Bank of China: Hainan is the best place for digital RMB experimentation and innovation.

A new research report released by the Bank of China on December 28 indicates that an increase in the number of digital renminbi should be incorporated into the Hainan region in order to explore the region's advantages.The region offers independent ports and a tourist free trade. and catering. It is the best place, providing opportunities for digital yuan experimentation and innovation. According to the report, Hainan is now the only human digital pilot region in the country to conduct a state-wide demonstration, actively developing the characteristics of the digital renminbi application scenarios, quickly for the integration of the digital renminbi into the personal food. , drinks, accommodation and transport, scenarios and common situations such as corporate taxation, payments and commercial contracts.

Recently, Hainan Province announced an "Action Plan for Hainan Province to Establish a National Blockchain Demonstration Zone." Support the development of an advanced blockchain and open block process. The chain innovation chain, application chain and value chain will develop Hainan as the main national and global blockchain technology innovation hub, application hill and knowledge mountains. He said that Hainan will be responsible for exploring the means of the country's blockchain technology and industry innovation and development, retaining previous experience and providing demonstrations. It explores areas of innovation and market value such as real estate market, global knowledge exchange, real estate industry, paper.

According to the mobile payment network, the second test of the digital renminbi will begin in Hainan by the end of 2020. According to data, by the end of the third quarter of 2021, the state has 235,600 public wallets, 338, 39 million personal wallets. , and 49,500 RMB digital merchants. In total, 3.8 million shares were distributed, the exchange value was 480 million yuan.

Here is the full report.

Hainan is the only statewide digital renminbi demonstration region in the country, actively supporting the digital renminbi pilot application scenario. Regional applications and more industries innovate and support the renminbi application system while boosting consumption.

The main concerns are: First, the goal of creating a digital yuan ecosystem in the free port is clear. Due to its independent location and the advantages of free tourism and catering ports, Hainan offers the conditions to explore the conditions of renminbi consumption and is a great place to experience the digital renminbi and new construction. Hainan Province is very important in saving innovation through digital renminbi pilot project, and deals with renminbi development in "14th Five-Year Plan" in several ways.

The "14th Five-Year Plan for Hainan Economic Development" calls for the development of a digital yuan pilot program across the island, exploring renminbi application scenarios with the characteristics of the Hainan Free Port and creating a digital ecosystem in renminbi. Investigate the use of the digital yuan by central banks to promote a green consumer experience.

The "14th Five-Year Plan for the Development of Hainan International Tourism and Consumption Center" also announced that it would increase support for the yuan pilot project and increase foreign exchange and yuan payments and currency exchange. The second is to develop application scenarios characteristic of the digital renminbi.

The advancement of the digital renminbi should be integrated into the region, and the digital renminbi should be included frequently in food, beverages, housing and transportation, corporate taxes, payments and litigation, and other business uses.

Along with improving the business environment, Hainan has actively innovated in the development of a unique digital renminbi scenario, such as leading the country to develop a digital renminbi wallet, signing the agreement to pay taxes to third parties and extend tax avoidance methods. . , and integration with Oedo's free sourcing policy, to create a free and responsible digital RMB retail store to support free public payment obligations to Oedo, including the development of a test of national health for public spaces, and use low-carbon Meituan for digital. Benefits of Promotion As the primary driver of the nation's state, people online engage in low-carbon, green consumption behaviors that encourage giveaways to be promoted.

In addition, the "14th Five-Year Improvement Plan for Hainan Financial Industry" made it clear that it should "carry out a digital yuan cross-border payment test" and improve its special sense of openness. of the free trade port to promote international yuan trade. The third is to show Hainan's characteristics of the renminbi's digital advancement. In terms of regional services, Hainan is currently the only province in the Digital People Demonstration Zone to have all the provinces in the pilot area, and also held the “Digital Yuan Triple Parade” in Yongxing Province, Sansha City, Province from southern China. . . At the start of the year, the full app for food events such as hotels, government restaurants, and the digital renminbi was widely used across the state.

In terms of events, this “High Shopping Festival” includes daily shopping, such as restricting the use of red envelopes in other cities, such as grocery stores, food and entertainment, as well as free shopping, tourists. , and hotel. Address and payment for accommodation. , communications, payroll, education and training, health and welfare and other activities highlight the characteristics of Hainan International Consumption Tourism Center and affect human life, show the characteristics of the Hainan free trade port. Establish a digital yuan ecosystem in Hainan.