Traditional paper money and coins need special materials, and anti-counterfeiting needs technical support. They will be worn and lost in the operation process, and need to be stored in a special place, so the overall operating cost is very high. However, digital RMB does not need physical printing and storage. After the threshold of system development, the system operation cost is low. Although the essence of RMB is a string of digital symbols, due to the characteristics of blockchain technology, its digital characteristics are unique and it has its own anti-counterfeiting function. Traditional currency counterfeiting often only needs to fool "human eyes" or some equipment, while the counterfeiting of digital RMB needs to deal with the whole system, which is extremely difficult. Compared with traditional currency, digital RMB has enough security to ensure the security of our digital wallet.
Digital currency is often safer than traditional currency with various anti-counterfeiting labels.
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At present, the patterns and figures of digital RMB issued on a pilot basis are somewhat similar to those of traditional paper money, but the difference is mainly in denomination and color. For example, digital RMB has the denomination of 200 yuan, which exceeds the maximum denomination of traditional RMB at present. The colors of RMB are very diverse. For example, China Construction Bank uses blue, Agricultural Bank uses green, and some banks use red. These different colors only represent the design ideas of different banks and will not affect the value of digital RMB.
In the usage scenario, the digital RMB can complete the transaction in the "offline" mode of both parties, support offline payment, and can be traded normally without network or network signal difference. However, offline payment does not mean being completely out of the network.
Although the payment forms carried by RMB, Alipay and WeChat all rely on Internet digital technology, they can be paid online or mobile, but the currency levels are different.
According to the liquidity characteristics of financial assets, we divide RMB into M0, M 1, M2 and other grades. M0 mainly refers to cash, which has the strongest liquidity and can be used at any time. M 1 means M0 plus some demand deposits. M2 refers to M 1 plus savings deposits, time deposits and other funds, and is a currency in a broad sense.
Although the payment forms carried by Alipay and WeChat are convenient and popular, they do not belong to the M0 category with the strongest liquidity. When they use it, they usually need to bind the bank card, and most of the money they spend comes from the money in the bank card.
In addition, for money, value scale and circulation means are the most basic functions. Although cryptocurrency is called currency, it cannot fully assume the function of currency. For example, because of its own characteristics, the price of some cryptocurrencies will fluctuate greatly, from tens of dollars to tens of thousands of dollars, and this great fluctuation will lose the role of value scale. In a sense, these cryptocurrencies are closer to a digital product that can be bought and sold.
The size is different. It belongs to M0 category. Like cash, only the People's Bank of China (note that it is not the Bank of China), that is, the central bank has the right to issue it, which is equivalent to an "electronic cash". Therefore, theoretically speaking, digital RMB is more mobile than the payment forms carried by Alipay and WeChat, with strong credit endorsement and high stability of value scale. This is a currency that we can trust and deserve to be widely promoted.
China has the highest electronic payment rate. We have basically adapted to the trading habit of using electronic payment, and the existing electronic payment methods are also very convenient. Why should we implement digital RMB separately?
In our present life, basically most scenes are using electronic payment | |Pixabay.
If you understand the development history of platforms such as Alipay, you will find that this transaction method was developed to solve people's distrust of online transactions. This third-party payment treasure can provide transaction guarantee and retrospective inquiry for buyers and sellers. You can also use RMB, but it can provide traceability and credit guarantee, and will not hand over the transaction information to a third party for safekeeping. Buyers and sellers can directly query the transaction records, which simplifies the transaction process and reduces the cost of system credit maintenance. Thanks to the digital RMB technology, it can avoid complicated operations such as bank U shield, greatly shorten the transaction review cycle and improve the transaction efficiency. At the same time, subtracting the third-party credit reporting agencies can reduce the risk of transaction information disclosure and better protect our privacy.
So how can digital RMB track transactions without relying on third parties?
In theory, the traceability of digital RMB comes from blockchain technology. For example, blockchain technology itself has a powerful recording function. Just like carrying a "video recorder" with you, you can record and store every step of the process, and you can also query and call it. This is also a significant advantage of the traditional RMB. It is impossible for us to install positioning devices on every physical currency, but digital RMB has its own anti-counterfeiting, "positioning" and "navigation" functions, so it is not afraid of counterfeit money and loss, which can greatly protect our property safety.
China started the research and development of digital RMB very early, with a history of about six years. Early pilot cities include Shenzhen, Suzhou, Xiong 'an, Chengdu, Beijing and other cities. If residents live in pilot cities, they can make an appointment according to the rules and then draw lots. After winning the lottery, they can exchange a certain amount of digital RMB.
The pilot operation can test the problems encountered in the actual use of digital RMB, optimize the carrier equipment and system, and make banks and other financial institutions adapt to the process of account opening, transaction clearing and settlement in advance. You can also collect the feelings and suggestions of residents and merchants to further optimize and improve. After the problems found in the pilot operation are solved one by one, they will be gradually implemented on a large scale.
After the RMB is officially issued, it will be deposited in the digital issuance library, and financial institutions can exchange it from the issuance library when necessary. When we need to use digital RMB, we can use traditional RMB to exchange digital RMB with relevant financial institutions and put it in our personal digital wallet. Considering the slow adaptation of the elderly and other groups to new technologies and the coverage of the scene, for a long time,
Occasionally, digital RMB will be used in parallel with traditional RMB and other electronic payment methods.
refer to
Liu. Analysis of the main characteristics and influence of digital RMB [J]. People's Forum, 2020(26):6.
[2] Li Wanrong. Digital RMB accelerates financial restructuring [J]. Bankers, 2020(5):4.
[3] He Huan, Hu Chengyao, Sun Chengyang, etc., "Opening a new era of currency"-a survey on the recognition of digital RMB in the context of mobile payment.
[4] Zero One Finance.2019 ~ 2020 digital currency Development Report.
[5] Peng. The dual influence of central bank digital currency and the issuance strategy of digital RMB [J]. Economic Horizon, 2020 (12):9.
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