Suzhou City, the Suzhou red envelope activity chooses Some merchants suitable for dual-offline application scenarios have been laid. Prior to this, Suzhou has also gone through multiple rounds of tests. At present, whether it is C2C or C2B, the effect is relatively good. In addition, security is the most concerned issue of users. How does the digital renminbi protect privacy and security? On the one hand, the digital RMB wallet adopts a hierarchical and classified design, and different levels of digital wallets are opened according to the degree of KYC (Know Your Customer) to meet the different payment needs of the public. Among them, the wallet with the weakest KYC strength is an anonymous wallet, which can be opened with only a mobile phone number, which can meet daily micropayment needs. It is worth mentioning that the wallet opened with the mobile phone number is completely anonymous to the People's Bank of China and various operating agencies. This design meets the reasonable privacy protection needs of the public. If you want to make a large amount of payment, you need to upgrade your wallet, and the wallet balance and payment limit will increase as the strength of KYC increases. Hua Securities: The digital RMB industry investment space may reach 100 billion: On November 7, Xia Yingtao, a senior analyst in the computer industry of Hua Securities Securities, said on the program: The entire digital RMB is also a market of more than 100 billion. There are several types in this The company is more likely. The first category is financial equipment companies. These companies are relatively wealthy and have obviously benefited from the entire upgrading process. The second type of companies are banking, IT, and information construction companies, such as traditional banks and IT companies, which benefit greatly. The third aspect is digital institutions, which may also be based on this new payment scenario of digital renminbi, and will also benefit to a certain extent. There is also a fourth category that we just introduced. In essence, the digital renminbi will also use some encryption algorithms to make some updates and based on cryptography to ensure a safe transaction process. Therefore, some security encryption companies will also benefit from the promotion and construction of the digital renminbi as a whole. The fifth category is enterprises with downstream application scenarios, such as campus informatization enterprises, other catering informatization enterprises, etc. These enterprises will also participate in the entire upgrading and transformation process, and certain new projects and orders will also be generated. Therefore, based on the fact that the digital renminbi may be a market of more than 100 billion yuan, our main focus is on these five types of corporate investment opportunities. (Oriental Fortune Network) [2021/11/7 6:36:29] On the other hand, when a user pays with digital RMB online, it is pushed to the e-commerce platform in the form of a sub-wallet, and the payment information has been encrypted. , The platform cannot know the user's personal information, which ensures the privacy protection of the user's core information. In addition, the digital renminbi has adopted multiple technologies and system designs to ensure user privacy and security, such as using ID anonymization technology between digital renminbi wallets, de-identifying all customer information, and so on. Mu Changchun said, "In short, the protection of digital renminbi for user privacy is the highest level among current payment tools." "Sister" ARK founder Catherine Wood recently said that Tencent has a unique role in the internationalization of digital renminbi, and Tencent has the ability to assist in the smooth promotion of digital renminbi. In addition, Tesla's market value will exceed 3 trillion within five years. Catherine Wood said: "Except for China's BYD, no other automaker has been able to expand the scale of electric vehicle manufacturing as quickly as Tesla, and it has not yet." (Securities Market Red Weekly) [2021/10/27 6:15:38] Digital renminbi can not only be used in offline stores, but also supports online platform payments, and cross-border payments are also being tested. When using digital renminbi payment in offline scenarios, you can choose any of the methods of scanning code payment, touch, and dual offline payment. Among them, "scan code payment" is the same as WeChat Pay and Alipay. You can use the POS machine to scan the payment code in the user's digital renminbi wallet, or choose digital renminbi payment in the POS machine. After the QR code appears, the user uses the digital renminbi wallet to scan the function to complete the payment. "Touch one touch", the user turns on the NFC and the touch function in the digital renminbi wallet when paying, and closes the digital renminbi sign or POS machine equipped with a chip to complete the payment. Tencent participated in the Digital China Construction Achievements Exhibition and is one of the digital renminbi operators: According to news on April 25, Tencent participated in the 4th Digital China Construction Achievements Exhibition as a digital renminbi operator, and cooperated with the Digital Currency Research Institute of the People's Bank of China and others The operating agencies jointly demonstrated the results of the digital renminbi pilot. The relevant person in charge of Tencent revealed that since the launch of the digital renminbi project of the People's Bank of China, Tencent has been deeply involved in the design, research and development, and operation of digital renminbi, providing all-round support for the implementation of the digital renminbi project. In the future, Tencent will further carry out controllable pilot projects under the guidance of the People's Bank of China. (36 krypton) [2021/4/25 20:56:03] "Dual offline payment" means that both the payer and the payer are in a no-network state. The merchant opens the digital RMB wallet APP, slides down to receive the payment, selects a touch, and sets the amount ; Consumers open their own digital renminbi. The back of the two mobile phones are attached to complete the payment, and the page will prompt the receipt and payment information. Online