The digital renminbi (DC/EP) is undergoing internal closed testing, which has aroused high public attention. How does digital renminbi embody M0 (cash) substitution? How to adhere to centralized management during the issuance of digital RMB? What role do commercial banks and other institutions play in the issuance of digital renminbi? On September 14, Fan Yifei, vice governor of the People’s Bank of China, wrote an article on many hot issues: From the perspective of the M0 fee system, the digital renminbi is a public product provided by the central bank to the public , without interest, and the central bank does not charge for services such as exchange and circulation. . From the perspective of the M0 issuance model, commercial banks should assume the function of exchanging digital renminbi to the public . In order to ensure the security and stability of the digital renminbi system, it is necessary to prudently choose a commercial bank with strong capital and technology as the designated operating institution to take the lead in providing digital renminbi exchange services . Under the premise of centralized management by the central bank, both stability and innovation will be explored to explore cooperation models between designated operating institutions and other commercial banks and institutions to jointly provide circulation services for digital renminbi.
How to adhere to centralized management during the issuance of digital RMB? Fan Yifei pointed out that in order to maintain the central bank's centralized management status in digital renminbi issuance, the following points must be achieved: First, coordinate the management of digital renminbi quotas and formulate unified business standards, technical specifications, security standards, and application standards. Second, the overall management of the renminbi digital information, digital exchange of RMB circulation recording and monitoring and analysis by mastering the full amount of transaction information , improve the central bank issuing system in the digital age. The third is to coordinate the management of digital renminbi wallets. On the premise of adhering to the unified recognition system and anti-counterfeiting functions of digital renminbi, based on the principle of two-tier operation, the central bank and designated operating agencies jointly develop the wallet ecological platform by means of co-construction and sharing. At the same time realize their respective visual recognition and characteristic functions . The fourth is to coordinate the construction of digital renminbi issuance infrastructure, realize interoperability across operating institutions, and ensure the stable and orderly circulation of digital renminbi.
Fan Yifei also pointed out that the R&D and issuance of digital RMB basically conforms to the legal framework of China . At the same time, digital renminbi has digital characteristics and does not fully apply to the regulatory rules for the circulation of physical cash. It is necessary to formulate specific regulatory requirements for digital renminbi and build a digital renminbi circulation environment . At the same time, as the digital renminbi issuance and circulation system gradually matures, timely improvement should be made. Laws and regulations.
What role do commercial banks and other institutions play in the issuance of digital renminbi? Fan Yifei pointed out that commercial banks , as designated operating institutions, are responsible for opening different types of digital renminbi wallets for them based on the identification strength of customer information under the quota management of the People’s Bank of China to provide digital renminbi exchange services. At the same time, commercial banks as designated operating institutions, together with other commercial banks and related institutions, undertake the circulation services of digital renminbi under the supervision of the People’s Bank of China and are responsible for the management of retail links , so as to realize the safe and efficient operation of digital renminbi, including payment product design innovation and scenario expansion. , Market promotion, system development, business processing and operation and maintenance services. In this process, to maintain a level playing field to ensure that the decisive role played by the market allocation of resources , in order to fully mobilize the enthusiasm and creativity of market parties to maintain the stability of the financial system.