Mu Changchun, the central bank: WeChat, Alipay and the central bank’s digital renminbi are not in competition

Original title: Central Bank Mu Changchun: WeChat, Alipay and the central bank’s digital RMB do not have a competitive relationship

Summary

[Central Bank Mu Changchun: WeChat, Alipay and the central bank’s digital renminbi do not have a competitive relationship]What is the relationship between WeChat, Alipay and digital renminbi? What’s the difference? At the second Bund Financial Summit Forum, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, said that the two are not in the same dimension. WeChat and Alipay are financial infrastructures and wallets, while digital renminbi is a payment tool and the contents of the wallet. In the electronic payment scenario, the wallets of WeChat and Alipay contain commercial bank deposit currencies. After the digital renminbi is issued, everyone can still use WeChat Alipay to pay, but the contents of the wallet add central bank currency. At the same time, Tencent and Ant’s respective commercial banks are also operating institutions, so there is no competition with digital RMB. (China Business News)

WeChat, Alipay and DigitalRMBWhat does it matter? What’s the difference?At the 2nd Bund Financial Summit Forum, the central bank’s figurescurrencyMu Changchun, director of the institute, said that the two are not in the same dimension. WeChat and Alipay are financial infrastructures and wallets, while digital renminbi is a payment tool and the contents of the wallet.In the electronic payment scenario, the wallets of WeChat and Alipay arebusinessbankdepositCurrency, after the digital renminbi is issued, everyone can still use WeChat Alipay to pay, but the contents of the wallet have increased the central bank currency.At the same time, Tencent and Ant’s respective businessbankIt also belongs to the operating organization, so there is no competition with the digital RMB.

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Mu Changchun: Digital RMB and banknotes will coexist for a long time

At the 2nd Bund Financial Summit Forum, the Central BankDigital currencyMu Changchun, director of the institute, said that the issuance of digital renminbi is not achieved by administrativemarketIn a way that meansCommon peopleWe will issue as much as we need to exchange.In addition, as long asCommon peopleThere is a need to use paper money, the peoplebankWill not stop the supply of banknotes. I personally feel that in the foreseeable future, digital renminbi and banknotes will coexist for a long time.

Mu Changchun: What can be bought with banknotes, digital RMB can also be bought

At the 2nd Bund Financial Summit Forum, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, said that recently there have been rumors that some traders are forced to accept digital RMB for transactions in second-hand housing in Shenzhen, and they are not allowed to exchange for gold or allow exchangeforeign currency.First, let’s talk about the Shenzhen pilot. What everyone heard is that Luohu District issued digital RMB red envelopes to promoteconsumption, And there is no pilot second-hand housing scenario.In addition, digital renminbi and banknotes andcoinThey are equivalent. You can buy everything you can buy with paper money, and you can buy digital renminbi. Of course, you can also buy foreign currencies with paper money. So don’t worry.

Mu Changchun: Overall management of digital renminbi issuance quota to prevent over-issuance

At the 2nd Bund Financial Summit Forum, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, stated that the digital renminbi should adhere to the central bank’s centralized supervision, and the following aspects should be done in the process: First, overall managementScience and mathematicsChinese yuan issuance quota,Guarantee100% preparation to prevent over-issue. The second is to formulate unified business standards, technical specifications,safety standardAnd application standards, to achieve interconnection between designated operating institutions, and avoid payment barriers.The third is to coordinatemanagementInformation about digital renminbi. Fake digital renminbi wallets have appeared on the market. Therefore, just like the paper money era, the People’s Bank of China still faces the problem of anti-counterfeiting and anti-counterfeiting. The fourth is to coordinate the construction of digital renminbi issuance infrastructure, realize interoperability across operating institutions, and ensure that there will be no payment barriers.

Mu Changchun: will provide inclusive and easy-to-use digital central bank currency

At the 2nd Bund Financial Summit Forum, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, said that in the process of digital RMB issuance, allcommercial BankShould also be involvedCirculationserviceChina, on the other hand, it must also ensure that it includes poor areas and numbersVulnerable GroupsAll inCommon people, Provide an inclusive and easy-to-use digital central bank currency to avoid digital divide and financial exclusion.We have also been developing a digital renminbi suitable for the elderly and those who exclude the use of smart terminals.product

Mu Changchun: In the process of digital RMB ecological construction, it is necessary to ensure that the market plays a decisive role in resource allocation

At the 2nd Bund Financial Summit Forum, Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, said that in the entire digital RMB ecological construction process, we must maintain fair competition to ensure that the market plays a decisive role in resource allocation and fully mobilizes the market. The enthusiasm and creativity of all parties.The issuance and circulation of digital RMB involvessocietyThe various aspects of the People’s Bank of China have never been the business of the People’s Bank of China, nor is it something that an institution can accomplish on its own. It requires the joint efforts of the whole society, so the central bank has been conducting research and development with all sectors of society in accordance with the principle of two-tier operation, and has achieved some results.

Mu Changchun: Counterfeit digital RMB wallets have appeared on the market

  People’s Bank of ChinaMu Changchun, director of the Digital Currency Research Institute, stated at the 2nd Bund Financial Summit organized by the China Financial Forty Forum and the member institutions of the organizing committee on October 25 that it is necessary to coordinate the management of digital RMB wallets and unify the digital RMB recognition system , Effectively reduce anti-counterfeitingcost. In accordance with the principle of two-tier operation, the central bank and designated operating agencies jointly develop the wallet ecological platform by means of co-construction and sharing, and at the same time realize their own visual identification and characteristic functions. “We have found that counterfeit digital renminbi wallets appear on the market.” Mu Changchun said.

(Source: China Business News)

(Editor in charge: DF506)

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