digital renminbi payment is realized through sub-wallet push. When users use it online, they need to turn on the switch of the corresponding sub-wallet in the digital RMB APP, and the sub-wallet will be pushed to the corresponding platform. Then, when the user pays on the online platform, the option of digital renminbi will appear, and the option will be selected to complete the payment. In the digital renminbi APP, 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 Jingdong APP, Jingxi APP, and Jingdong Finance; in addition, Industrial and Commercial Bank of China (5.480, 0.06,   0.02, 0.60%) also connected with Bilibili and Meituan APP; China Construction Bank (7.280, 0.10, 1.39%) also connected with Shanrong Business;  0.36%) connected with Petrochemical Finance and Tuniu Tourism; Bank of Communications (4.940, 0.03, 0.61%) connected with Star Charging, SF Express, and Tuhu Auto. It is worth noting that many people are looking forward to the application of digital renminbi in the field of cross-border payment. In February 2021, with the support of the Bank for International Settlements Hong Kong Innovation Center, the Digital Currency Research Institute of the People's Bank of China, the Hong Kong Monetary Authority, the Central Bank of Thailand, and the United Arab Emirates jointly launched a research project on multilateral central bank digital currency bridges, aiming to explore The application of central bank digital currency in cross-border payment. Wang Xin, director of the Central Bank’s Research Bureau, publicly stated that the Central Bank’s Digital Currency Research Institute and the Hong Kong Monetary Authority have conducted technical tests on the use of digital renminbi, and said that when conditions are ripe, it will be used for cross-border payment transactions in line with market demand. Shenzhen launched a digital renminbi cross-border payment test, mainly for two types of Hong Kong residents. One category is Hong Kong residents who frequently travel to and from Shenzhen; the other category is Hong Kong residents who occasionally come to Shenzhen. Luohu District officials in Shenzhen stated that the test successfully established a cross-border payment scenario for Hong Kong residents to and from Shenzhen using digital renminbi, effectively reducing the cross-border transaction costs for Hong Kong residents to spend in Shenzhen, and laying a foundation for the next step to promote the cross-border circulation of digital renminbi between Shenzhen and Hong Kong. It has laid a practical foundation for solving the payment of current items such as cross-border tourism. At present, the digital renminbi pilot test work is steadily advancing. Although the digital renminbi red envelope activities launched by various places are similar in form, they have their own characteristics in details. Among them, Shenzhen is the place where the digital renminbi debuted, and it is also the city with the most public tests; Suzhou has publicly tested the functions of digital renminbi "dual offline payment" and online scene payment (sub-wallet) for the first time; Various forms of RMB wallets. Digital renminbi needs to be used with digital wallets, which include soft wallets and hard wallets. Soft wallets are more well-known, that is, digital RMB APPs downloaded through mobile phones; hard wallets are hardware carriers that do not rely on the network, such as wearable devices, video cards, super SIM cards, etc., which can support offline payments and have a wider range of usage scenarios. At the end of 2020, the launch event of the Beijing Winter Olympics pilot project showed ultra-thin card wallets, visual card wallets and badges, watches, bracelets and other wearable device wallets. Among the first batch of pilot cities, although Xiongan did not carry out digital RMB red envelope activities, the local Agricultural Bank of China is also actively expanding users, and users can also apply for activation in the business hall. Compared with the initial stage of exploration, the promotion process of the current digital renminbi has been significantly accelerated, and even set off a "new" war. Chengdu Industrial and Commercial Bank of China, Changsha Agricultural Bank of China, Hainan Industrial and Commercial Bank of China, and Shenzhen Construction Bank have launched various preferential activities for digital RMB users. The second batch of pilot cities added Shanghai, Changsha, Hainan, Qingdao, Dalian, and Xi'an. The 21st Century reporter learned that except for Qingdao and Dalian, which have no public information, the other four places are proceeding in an orderly manner. Among them, the six local state-owned banks in Shanghai have begun to accept applications for opening digital RMB personal wallets; Changsha can apply for opening a whitelist to use digital RMB at the local Agricultural Bank of China business hall; Xi'an digital RMB is in the internal testing stage; "Renminbi Sansha Parade" activity. According to the relevant person in charge of Hainan ICBC, at present, various preparatory work related to Hainan ICBC, such as business training, scene construction, and white list introduction, are being carried out in an orderly manner. Hao Yixiang, a postdoctoral fellow at the School of Finance, Renmin University of China, said to a reporter from 21st Century Business Herald, At this stage, the promotion of digital renminbi will bring greater "policy dividends" to these six commercial banks, so that commercial banks are no longer at the bottom of the retail scene, and only serve as a settlement and clearing function. Digital renminbi will allow commercial banks to appear more in The front desk of the retail scene. In the future, commercial banks may also use the unified port of the digital renminbi APP to create more retail payment scenarios in combination with their own mobile banking APP, and extend new functions such as related financial services and wealth management product promotion. Therefore, each bank will vigorously promote it in the early stage to attract more consumers to use their own debit cards-mobile banking APP for digital RMB consumption activities. Lay a good user base for later related business promotion.

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