Central bank digital currency Yuxin Technology

Li Bin, director of the macro Prudential administration of the people's Bank of China, disclosed on April 12 that the pilot test of digital RMB will be launched successively in Shenzhen, Suzhou, xiong'an new area, Cheng and the future Winter Olympics scenarios by the end of 2019, and six pilot test areas will be added in October 2020, including Shanghai, Hainan, Changsha, Xi'an, Qing and Dalian at present, the pilot scope of digital RMB has been expanded in an orderly way, and the application scenarios are graally enriched

the number of participants, the number of transactions and the exchange amount of digital RMB pilot test are generally small, and the use scenarios cover many fields, such as living expenses, catering services, transportation, shopping and consumption. At present, digital RMB is generally in the pilot test stage, and there is no timetable for its official launch

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status is equivalent to cash RMB

according to the official definition, digital RMB is the legal tender in digital form issued by the people's Bank of China, which is operated by the designated operating institutions and exchanged to the public. Based on the generalized account system, it supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins. In other words, digital RMB can be simply equivalent to cash RMB, only in different forms, but with the same legal compensation as cash

legal compensation means that any unit or indivial can not refuse to pay all public and private debts in China with digital RMB. For the compensation, the central bank's digital money research institute director Mu Changchun has a more popular explanation in the "get" course. "We see that now the private payment agencies or platforms will set up various payment barriers. WeChat can't use Alipay anywhere, and Alipay can't use WeChat. But for the central bank's digital currency (Digital RMB), as long as you can use electronic payment, you must accept the central bank's digital currency. "