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Original title: Regarding the digital renminbi, the central bank has the latest answer!
On October 25th, Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, delivered a speech on the digital renminbi at the 2020 Bund Financial Summit. Some of the views in the article “Policy Implications” are analyzed and shared, and at the same time, it responds to hot spots of concern such as the relationship between digital RMB, WeChat and Alipay.
Mu Changchun said that the central bank has been developing digital renminbi products suitable for the elderly or those who exclude the use of smart terminals. In addition, the issuance of digital renminbi is not achieved by administrative enforcement, but should be carried out in a market-oriented form.Common peopleAs long as the people need to use banknotes, the People’s Bank of China will not stop issuing banknotes.
Mu Changchun’s response to market concerns:
1. What you can buy with banknotes and digital RMB
Recently, there have been rumors that in Shenzhen second-hand housing transactions, some traders are forced to accept digital renminbi and are not allowed to exchange for gold or foreign currency. First, let’s talk about the pilot in Shenzhen. What everyone heard was that Luohu District issued digital RMB red envelopes to promote consumption. There was no pilot second-hand housing scenario. In addition, digital renminbi is equivalent to banknotes and coins. Anything you can buy with paper money can be bought with digital renminbi. Foreign currencies that can be exchanged for paper money can also be exchanged for digital renminbi, so don’t worry.
2. Digital RMB and banknotes will coexist for a long time
Mu Changchun said that the issuance of digital renminbi is not achieved by administrative compulsion, but should be done in a market-oriented way. That is to say, we will issue as much as the people need to exchange. In addition, as long as the people have the need to use banknotes, the People’s Bank of China will not stop the supply of banknotes. I personally feel that in the foreseeable future, digital renminbi and banknotes will coexist for a long time.
3. There is no competition between WeChat, Alipay and the central bank’s digital RMB
Mu Changchun explained: “The two are not things in the same dimension at all. WeChat and Alipay are’wallets’, while digital renminbi is the’money’ in them. At present, WeChat and Alipay have become under the retail payment scene. Systemically important financial infrastructure, in general, it is a “wallet”, it is a “highway”, the content used for payment in the electronic payment era is commercial bank deposit currency. In the digital renminbi era, the wallet adds The option of digital renminbi. Therefore, in the future, people using WeChat and Alipay can choose not only the currency of commercial bank deposits, but also digital renminbi.”
In addition, he said that the respective commercial banks of Tencent and Ant are also operating institutions, so they do not have a competitive relationship with digital RMB.
4. Can third-party payment participate in digital RMB circulation services?
Mu Changchun said that the exchange and circulation of digital renminbi are two different concepts. Commercial banks undertake the function of exchanging digital renminbi to the public, and the circulation services can be undertaken by third-party payment institutions and other small and medium-sized banks. Specifically, commercial banks belonging to designated operating institutions are responsible for opening different types of digital renminbi wallets for exchange services based on the identification strength of customer information. At the same time, these banks should undertake circulation services together with other commercial banks and institutions, and be responsible for retail links. Management, including payment product design and innovation, scenario expansion, market promotion, system development, business processing, operation and maintenance, etc.
5. In the process of digital RMB ecological construction, it is necessary to ensure that the market plays a decisive role in resource allocation
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 mobilize the enthusiasm and creativity of all parties in the market. The issuance and circulation of digital renminbi involves all aspects of society. It has never been the responsibility 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.
6. Overall management of digital renminbi issuance quota to prevent over-issuance
Mu Changchun said that the digital renminbi should adhere to the central bank’s centralized supervision, and the following aspects should be done in the process:
Overall management of the digital renminbi issuance quota to ensure 100% preparation and prevent over-issuance.
It is necessary to formulate unified business standards, technical specifications, safety standards and application standards to achieve interconnection among designated operating agencies and avoid payment barriers.
It is necessary to coordinate the management of digital RMB information. 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.
It is necessary to coordinate the construction of the issuance infrastructure of digital renminbi, realize the interconnection of inter-operating institutions, and ensure that there will be no payment barriers.
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