Digital RMB is a legal currency in digital form issued by the People’s Bank of China. It is operated by designated operating agencies and exchanged to the public. It is based on a generalized account system and supports the loose coupling function of bank accounts. It is equivalent to banknotes and coins and has value. Features and legality, support controllable anonymity.
The concept of digital RMB has two key points. One is that digital RMB is legal tender in digital form; the other is that it is equivalent to banknotes and coins. Digital RMB is mainly positioned at M0, which is cash and coins in circulation. It is mainly positioned as a cash-based payment certificate (M0), which will coexist with the physical RMB for a long time, and is mainly used to meet the public’s demand for digital cash and help inclusive finance.
The research and development test has completed the top-level design, functional research and development, system debugging, etc., and is following the principles of stability, safety, controllability, innovation, and practicality. Pilot tests have been carried out in some representative areas.
