What do you care about most about the five guesses of digital RMB application?

Imagine a scenario where each of us has a digital currency wallet on their mobile phones. Even if the mobile phone is disconnected, one touch of two mobile phones can transfer your digital currency to another person. This scene may be getting closer to us. As a matter of fact, the people’s Bank of China has set up a special research group as early as 2014 to study legal digital currency for six years. Recently, the Ministry of Commerce issued a document saying that it will carry out a pilot project of digital RMB, which also makes the outside world rekindle the reverie of digital currency. In fact, the concept of central bank digital currency is not complicated. Dong ximiao, chief researcher of Xinwang bank, told Zhongxin Jingwei that digital currency refers to the digital currency issued by the central bank in parallel with cash, which is the digital form of legal tender. The digital currency (DC / EP) of China’s central bank is simply the electronic version of RMB, which is the digital RMB cash. < / P > < p > industry insiders have disclosed that in recent days, the four major industrial and agricultural construction banks have simultaneously tested the “digital RMB” E-wallet. Considering the system load and other reasons, it is still in the internal test stage. < p > < p > on April 17 this year, the digital currency Research Institute of the Central Bank of China said that at the current stage, digital RMB will be tested internally in Shenzhen, Suzhou, xiong’an, Chengdu and future Winter Olympics scenarios, so as to continuously optimize and improve its functions. < / P > < p > in July, Didi travel said that it had reached a strategic cooperation with the digital currency Research Institute of the central bank to jointly study and explore the scenario Innovation and application of digital RMB in the field of smart travel. China new longitude and latitude asked didi travel about the exploration of scene application on August 17, and its reply said that there is no information to be disclosed for the time being, and further information will be released to the public. On August 14, the Ministry of Commerce issued the notice on printing and distributing the overall scheme for comprehensively deepening the innovation and development of service trade, which announced the pilot areas of digital RMB, which was understood as the expansion of pilot projects of digital RMB. However, in fact, the current pilot scope of digital RMB is still Shenzhen, Chengdu, Suzhou, xiong’an new area and the future Winter Olympics scene, and there is no change. However, the digital currency sector in the capital market is still sought after by investors. According to wind data, the digital currency index rose 2.81% on August 14, 3.35% on August 17, and 1.07% on August 18, showing that the market is enthusiastic about the concept of digital currency. < / P > < p > the application of digital RMB has also caused many conjectures. Where can I get it? How to apply it in the future? Zhongxin Jingwei interviewed many people in the industry to answer. < / P > < p > according to the internal test maps of digital currency wallets of ICBC, CCB, ABC and Bank of China circulated earlier on the Internet, the four major banks are testing the application of digital wallet. < / P > < p > “digital currency is still in the testing stage. It is certain that digital currency does not launch an app. Each bank may launch a separate app or integrate it into the app of each cooperative bank.” Bi Tongtong, co-founder of panony, a financial technology consulting firm, told Sino Singapore Jingwei. < / P > < p > “if we launch another app, the user’s education cost and use cost will be higher, and the pilot commercial banks may embed services in the existing app.” Yang Wang, President of hande Institute of financial science and technology and senior researcher of Institute of financial science and technology of Renmin University of China, told Zhongxin Jingwei. In terms of function, the functions of digital RMB wallets of all banks are basically the same. For example, CCB includes “scan”, “collection”, “payment code” and “transfer”. Users can exchange money into digital RMB through bank account. Bank of China includes “recharge”, “withdrawal”, “transfer” and “bank card”. The page of Agricultural Bank of China includes “scan code payment”, “remittance”, “collection and payment” and “touch”. < / P > < p > in Yang Wang’s assumption, there are three steps to use digital RMB. The first step is to download a corresponding mobile app; the second step is to register, input personal name, ID number, mobile phone number and other information, and the relevant personal credit inquiry authorization letter will be displayed on the app, which requires the user to choose to agree or reject; the third step is to bind the bank account, and then the user can To use bank deposit 1:1 to exchange digital RMB. Zeng Gang, deputy director of the National Laboratory of Finance and development, predicted that there would be two accounts in the future, one is a digital RMB account, and the other is an account derived from bank account deposits, and the two maintain the relationship of mutual conversion. The depositor can pay directly from the digital wallet, but it may involve