Shulou(Shulou.com)11/24 Report--

CTOnews.com Sept. 3, according to thepaper.cn, today Mu Changchun, director of the Institute of Digital money of the people's Bank of China, said at the 2023 China International Finance Annual Forum, the main forum on financial services at the China International Trade in Services Fair, that digital RMB should be used as a payment tool in all retail scenarios.

Mu Changchun said that the digital RMB has realized a major upgrade to the currency issuance and payment system through the reconstruction of organizational forms and business models by making use of the latest network and mobile payment technology. it not only has the real right characteristics and anonymous functions of cash, but also has the portability and traceability of electronic payment tools, upgrading to a universal payment tool adapted to the development of the digital economy. After the currency upgrade is completed, the payment tools of the whole society will be upgraded to the new currency accordingly.

Mu Changchun said that the first thing to upgrade is the payment tool used in the retail scenario, that is, using the digital RMB as the payment tool in all retail scenarios. Wallet providers such as Wechat, Alipay, App of commercial banks as operators, and App of other third-party payment institutions, including digital RMB operators, should have a sense of compliance, obtain appropriate financial licenses and comply with supervision. In the short term, we can first unify the two-dimensional code standard from the technical standards to achieve bar code mutual recognition; in the long run, we will steadily upgrade the payment tools.

Also to upgrade are the payment tools used in wholesale payment scenarios. At present, the inter-bank payment and clearing systems that support wholesale payments and the intra-bank systems of commercial banks operate normally, which can meet the needs of China's economic development. In order to avoid the waste of existing systems and resources, it does not need to be replaced by the central bank's digital money system, but it can be seamlessly connected with the original electronic payment instruments and commercial bank deposits by realizing the comprehensive interoperability between the digital RMB and the original electronic payment instruments and commercial bank deposits. In addition, for the previously uncovered financial market infrastructure, digital RMB can be used for settlement, and intelligent contracts can be used to achieve DVP and PVP, so as to improve the efficiency of wholesale payment.

CTOnews.com noted that since the beginning of this year, many places have explored the payment of wages in digital RMB. At the same time, digital RMB App accelerates interworking with merchant platforms and payment platforms to realize living payment scenarios such as water and electricity charges, taxes and so on.

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