What is the development history of the digital yuan?

Currency was widely used in the exchange between two commodities in ancient China, its evolution process first from the shell to the metal to create currency, after the unification of the six countries, and then became a square hole money, and then with the change of the times, the currency also has more years, months and days, and later in order to facilitate transportation, paper money was produced, the times are constantly changing, correspondingly, digital currency has also been produced.

The development of digital currencies has only begun in recent years. In 14 years, the People's Bank of China organized a team to begin to study digital currency, considering a series of issues such as where the technology is produced and circulated, and they began to prepare a lot of materials, just so that more people are willing to accept digital currency. <>

At the end of 17 years, their application was approved, the People's Bank of China and several commercial banks on the digital currency flow system in depth discussion, they hope to carry out independent research and invention of the digital yuan system, and in a short period of time, they have completed the design of the digital currency, want to make it what kind of scheme, and whether there is the possibility of continuous optimization in the future, the idea is very clear, and the action is very fast, By the time it was 19 years old, it was already being tested. <>

Because of the epidemic, the speed of progress has been delayed, but it is still slowly advancing, they first tried Chengdu, Shenzhen and other places, and after testing well, they plan to take some adaptation in the future Winter Olympics, and then optimize and improve it according to everyone's feelings. When the digital currency is really implemented, it may be possible to launch the first payment and digital currency hand in hand, at that time, we are not a little progress, but a big step forward to promote a decade! <>

Currencies have a really long history, and they come in different forms. Once it is implemented, our transactions will become more convenient, we can pay for it without a mobile phone signal, and its issuance cost is quite low. Although the digital currency is still being tested and improved, I believe that in the near future, the digital yuan will definitely settle down!!

Digital Yuan.

The abbreviation is tentatively named "e-cny" in accordance with international usage practice and is provided by the People's Bank of China.

The digital form of legal tender issued is operated by designated operating institutions and exchanged to the public, based on the generalized account system, supporting the loose coupling function of bank accounts, equivalent to banknotes and coins, with value characteristics and legal compensation, and supporting controllable anonymity.

In 2014, the People's Bank of China set up a special team to conduct special research on the digital currency issuance framework, key technologies, issuance and circulation environment and related international experience.

At the end of 2017, the People's Bank of China organized some commercial banks and relevant institutions to jointly carry out the research and development of the digital yuan system (DC ep). Under the premise of adhering to dual-layer operation, cash (M0) substitution, and controllable anonymity, DC EP has basically completed the top-level design, standard formulation, function research and development, and joint debugging test.

At the end of 2019, the digital yuan was successively launched in Shenzhen, Suzhou, and Xiong'an New Area.

Chengdu and future Winter Olympics scenarios launched pilot tests.

At the end of 2019, the digital yuan was successively launched in Shenzhen, Suzhou, Xiong'an New Area, Chengdu and the future Winter Olympics, and by October 2020, six pilot test areas were added in Shanghai, Hainan, Changsha, Xi'an, Qingdao and Dalian.

On April 19, 2020, the relevant person in charge of the Digital Currency Research Institute of the People's Bank of China said that the research and development of digital yuan is steadily advancing, and internal closed pilot tests will be carried out in Shenzhen, Suzhou, "Xiong'an New Area", Chengdu and future Winter Olympics scenarios in China to continuously optimize and improve functions.

Yi Gang, Governor of the People's Bank of China, May 2020.

He said that the current pilot test of the digital yuan is only a routine work in the research and development process, which does not mean that the digital yuan will be officially launched, and there is no timetable for when the digital yuan will be officially launched.

In July 2021, the e-CNY pilot has been expanded to "10+1", that is, "10 cities + 1 Winter Olympics".

The official website shall prevail.

Digital currency began in 2014, and the People's Bank of China began to form a team to conduct research and development. And in 2017 to obtain approval, in Chengdu, Shenzhen and other places to try, to achieve a good reputation, the future plans to vigorously promote the Winter Olympics, and according to user feedback for improvement. When the digital currency is fully implemented, it will better ensure the security of funds and more convenient payment methods.

The digital yuan, which is issued by the People's Bank of China, operated by designated operating institutions and exchanged to the public, is based on a generalized account system, is equivalent to banknotes and coins, and has value characteristics and legal compensation as a controllable and anonymous payment tool, and began internal closed pilot testing in April 2020.

Since the development of the renminbi, there are a total of five sets of renminbi, and the one that is now circulating in the market is basically the first.

Fourth, the fifth set of renminbi, coins also have a certain collection value.

Digital Yuan. It was officially launched in April.

