Digital RMB starts “big step” pilot project. Following the red envelope experiment in February, the Beijing Municipal Bureau of local financial supervision (hereinafter referred to as the “Beijing Municipal Bureau of financial supervision”) officially announced on April 28 that in order to accelerate the construction of the digital RMB acceptance environment for the Beijing Winter Olympic Games, combined with the arrangement of Beijing’s consumption season in 2021, it plans to launch the “Jingcai strivers digital Carnival” digital RMB experiment activity in the near future. According to the exclusive understanding of Beijing business daily, the pilot project has made a further breakthrough in both the scope and the scene of the pilot project. The activities include not only the consumption bonus, but also the discount or full reduction activities. The main time of the activities may be around after the May Day holiday.
Combined with the consumption season, the five areas are linked
Following the “digital Wangfujing ice and snow Shopping Festival” digital RMB red envelope activity pilot in February, Beijing’s second digital RMB pilot is coming.
Different from the previous Dongcheng District pilot project, according to the disclosure of Beijing Municipal Bureau of financial supervision, the pilot project is co sponsored by Beijing Sub Center, Dongcheng District, Chaoyang District, Haidian District and Shijingshan District. It will focus on the food, housing, transportation, tourism, shopping, entertainment and information of Beijing Winter Olympic Games, with the theme of promoting the spirit of “striver”, Digital RMB consumption experience is carried out in several core business districts of Beijing.
It is the first time for Beijing to open its digital RMB experience to Beijing citizens on such a large scale in combination with the five zone linkage pilot in the consumption season. On April 25, Dong Minghui, deputy head of Tongzhou District, also introduced that during the Beijing consumption season, major commercial enterprises in Tongzhou District will be guided to promote online and offline sales and launch various preferential activities around online shopping, live broadcasting and digital RMB; Organize major commercial enterprises, banks and business circles in Tongzhou District to hold full scene digital RMB pilot activities.
In addition to Tongzhou, other pilot areas also have their own characteristics. In the view of industry insiders, the linkage pilot is mainly to find “typical consumption scenarios” for digital RMB. As Zhou Maohua, the financial market analyst of China Everbright Bank, told Beijing business daily, among the five pilot areas of digital RMB in Beijing, Dongcheng District and Shijingshan District have rich tourism scenes; Chaoyang District is positioned as an international first-class business circle with rich shopping scenes. In his view, the Beijing Digital RMB pilot, whether the breadth or depth are significantly improved, but also released the domestic digital RMB pilot pace accelerated.
Combined with the consumption season, it will further promote the overall progress of digital RMB pilot in Beijing and test the actual effect of digital RMB application in multiple regions and scenarios. Jiang Zhaosheng, director of blockchain research and researcher of digital assets Research Institute of zero one think tank, told Beijing Business Daily that the five areas’ linkage helps to accelerate the establishment of a legal digital currency pilot zone in Beijing, promote the multi department, multi scene and multi industry collaboration of digital RMB pilot work, test the technical and operational experience of relevant participants, and provide solid support for serving the Winter Olympics scene.
“In fact, from the previous four City linkage of Suzhou, Shanghai, Changsha and Chengdu to the five District linkage of Beijing, it can be seen that the preliminary pilot situation of digital RMB should be good as a whole, and the current pilot work is being carried out orderly from point to area.” Jiang Zhaosheng said.
Red envelope + full reduction
Although it’s just a pilot project to preheat the information, the activity has still aroused widespread concern of consumers, and many Beijing citizens are waiting for the pilot project; At the same time, whether it is the Internet giants or digital RMB operators that participate in the pilot, it has been brewing for a long time.
Beijing Business Daily reporter learned from people familiar with the situation that compared with the previous pilot, in addition to further breakthroughs in the scope and scene of the pilot, the form of activities is also more abundant, including the previous digital RMB consumption red packets, as well as discount or full reduction activities. The main activities may be launched after the May Day festival.
“Compared with the previous pilot projects, this pilot project has come down in one continuous line and made some breakthroughs. The combination of various pilot activities, on the one hand, will cover a wider range of consumption scenarios, adapt to the daily consumption needs of more consumers, have more consumption “pyrotechnic gas”, and also accelerate the normalization of digital RMB pilot. ” Jiang Zhaosheng commented.