transferring money from the bank account to the digital RMB account before making payment. In terms of user experience, Yang Wang believes that the digital RMB wallet is similar to the third-party payment which is highly accepted by the public. It can also support two-dimensional code payment, fingerprint payment and face payment. However, the above payment methods may not be all online at one time. Considering the technical problems, the two-dimensional code payment may be launched first and then Gradually launch other payment methods. < / P > < p > “as long as you and I have DC / EP digital wallets on our mobile phones, we don’t even need the network. As long as the mobile phones have power, and two mobile phones touch each other, we can transfer the digital currency in one person’s digital wallet to another,” Mu Changchun, director of the digital currency Research Institute of the people’s Bank of China, once said in an online open class. According to Yang Wang, a major feature of the central bank’s digital currency is double offline payment, that is, mutual transfer can be realized without network signal. < / P > < p > “of course, it’s not transferred after touching the money,” Yang Wang explained. This function is similar to secret free payment. Users need to sign an agreement with the bank before they can use the function. Each time they enter the transfer scenario, there will be a button to confirm the payment. After clicking “agree”, the transfer can be made. At the same time, the function may stipulate an upper limit. Once a certain threshold is triggered, no transfer can be made, This ensures the security of user accounts. In terms of security, Bi Tongtong said that some people in the industry also pointed out that the patents disclosed at present have not explained how to solve the “double spending problem” in the case of dual offline (Note: a sum of money is repeatedly spent twice), which requires more technical patent disclosure. However, this problem can also be prevented by means of legal means, and after the occurrence of the pursuit of payment. < / P > < p > users are more concerned about the scenarios in which they can use digital RMB. Yang Wang said that in addition to recharge and withdraw cash, digital RMB can also be used for transfer between users and consumption. < / P > < p > according to Yang Wang, the application scenarios supported in the current pilot phase include retail, catering and transportation card recharge. With the maturity of pilot applications in the future, the application scenarios may be expanded in a larger scope. Recently, the media reported that Julu County, Hebei Province, has applied for the central bank’s digital currency for environmental protection and other subsidies. According to the person in charge of Lezhi Technology Co., Ltd., the company has developed the app “love on Julu” in cooperation with Julu County, Hebei Province. In the future, local residents’ poverty alleviation subsidies may be paid in the form of digital RMB. In addition, residents can realize fund withdrawal, transfer and consumption in the app wallet, such as paying party fees, buying train tickets, telephone charges and other convenience services, which can be settled in digital RMB 。 < / P > < p > the company is also cooperating with commercial banks. In the future, residents can pay the digital RMB to the bank and exchange it into the same amount of RMB cash, which can be converted into the electronic account of the commercial bank or converted into paper RMB at the bank outlets. It is understood that the app will be launched in the near future, but the digital RMB function will not be opened for the time being. It will be launched again after subsequent debugging.

at present, for most residents, it has become accustomed to using Alipay, WeChat and other three party payment. Will digital RMB shake the status of the third party payment in the future?

Bi Tongtong believes that the biggest difference between the central bank’s digital Renminbi and Alipay and WeChat is the difference in legal rights. The central bank’s digital currency is endorsed by the state, which is equivalent to the legal tender. But people’s personal assets in third-party payment are actually bookkeeping, which are all based on commercial bank settlement. As for whether the central bank’s digital currency will impact the market position of WeChat and Alipay, this is a process determined by the market, depending on the ease of use, commercial value and economic scale.

with the introduction of digital RMB, will the future transfer between Alipay and WeChat be realized? Yang Wang believes that the matter mainly considers two aspects: willingness and ability. Digital RMB is the legal digital currency issued by the people’s Bank of China based on national credit, that is, any transaction scenario must be received unconditionally, and the transfer function should be supported between commercial banks and third-party payments. In terms of willingness, digital RMB transfer between commercial banks is not a big problem, but there are business barriers in the third-party payment. Different platforms may be in the protection of their own business ecology, and the transfer between each other will not be realized for the time being, and the realization of this function in the future is not ruled out.