Daily Foreign News: The digital yuan is the "new normal" in the era of China's digital economy.

US website CNBC recently published an article saying that China has developed its own yuan app to expand its services. In the past, the digital RMB app was only available for download by invited users, but it is now available on the Apple and Android app stores. Currently, the app is only open to registered users in major cities such as Shenzhen and Shanghai, as well as "trial" cities including Beijing and Zhangjiakou "Beijing Winter Olympics".

Quartz Finance and Industry recently announced that China has announced a digital yuan app in preparation for the Beijing Winter Olympics. Millions of Chinese have been using the digital yuan since the start of the Grand Experiment in 2019. Currently, China is creating digital value. Since the beginning of the company began to research and improve the operation in 2014, so far "10 1" model pilot, the number and packaging industry of the yuan people.participation in the experience increased, and capital layer and application scenarios. of the pilot program continued to expand..

As of October 2021, a digital personal wallet of about 140 million yuan in total has been opened, with a total exchange rate of 62 billion yuan. The digital renminbi was first tested in Shenzhen, Chengdu, Suzhou and Xiong'an New Area, followed by other exhibition areas such as Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and Summer no Olympics. Application scenarios increasingly extend the range of clothing, food, housing and transportation, and more recently have been extended to e-government and industry security. Digital RMB leads the world in technology research and development, pilot application and institutional assurance, and its advantages are far-reaching. First, China's mobile payment industry has grown, and the market for mobile payment products has been fully developed. usage area.

Create a Mobile payment has taken a power-free power bill and users. Second, the digital RMB is based on electronic devices who depend on the electronic device. Finally, China has the best payment information and have the best payment information. Fees for example, China's payment can be strong and 100,000 deals one second, which is not worldwide. The digital RBB will refacticate calculates money and payment center with "new tools" in digital economic ages of China, and its values have the following:

One is to provide digital rewards with a fixed price and no legal freebies.

The digital renminbi is issued by the bank in accordance with the law, has the essential characteristics of the cash renminbi, and functions such as price measurement, distribution and instrumentation.pay to become an exchange rate model, save money money and relationships, and modern financial and business activities more easily and conveniently, making them more profitable. Be safe. At the same time, the digital yuan will also solve the "digital divide" through mobile payments.

The second is to strengthen the integrity and integration of finance and payments.

The digital renminbi does not charge users and is a good citizen for all citizens. As a fiat currency, the digital renminbi eliminates payment hassles, streamlines and streamlines all aspects of banking support and payment tools, and avoids the additional costs and inconvenience of other payment platforms and means. Payments can be used as a technology such as short-term payments without a network, so the use of events and resources is wider. The digital renminbi may also restrict or even disrupt some of the online transactions in the payments market and create a more fair and equitable market.

The third is to improve financial security, prevent financial risks, and improve information security and financial security.

Centralized control of the digital renminbi, "anonymous management" and other efficient management of payment transactions while protecting data usage and privacy. Central Bank Governor Lee Kang said a few days ago that unless there is a clear law, the bank will not disclose information to third parties or government agencies, and records of changes could be kept under financial management. anti-money laundering, financial fraud and anti-corruption department, etc. In case of asymmetry in cash transactions to help you monitor and prevent financial risks. The digital renminbi is accelerating and will improve in a broader, deeper and more integrated way in the future.

First, we will continue to expand the expansion of the digital renminbi to other areas. Second, application scenarios will continue to morph into coverage of all circumstances, from common sales such as clothing, groceries, housing, and transportation to wholesale financings and many other applications. In the field, technological innovations in devices, including smart gloves and smart watches, have been combined to improve the user experience.

In the end, the ecosystem will be perfect. Associations have grown, investors have given support, and now major payment companies and Internet companies have continued to cooperate with the digital yuan, supporting the promotion and use of the digital yuan on digital technology and system promotion. We need to improve digital yuan in a better way, and its trackable and traceable features can reduce privacy risk and reduce fraud. In addition, the digital renminbi can integrate with existing payments and support software and hardware wallets, so its support and use can bring much convenience to our daily lives.