It is worth mentioning that, in addition to participating in the pilot project by drawing lots, Beijing Business Daily reporter learned through interviews with informed parties, surveys of many bank outlets and actual measurement of many consumers that at present, Agricultural Bank of China, postal savings bank of China and Bank of communications have opened the application of digital RMB white list to the C-terminal. This also means that consumers only need to apply according to the process, they can apply for the white list, and have the opportunity to participate in a new round of digital RMB test and consumption experience.
As the digital RMB pilot is mostly used for small amount and retail payment scenarios, in the industry, in order to achieve good pilot effect, “mass line” is undoubtedly one of the important tests faced by digital RMB. The “mass line” in the era of digital economy is to find ways to facilitate and retain users. For stock users, the reporter of Beijing business daily noted that at present, as long as the holder of digital RMB wallet, he can use digital RMB consumption payment on Jingdong self operated platform.
“The combination of a variety of pilot activities can meet the diversified consumption needs of consumers, also help to enhance consumers’ enthusiasm for participating in the consumption experience of digital RMB, and help the subsequent promotion and application of digital RMB.” Zhou Maohua commented that the retention of stock users, first, will facilitate the continued use of digital money stock users; Second, with the pilot promotion, it will help to expand the number of users of digital currency.
Su Xiaorui, an expert in financial science and technology, also pointed out that the pilot project in Beijing, based on the previous work experience, is offering digital RMB awards to more consumers. On the one hand, it shows that the pilot project is expanding in an orderly way. On the other hand, it shows that the digital RMB fully adopts market-oriented means in the promotion mode, and combines with the hot consumption to explore through innovation and innovation It can not only play the circulation role of digital RMB in the retail market, but also expand the influence of digital RMB in the domestic payment industry.
In Su Xiaorui’s view, this time Beijing actively adopts new strategies to face users, which will become the wind vane of digital RMB pilot. It is expected that more pilot areas will expand from point to point, from focusing on quantity to focusing on quality, so that digital RMB can penetrate thousands of households, and make inclusive finance move towards a broader development road.
Digital RMB pilot accelerated
Since 2020, the digital RMB pilot has made continuous progress. Just on April 12, Li Bin, director of the central bank’s macro Prudential administration, revealed that the nationwide pilot cities of digital RMB have been expanded to “10 + 1” in an orderly manner. In addition to the first batch of Shenzhen, Suzhou, xiong’an, Chengdu and Beijing Winter Olympic venues, six pilot test areas of Shanghai, Hainan, Changsha, Xi’an, Qingdao and Dalian have been added in October 2020; In addition, recently, many Internet giants, including ant, Tencent, Jingdong, meituan, didi and so on, have been hearing news of participating in the pilot cooperation of digital RMB.
From the perspective of the industry, the competition of digital RMB in various places is promoted by institutions, industries and communities. A series of signs show that digital RMB is penetrating into all walks of life and thousands of households, and is expected to continue to accelerate in the future.
However, as for the issue of when to launch the digital RMB concerned by the industry, the regulatory authorities have repeatedly stressed that there is no timetable for the official launch of the digital RMB.
In Jiang Zhaosheng’s view, digital RMB will be mainly carried out as a pilot project at present and in the future. Although the pilot project has shifted from a single point to a multi local linkage and multi department regional pilot project, it will take time for it to be fully implemented, Conservatively, it may take another 1-2 years to conduct more frequent and comprehensive experiments to test the technical and operational architecture of digital RMB.
Zhou Maohua also believes that there is still a long way to go before the implementation of digital RMB, mainly to ensure the safety, reliability and convenience of digital currency, and to establish the basic institutional framework of digital RMB related regulatory laws. This requires steadily promoting pilot expansion, cross regional linkage, and constantly enriching the application scenarios. Through these pilot projects, problems can be found Study the potential impact of digital RMB, improve the relevant infrastructure, continuously optimize the digital RMB technology, and improve the security and stability of the system.
Beijing Business Daily reporter Yue Pinyu Liu Sihong
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