According to the current plan, the digital yuan has been officially launched in Shenzhen, Suzhou, and Xiong'an New Area starting on April 17.

Chengdu and the future Winter Olympics.

Scenarios are tested internally in a closed pilot to continuously optimize and refine functionality.

However, the current digital yuan is limited to a pilot, so it will not be issued in large quantities and fully promoted in the short term, and the speed of our currency circulation will also remain at a normal level. In addition, the current closed test of e-CNY will not affect the commercial operation of listed institutions, nor will it affect the RMB issuance and circulation system and financial market outside the test environment.

and socio-economic impacts.

Features of the digital yuan

The People's Bank of China defines the digital yuan as a digital form of legal tender issued by the People's Bank of China, which is operated by designated operating institutions, based on the generalized account system, supports the loose coupling function of bank accounts, is equivalent to physical yuan, and has value characteristics and legal compensation.

In layman's terms, the digital yuan is a digital form of legal tender, issued by the People's Bank of China, equivalent to the physical yuan, supported by national credit, and legally compensatory. The digital yuan is the same as the physical banknotes and coins that we can see and touch in our hands. In the past, we put cash in our wallets, which were wallets.

Now, we have more exists in mobile phones, smart watches.

and other carriers on the digital wallet, which is used to hold digital cash - digital yuan.

In 2014, the professional team of the People's Bank of China was formally established, and a series of plans for digital banking were made, and the digital yuan was officially implemented in 2017.

It has been used in some areas since 2020, and the digital yuan has not been vigorously promoted at present.

The digital yuan is issued by the People's Bank of China, which is a digital currency and one of China's legal tenders, which is equivalent to the RMB banknotes and coins in circulation.

Compared with traditional banknotes and coins, the digital yuan has the following advantages:

First: a wide range of applications. Wherever electronic payments are used, they must accept the digital yuan.

The digital Zhengbao RMB is a legal tender issued by the People's Bank of China, which is legally compensatory, and no unit or individual in China may refuse to accept it if it meets the conditions for acceptance.

Second: It's easy to use. From the perspective of actual carrying experience, a variety of e-CNY hardware wallet forms also provide convenience.

Third: good security. The digital yuan is directly controlled by the state, and there is a special department responsible for it.

What is the difference between Alipay and WeChat payment functions, first of all, any merchant cannot refuse to accept digital yuan, and you can pay without a network, and users who have opened digital yuan can pay the seller through *** or "touch". In addition, there are no fees for withdrawals. WeChat and Alipay merchants can refuse consumers to use it, WeChat Alipay does not have a network is a wild limb method to pay, and a handling fee is required for withdrawal.

Extended Information] Digital Yuan:

Digital RMB, abbreviated as tentatively defined as a digital form of legal tender issued by the People's Bank of China, is operated by designated operating institutions and exchanged to the public, based on the generalized account system, supporting the loose coupling function of bank accounts, equivalent to banknotes and coins, with value characteristics and legal compensation, and supporting controllable anonymity.

The concept of digital yuan has two key points, one is that digital yuan is a digital form of legal tender; Another point is that it is equivalent to banknotes and coins, and the digital yuan is mainly positioned at cash and coins in circulation. Mainly positioned as cash-like payment vouchers, they will coexist with physical RMB for a long time, mainly to meet the public's demand for digital cash and help inclusive finance.

The R&D test has basically completed the top-level design, function research and development, system debugging and other work, and is following the principles of stability, safety, controllability, innovation and practicality, and selecting some representative areas to carry out pilot tests.

And the digital yuan itself is a "coin", not a "wallet".

The money in the digital yuan is placed in the e-wallet on the terminal, just like in your own wallet, which is cash, not a deposit in the bank. The bank will issue interest, but there is no interest on your own wallet. At the same time, the bank will record the consumption discipline and transfer records, but the whereabouts of the cash can be anonymous.

2. The three biggest features of the digital yuan:

The digital yuan is legal tender and cannot be rejected;

The digital yuan has a legal status and cannot be rejected by any institution or individual in China!

can be used anonymously;

With the help of distributed ledger technology similar to blockchain, the digital yuan can make both parties anonymous, but not anonymous to the central bank, which has the serial number to store the digital yuan in circulation.

Double offline payments are possible.

Offline payment is nothing more than bookkeeping and then settling with the bank. This feature of the digital yuan makes the transfer get rid of the trouble of signal and electricity, and "touch" anytime and anywhere. Officially, because of this, the time, number and amount of offline transactions of e-CNY are subject to corresponding restrictions.

The above is the understanding of the digital yuan, hope!