In addition to the white list, there is also a blacklist, which refers to users who cannot pass.
Digital RMB has been piloted in many places in China. Users can register to receive digital RMB and then use it within the prescribed scope.
Digital RMB is legal tender in digital form issued by the central bank, operated by designated operating institutions and exchanged with the public. Based on the generalized account system, it supports the loose coupling function of bank accounts, which is equivalent to paper money and coins, has value characteristics and legal compensation, and supports controllable anonymity.
A simple understanding is that digital currency is an electronic version of RMB, which can replace cash in circulation in positioning and is being piloted in different regions.
Digital RMB is distributed in the form of "lottery" when it is piloted in different regions. After winning the lottery, download the "Digital RMB APP" according to the SMS guidance, and open the "Personal Digital Wallet" to receive and use it. In addition, the digital RMB must be used up within the specified time.
Digital RMB has no physical objects, but the RMB used in daily life has physical media, in which the denomination of paper money is 1 jiao, 5jiao, 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan; The denominations of coins are 1 minute, 2 cents, 5 cents, 1 corner, 5 cents and 1 yuan. The monetary unit of RMB is minutes, 1 yuan equals 10, and 1 minute equals 10.
Digital RMB adopts a two-tier operation system. That is, the central bank does not directly issue and exchange the central bank's digital currency to the public, but first exchanges the digital RMB to designated operating institutions, such as commercial banks or other commercial institutions, and then these institutions exchange it to the public.
Operating institutions need to pay 100% reserve to the People's Bank of China, which is the conversion process of 1: 1 This two-tier operating system is basically the same as issuing paper money, so it will not have a big impact on the existing financial system, nor will it have a big impact on the real economy or financial stability.
DC/EP delivery adopts a two-tier operation mode, which does not compete with the traditional operation mode of commercial banks, and at the same time, it can give full play to the enthusiasm of commercial banks and other institutions in technological innovation: digital currency delivery system ensures that DC/EP is not oversubscribed, and only when the currency generation request meets the verification rules will it send the corresponding quota voucher.
Based on generalized account system
Under the current digital currency system, anything that can form a unique personal identity can become an account. For example, the license plate number can be a sub-wallet of digital RMB, which can be paid by highway or when parking. This is the concept of generalized account system.
The bank account system is a very strict system, which generally requires a lot of documents and personal information to open a bank account.
Support loose coupling of bank accounts
Supporting loose coupling of bank accounts means that digital RMB wallets can be opened without bank accounts.
For some people in rural or remote mountainous areas, overseas tourists coming to China, etc. People who are unable or inconvenient to hold bank accounts can also enjoy the corresponding financial services through digital wallets, which will help realize inclusive finance.