Digital RMB opens a new blue ocean of consumption
2022-07-25
(the picture shows Dongguan villagers using the digital RMB system to pay at a merchant on July 14.) Recently, Dongguan village, Fanshan Town, Zhuolu County, Zhangjiakou City, Hebei Province has become the first "digital RMB application pilot" in the province. Merchants in the village have opened a digital RMB payment system, and farmers can complete transactions by scanning their mobile phones. The Monetary Policy Department of the people's Bank of China recently introduced that the digital RMB pilot has expanded from the original "10+1" pilot area to 23 regions in 15 provinces and cities. Shenzhen, Suzhou, xiong'an new area and Chengdu have abolished the white list restrictions, and Industrial Bank has been recruited as a new designated operating institution. Argentina's "page 12" website, titled "digital RMB: unstoppable development", reported that China's digital RMB development strategy is very precise, that is, to create an economic, fast and safe retail payment infrastructure for the Chinese people. According to an article published on the website of the Spanish economist, digital currencies supported by central banks are becoming more and more common worldwide. In China, with the rapid development of digital RMB, its goal is to become a digital substitute for cash, and payment is more convenient and fast. In addition, digital RMB has other particularities, and relevant departments are exploring its role in stimulating consumption and investment. Reuters said that China is promoting digital RMB to provide consumers with a new method of mobile payment. Analysts said that digital RMB will digitize the "last mile" of consumption, enabling banks and businesses to obtain data and gain insight into consumption patterns. The application scenario of digital RMB is constantly expanding. According to the data released by the people's Bank of China, by the end of 2021, there had been more than 8.0851 million digital RMB pilot scenarios, 261 million personal wallets had been opened, and the transaction amount was 87.565 billion yuan. At the C-end (consumers, individual users), digital RMB has covered catering, transportation, shopping, tourism, medical and other scenes; At the g-end (government and public institutions), digital RMB covers government subsidies, provident fund payments, credit endorsements, social security taxes, etc; At the b-end (enterprise merchants), digital RMB is gradually applied, such as bill discounting, supply chain management, financial leasing, etc. Digital RMB red envelopes have gradually become a new way for pilot areas to accurately promote consumption and expand domestic demand. Beijing, Tianjin, Guangzhou and other digital RMB pilot cities have issued various forms of digital RMB consumption subsidies to residents, covering food, housing, transportation, tourism, shopping, entertainment and other fields. Through smart contract technology, the government can accurately set the use time and scope of application of digital RMB red envelopes, improve the accuracy of consumption promotion, help boost consumer demand, accelerate the recovery of the consumer market, and help physical merchants recover. In the past, corporate transfers had to be made through the bank to company window or online banking, while digital RMB payments were settled and received in real time, which was no longer limited by working hours. There was no time difference between the bills of the enterprise's financial system and the digital RMB system, and there was no need for troubleshooting, correction and other operations, which reduced the cost of enterprise funds, improved the efficiency of enterprise settlement and capital turnover, and continued to help the enterprise supply chain reduce costs and increase efficiency. Compared with third-party payment, digital RMB has the technical advantages of blockchain, smart contract, dual offline payment and so on - through blockchain technology, digital RMB can track every transaction, master the flow of funds, make the transaction process more transparent, reduce the risks of money laundering, corruption, tax evasion and so on, ensure the safety of funds, and facilitate financial supervision; Through smart contract technology, digital RMB can be automatically traded according to the conditions and rules agreed by both parties to the transaction, and subsidies, relief funds, etc. can be directly distributed to the account of the designated object, so as to eliminate the interception of funds, which is conducive to the implementation of accurate support; Through the dual offline payment technology, two digital RMB wallets can be "touched" to complete the payment. In places without Internet, such as underground places and mountainous areas, consumers cannot use third-party payment, but they can use digital RMB wallets. Dual offline payment technology can also help the elderly, children and other special groups to achieve convenient payment. At present, digital RMB dual offline payment carriers can cover smart wearable devices such as gloves, walking sticks, watches, etc. It is worth mentioning that as a public product, digital RMB is aimed at the disabled and the user groups who are not familiar with electronic products. The introduction of digital RMB app function optimization and adaptation and featured hardware products is conducive to bridging the "digital divide". The Chinese government attaches great importance to the development of digital RMB. For some time, the pilot scope of digital RMB has been further expanded. On the basis of the existing pilot areas such as Shenzhen, Suzhou and xiong'an new area, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in Zhejiang Province hosting the Asian Games will be added as pilot areas. Beijing and Zhangjiakou City in Hebei Province will become pilot areas after the 2022 Beijing Winter Olympic Games and winter Paralympic Games. At present, the pilot of digital RMB has been expanded to 23 regions in 15 provinces. In the future, the application scenarios of digital RMB can be further expanded. In the distribution of poverty relief funds, demolition funds and other funds, the traceability of digital currency is used to effectively deter and combat the withholding of funds and corruption. For digital RMB that may be used for large-scale payment, special fiscal and tax policies can be issued to support the issuance and circulation of digital currency. For taxable activities involving digital currency production and operation activities, appropriate tax reductions or preferences can be given. At present, digital RMB mainly solves domestic payment rather than cross-border payment. With the internationalization of RMB, digital RMB can be further extended to cross-border payment scenarios. In August 2020, the general office of the people's Government of Hebei Province issued the notice on the implementation plan for the construction of China (xiong'an New District) cross border e-commerce comprehensive pilot zone, encouraging the use of RMB for pricing and settlement in cross-border e-commerce activities and exploring cross-border payment in digital currency. In order to continue to promote and popularize digital RMB, we should also do the following work: first, increase application scenarios. Strengthen cooperation with third-party payment platforms, increase the payment interface of digital RMB in third-party payment platforms, and increase the application scenarios and frequency of digital RMB in daily life. Second, increase publicity and promotion. In order to better popularize the functions and use methods of digital RMB to the public, online and offline media channels can be used to popularize digital RMB and improve the utilization rate of digital RMB by opening lectures, launching advertisements, publishing popular science articles, etc. Third, expand pilot projects. Some second tier cities and pilot cities in less developed areas can be added. (Xinhua News Agency)
Edit：Li Jialang Responsible editor：Mu Mu
Source：people.com
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