RMB needs to be upgraded greatly. According to the central bank, the central bank's digital currency focuses on replacing M0 (i.e. paper money and coins), and maintains the property and main characteristics of cash, meeting the needs of portability and anonymity, and will be the best tool to replace cash.
Mu Changchun, director of the digital currency Research Institute of the central bank, said,The functions and properties of digital currency are exactly the same as paper money, except that its form is digital. If there is a digital wallet on a mobile phone, even the network is not needed. As long as the mobile phone has power and two mobile phones touch each other, the digital currency in one person's digital wallet can be transferred to another person.
Wen Bin, chief researcher at Minsheng Bank of China, said another advantage of digital money was
So is digital money going to replace paper money? It is reported that the central bank's digital currency should replace the banknotes and coins in circulation. In fact, the balance in the commercial bank account already exists in digital form, and there is no need to replace it.
With the popularization of mobile payment and the limited demand for paper money, why should China implement digital currency? Yi Gang, governor of the people's Bank of China,The R & D and application of legal digital currency can effectively meet the public's demand for legal tender under the condition of digital economy, improve the convenience, security and anti-counterfeiting level of retail payment, and boost the development of China's digital economy.
From the previous online exposure of the picture, the main functions of digital money and bank electronic accounts daily payment and management functions are basically similar, such as the Agricultural Bank of China digital money wallet home page has
According to the central bank, the research and development of digital RMB is undergoing internal closed pilot test, which does not mean that the digital RMB will be officially launched, and there is no timetable for its official launch.