Recently, the keyword "digital RMB" has been mentioned frequently. Since August 1, Beijing Metro has added support for digital RMB offline ticket/card purchase, ticket replacement and recharge, as well as online ticket purchase through APP and other scenarios. At present, the digital RMB is also being piloted in many cities. It is worth mentioning that the implementation of the digital RMB will hopefully enable cashless payments for foreign athletes and tourists at the 2022 Beijing Winter Olympics. What is the digital RMB?Is the digital RMB a digital currency or electronic currency? This statement is actually not entirely correct. Digital RMB is a legal digital currency issued by the People's Bank of my country, referred to as "DC/EP", which stands for "Digital Currency/Electronic Payment". Digital RMB is a national credit guarantee and enjoys the same legal status as RMB. It is my country's "legal tender". Under non-technical conditions, refusing to accept digital RMB is illegal, just like refusing to accept RMB. What is the difference between digital RMB and other electronic currencies?The essence of electronic money in Alipay and WeChat wallets is digital deposit money, and each of its payments must rely on a bank account. When using WeChat or Alipay to make payments, you must rely on the Internet, and merchants can refuse consumers to use WeChat or Alipay to pay. However, digital RMB can also be used without the Internet, and after full promotion, no merchant can refuse to accept digital RMB. In addition, WeChat or Alipay may charge a certain service fee when withdrawing cash, while there is no service fee for exchanging digital RMB for paper money. What are the benefits of digital RMB?1. Low issuance cost. Digital RMB does not require printing paper, ink, or printing presses, which reduces issuance costs and eliminates the high cost of recycling worn-out RMB. 2. Crack down on crimes. Every digital RMB has data records, which can better combat crimes. 3. Promote the internationalization of the RMB. The settlement and clearing of digital currency in the field of international transactions is more convenient, which is conducive to the RMB going global. At present, Beijing's Haidian District is actively building a digital RMB acceptance environment, and more than 5,000 merchants can accept digital RMB. In addition, it also combines digital RMB with traditional culture and held the "Digital RMB Garden Party" in the Old Summer Palace. I believe that with the increasing popularity of digital RMB, it will definitely bring more convenience to our lives. (Liu Yilian) |
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