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Chinese State Media Recommends Measures for Adoption of e-Renminbi

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Chinese State Media Recommends Measures for Deeper Adoption of Digital Renminbi

Xinhua News Agency’s affiliate newspaper, Economic Information Daily, Thursday published an op-ed suggesting measures for the further adoption of the digital yuan. 

Measures for Adoption of Digital CNY

The People’s Bank of China has announced the third batch of digital RMB pilot locations, including Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and Zhejiang Province, which are hosting the Asian Games. Digital RMB has progressively become a trend, from the start of research and development in 2014 to the construction of a pilot pattern in several regions and the debut of the digital RMB APP (pilot version). The report stated that there were around 8.085 million digital RMB pilot scenarios by the end of 2021, with 260 million personal wallets and a total transaction value of 87.57 billion yuan.

As stated, the “4+1” scope was determined by the first batch of pilots, which included Shenzhen, Suzhou, Chengdu, Xiong’an, and Beijing Winter Olympics scenarios; the second set of pilots included Shanghai, Changsha, Qingdao, Dalian, Xian, and Hainan. North China, Southwest China, East China, South China, and the Asian Games are all included in the third batch of 11 pilot cities.

Joining more regions in the pilot is conducive to a larger-scale testing application of digital RMB, testing the performance of the digital RMB system in more depth, and also helps more public experience the charm of digital RMB in advance.” 

The report stated. 

Chinese State Media Recommends Measures for Deeper Adoption of Digital Renminbi

The Economic Information affirmed that with both explicit and implicit value, digital RMB is digital RMB cash and China’s legal tender. In the era of China’s digital economy, the digital RMB will be viewed as a “new infrastructure” in terms of explicit value.

China’s currency and payment system will be reconstructed on the basis of deconstructing many challenges at home and abroad: provide a digital currency with stable currency value and unlimited legal compensation, improve the currency and payment system’s fairness and inclusiveness, and maintain financial stability and prevention from financial danger.

Furthermore, the digital RMB has significant latent value, including the ability to better protect user privacy and information security, achieve carbon peak and carbon neutrality targets, and improve the RMB’s image and prestige.

In ways that the state can deepen the adoption of the digital RMB, the op-ed suggested four ways: 

  • The central bank and other departments make more specific and clear provisions on the issues involved in the pilot promotion of the digital RMB”
  • More Internet platforms quickly integrate into the digital RMB ecology in a more open and inclusive manner.”
  • Local governments should also break through the small pattern of local protection, and public services of government and public utilities should take the lead in supporting digital RMB.”
  • Lastly, “Financial management departments, financial institutions, and local governments should adopt various forms to publicize and popularize the knowledge of digital RMB to the whole society”
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