How can digital RMB enter our lives during long holidays with frequent occurrences?

Tech 2023-10-15 05:18:24 Source: Network

Economic Daily WeChat official accountQ:What is the trial effect of digital RMB?A:During the traditional consumption peak season of the Mid Autumn and National Day holiday, many places in Shenzhen, including Guangming District, Hangzhou in Zhejiang, Nanjing in Jiangsu, and Suzhou, issued digital RMB consumption vouchers. In the view of industry insiders, the frequent emergence of digital renminbi indicates that the promotion of consumption is expected to continue to increase

Economic Daily WeChat official account

Q:What is the trial effect of digital RMB?

A:During the traditional consumption peak season of the Mid Autumn and National Day holiday, many places in Shenzhen, including Guangming District, Hangzhou in Zhejiang, Nanjing in Jiangsu, and Suzhou, issued digital RMB consumption vouchers. In the view of industry insiders, the frequent emergence of digital renminbi indicates that the promotion of consumption is expected to continue to increase.

Data shows that since the pilot of digital RMB, the verification rate of consumption vouchers issued using digital RMB has exceeded 90%, and in some places, the verification rate has even reached as high as 99%. From the perspective of stimulating consumption, according to incomplete statistics, the consumption amplification effect of issuing digital RMB consumption vouchers in some pilot areas exceeds 15 times, effectively promoting social consumption replenishment and potential release. This "transcript" also fully verifies the feasibility, stability, safety, and effectiveness of using digital RMB as the legal tender of the country to distribute consumption subsidies.

Since the beginning of this year, governments at all levels from the central to local levels have frequently introduced policies to promote consumption. Dong Ximiao, the chief researcher of Zhaolian and a part-time researcher at the Financial Research Institute of Fudan University, analyzed that based on business and technological advantages, digital renminbi is expected to play a greater role in promoting consumption and serve the real economy more effectively. The next step should be to integrate digital renminbi consumption vouchers into the "combination fist" of local consumption promotion policies.

Q:How to better leverage the role of digital renminbi in promoting consumption?

A:Ouyang Rihui, Vice Dean of the China Internet Economy Research Institute at Central University of Finance and Economics, suggests doing three things well:

One is to increase the promotion of digital renminbi, so that consumers can understand and fully understand it. The digital RMB is the legal tender in digital form and is the cash in circulation. Digital RMB is the main currency form of the future central bank, which will not infringe on consumers' privacy, but rather is a safer legal tender than paper currency; Secondly, continuously expanding the channels for the use of digital renminbi, providing more application platforms and richer application scenarios, including commercial banks, to make it more convenient for consumers to use digital renminbi; The third is to support commercial banks to open corporate wallets through third-party platforms such as industry and commerce, taxation, and finance, and to leverage the advantages of digital RMB in public sectors such as finance, taxation, and government affairs, providing advanced payment services for government public consumption.

Q:What innovative applications are there for digital RMB?

A:At the 2023 China (Beijing) Digital Finance Forum held on the 12th, a batch of innovative applications of digital RMB were made a concentrated appearance, including a comprehensive solution for cross-border payment of digital RMB, a supply chain financial service solution based on digital RMB smart contracts, and digital RMB prepayment management products. Especially in the field of cross-border payments, the application of digital renminbi has made significant breakthroughs, demonstrating the enormous potential of this scenario. At present, overseas visitors to China can not only register and open digital RMB wallets using their overseas mobile phone numbers, but also directly recharge their wallets through Visa and Mastercard overseas cards.

In fact, the extension of digital RMB to cross-border payment scenarios is a microcosm of its constantly enriched application scenarios. With the continuous promotion of digital RMB pilot projects, from transportation, catering and shopping to payroll and corporate loan issuance, innovation in the application of digital RMB is blooming in many areas, constantly changing our lives.

Industry insiders predict that in the future, the speed of innovation and integration of digital renminbi in the enterprise will continue to accelerate on a safe and controllable basis, which will help promote the formation of a closed-loop payment chain for digital renminbi from the retail end to the enterprise end, and further promote the convenience and activity of digital renminbi in the use of retail customers.

Comprehensive: Economic Daily reporter Ma Chunyang, Economic Reference Daily

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