The most popular digitalization of RMB has just st

The digitalization of RMB has just started, and it is still far away to replace paper money.

release date: Source: China economic times

"as long as there is a dc/ep digital wallet on the Internet, there is no need to contact, as long as two parts touch, you can transfer the digital currency in one person's digital wallet to another person." Have you ever seen such a payment method

today, when electronic payment methods such as Alipay and have been widely used, our payment methods have become more and more convenient, and the use of cash is further declining. In line with this trend, the people's Bank of China has launched the digital RMB, which has recently been tested in Shenzhen, Suzhou, xiong'an new area, Chengdu and the future Winter Olympics. With the pilot of digital RMB, how will our payment method change

in recent years, with the rapid development of digital economy, many countries are stepping up their research on digital currency, and China has been steadily advancing in this regard. As early as 2014, the people's Bank of China set up a special team to carry out special research on digital currency issuance framework, key technologies, issuance and circulation environment and relevant international experience. At the end of 2017, with approval, the people's Bank of China organized some powerful commercial banks and relevant institutions to jointly carry out the research and development of the digital RMB system

at present, the top-level design, standard formulation, function research and development, joint commissioning and testing have been basically completed in the digital RMB pilot. However, industry experts believe that although it has entered the pilot test stage, it does not mean that the digital RMB is really landing. Before it is officially put into use, it still needs to test the theoretical reliability, system stability, risk controllability and other links. The central bank has also repeatedly stated that there is no timetable for the introduction of digital RMB

it is understood that currently, the main application scenarios of the digital RMB pilot are focused on the small-scale closed pilot in the scenarios of transportation card recharge, catering, retail and so on. At present, the focus of the relevant pilot work is to detect the system stability and functional availability of digital RMB payment and settlement

as for the new thing of digital currency, the public is more concerned about whether the current payment method has an impact and whether it will replace Alipay and other payment methods

"for ordinary people, there is an additional choice of payment. But after all, Alipay, these payment tools that can provide similar functions have been widely accepted. It remains to be seen whether people will accept it after the introduction of digital currency and whether it will be more convenient than these existing mobile payment tools." Shi Guang, deputy director of the banking research office of the Financial Research Institute of the development research center of the State Council, told

Jiang Qiping, director of the informatization research center of the Chinese Academy of Social Sciences and director of the office of informatization and network economics, also said that digital RMB involves changes in some subjects and may become a nationally designated means of payment in the future, but it does not affect the use of other means of payment

the people's Bank of China said that the digital RMB will adopt a two-tier operation system. The central bank will first connect with commercial banks, and then commercial banks will be specifically responsible for connecting with ordinary people

Jiang Han, a visiting professor of finance at Harbin University of Commerce, previously said that currency 3 has been achieved because of the popularity of mobile payment In the damp heat experiment, even if digital currency is introduced in the future, most people's feelings about payment will not change much, but the feelings of banks and financial institutions will be more obvious. For example, bank tellers may not need to count money again

can digital currency completely replace cash? Shi Guang believes that compared with paper money, which is easy to lose and wear, the security of digital RMB is higher. But whether it can replace cash depends on the willingness of individuals and enterprises to use it

industry experts believe that the replacement of paper money by digital currency faces two constraints, one is whether users are willing to use it, and the other is whether technical conditions can be met. Because the speed of transaction payment is subject to technology, when the number of transactions exceeds a certain limit, it may cause failure, downtime and software crash. At present, there are still some technical limitations. In addition, due to different user habits, not everyone is used to this payment method. For example, some older people may not accept digital currency. However, if digital currency is officially launched, banks or merchants cannot refuse users to use it

in the era of digital economy, people have higher and higher requirements for the security and convenience of payment, and the security of legal digital currency has also attracted public attention

in 2012, Liu Rongrong, Dean of the school of Finance and taxation of Southwestern University of Finance and economics, believed that dc/ep is digital RMB cash, which is settled by the central bank and has legal solvency. Dc/ep payment is the first level of direct payment means, while Alipay payment is a third-party payment means, which is settled by commercial banks with money stored, and there may be a very small probability of bankruptcy risk. As legal tender, dc/ep can realize offline payment with a higher degree of security and amount than Alipay and payment