Central Bank Mu Changchun: To realize the use of digital renminbi as a payment tool in all retail scenarios

According to news from this site on September 3, according to The Paper, today Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, spoke at the "2023 China International Financial Annual Forum", the main forum on financial services at the 2023 China International Fair for Trade in Services. "It was stated that digital renminbi should be used as a payment tool in all retail scenarios.

Mu Changchun said that the digital renminbi uses the latest network and mobile payment technology to achieve a major upgrade of the currency issuance and payment system through the reconstruction of organizational forms and business models. It has property rights features and anonymity functions, as well as the portability, ease of use and traceability of electronic payment tools, and has been upgraded to become a universal payment tool that adapts to the development of the digital economy. After completing the currency upgrade, the payment tools of the whole society will be upgraded to the new currency accordingly.

Mu Changchun said that the first thing to be upgraded is the payment tools used in retail scenarios, that is, using digital renminbi as the payment tool in all retail scenarios. Wallet providers such as WeChat, Alipay, commercial bank mobile apps as operating institutions, and apps of other third-party payment institutions, as well as digital renminbi operating institutions, must have compliance awareness, obtain corresponding financial licenses, and comply with supervision. In the short term, we can first unify the QR code standard in terms of technical standards and achieve mutual recognition of barcodes; in the long term, we will steadily upgrade payment tools.

Also to be upgraded are the payment tools used in wholesale payment scenarios. At present, the inter-bank payment and clearing system and the intra-bank system of commercial banks that support wholesale payments are operating normally and can meet the needs of my country's economic development. In order to avoid the waste of existing systems and resources, there is no need to replace it with the central bank's digital currency system, but it can be fully interoperable and seamlessly connected between the digital renminbi and original electronic payment tools and commercial bank deposits. In addition, for financial market infrastructure that was not covered before, digital renminbi can be used for settlement, and smart contracts can be used to implement payment versus payment (DVP) and payment delivery (PVP) to improve wholesale payment efficiency.

This site has noticed that since this year, many places have explored trials of digital renminbi to pay wages. At the same time, the digital RMB App accelerates interoperability with merchant platforms and payment platforms, and can realize life payment scenarios such as charging water and electricity bills, paying taxes, etc.

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