According to the Russian “Independent” report, now, in some cities in China, as long as you apply to a state-owned bank, you can receive a digital RMB wallet. Restaurants, stores and transportation businesses are ready to accept the currency. The Chinese government announced that it will significantly expand the scope of the digital renminbi pilot program in 2021. Customers of six Chinese banks in Beijing and Shanghai can apply to activate e-wallets that can handle digital renminbi business. This significantly expands the scale of the pilot that started in April 2020. China has gone further than other countries in the application of national digital currency.
The World News Syndicate website published an article by Kenneth Rogoff, former chief economist of the International Monetary Fund and professor of economics and public policy at Harvard University, saying that the People’s Bank of China is far ahead of other major central banks in developing central bank digital currency. Although currently only available for domestic use, the PBOC’s digital currency will eventually facilitate the international use of the Yuan.
Since China began a digital renminbi test with public participation in 2020, the development of digital renminbi has gradually entered the public eye. From the start of research and development work in 2014 to the close of public testing in 2020, the pilot cities of digital renminbi are expanding, and more and more people are expected to experience digital RMB.
China started earlier in the research and development of digital renminbi. In 2014, the People’s Bank of China established a special team to conduct special research on issues such as the digital currency issuance framework, key technologies, issuance and circulation environment, and relevant international experience. In 2017, 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. In 2020, Luohu District of Shenzhen will issue a 10 million yuan “Lixiang Luohu Digital RMB Red Packet”, which is the first public test of digital RMB. Shenzhen, Suzhou, Xiongan, Chengdu, and the future Winter Olympics scenes will be used as the first batch of digital renminbi pilots for internal closed pilot testing, and the scope of the second batch of pilots will be expanded to Shanghai, Changsha, Hainan, Qingdao, Dalian, Xi’an and other 6 places.
At present, the development trend of digital RMB mainly shows the following characteristics. First, the participants in the digital renminbi pilot are more diverse. At present, the digital renminbi red envelopes are mainly launched by several major state-owned banks, and a few private banks are expected to join the digital renminbi test work. In the service of the circulation link, non-bank payment institutions such as UnionPay Commerce and Lakala, and hardware equipment manufacturers such as Huawei, Xiaomi, and OPPO have also played an active role. Second, the application of digital renminbi integrates multiple online and offline scenarios and fields. In the digital renminbi red envelope activities carried out in the digital renminbi pilot cities, most of them support both offline and online scenarios, covering life payment, catering services, transportation, shopping, government services and other fields. Among them, the retail sector is currently the focus of the digital renminbi pilot. Third, the form of the digital RMB wallet is mainly “soft”, “both soft and hard”. There are two forms of digital RMB wallets: software wallets and hardware wallets, namely software wallets in the form of mobile clients and “hard wallets” in the form of “chips”. At present, digital RMB wallets are mainly based on mobile phone clients. In pilot cities such as Beijing and Shanghai, “hard wallets” such as “visual cards” and wearable devices embedded with digital RMB wallet chips are also tried to adapt to the usage habits of different groups of people.
Recently, the series of test activities of the digital renminbi have progressed smoothly, but the test activities are still in the transition stage from closed test to public test. In the next step, on the premise that the security, stability and continuity are further verified, a large-scale public test should be carried out nationwide as soon as possible, and the digital renminbi will be officially issued when the conditions are ripe, and based on this, China’s currency and payment will be further optimized system to better meet the urgent demand for legal digital currency in the era of digital economy.
It is worth noting that the world’s major economies generally pay attention to legal digital currencies, and some foreign media are more concerned about the future use of digital renminbi in international trade. However, the digital renminbi should not be confused with the internationalization of the renminbi. Whether a country’s currency can be accepted and used internationally depends mainly on the country’s comprehensive economic and political strength, and has nothing to do with whether the currency is in digital form. However, it is foreseeable that with the improvement of the internationalization level of the renminbi, the digital renminbi may provide technical convenience for the cross-border settlement of the renminbi. China and several countries and regions have jointly launched a multilateral central bank digital currency bridge research project to explore the role of digital renminbi in cross-border payments. In addition, China started the central bank’s digital currency research and development earlier. If it can strengthen information sharing and experience exchanges in digital currency research and development, supervision and other aspects with countries and international organizations in the field of legal digital currency, it will help to better promote digital currency services to the world, and also help China better participate in international financial governance.
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