Digital RMB pilot cities and application scenarios will continue to expand

　　Following the Shenzhen digital renminbi red envelope pilot, a large-scale digital renminbi red envelope pilot in Suzhou was officially launched on December 11. In this pilot, “first orders” such as e-commerce online scene payment and offline wallet payment have landed one after another. Industry insiders interviewed by a reporter from "Economic Information Daily" said that the pilot cities and application scenarios of digital RMB will be further expanded and enriched in the future, and more institutions will participate in the overall ecosystem construction. In the medium and long term, the future implementation of the digital renminbi may have an impact on bank IT systems , payment institutions, and terminal acceptance environments, and related industrial chain links will also benefit.
　　Scenario applications will be further enriched
　　With the orderly development of the digital RMB pilot program, more related industries and companies have surfaced. Fan Yifei, the deputy governor of the People's Bank of China, wrote earlier that , from the perspective of the M0 (cash) 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 relatively strong capital and technology as the designated operating institution to take the lead in providing digital renminbi exchange services. Taking this Suzhou pilot as an example, a total of six commercial banks from Industry, Agriculture, China , Construction, Communications, and Postal Savings have participated as operating institutions.
　　Wang Pengbo, a senior analyst in the financial industry, said that for all parties in the industry chain, the development of digital renminbi will promote the cost reduction and efficiency improvement of commercial banks' existing businesses , and promote commercial banks to further increase their investment in system research and development. Caixin Securities also believes that the central bank's thinking on the issuance and operation of digital renminbi is becoming clearer, and commercial banks will also grasp the opportunity of market redistribution and seize the first opportunity in market competition.
　　It is worth noting that China's People's Bank Monetary Institute and a number of digital agencies reached a strategic cooperation , to jointly promote the construction of digital RMB pilot testing ecosystem, including Jingdong number of families, and pieces of travel, State Grid hung Principal Financial Technology Group and Kara UnionPay commerce . Wang Pengbo said that in the future, these strategic cooperative companies will become the first batch of beneficiary companies to implement digital RMB.
　　"We are currently expanding the digital renminbi acceptance merchants in Suzhou, Chengdu, Shenzhen and Xiong'an." The relevant person in charge of Lakala said that in the digital renminbi pilot, Lakala provides merchants with technical support and basic knowledge of digital renminbi and the acceptance process. Training . Industry insiders also said that the future popularization of digital renminbi will promote the intelligent upgrade of acceptance terminals and environments, and bring more innovations in scenario applications and services.
　　In addition, the electronic wallets of third-party payment institutions also have cooperation opportunities with digital renminbi. According to Fan Yifei’s explanation, 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 to achieve safe and efficient operation of digital renminbi, including payment product design innovation , Scene development, market promotion, system development, business processing and operation and maintenance services.
　　Wang Pengbo also said that for third-party payment institutions, since the currency attribute of the digital renminbi and the wallet account attribute of the third-party payment institution do not conflict with each other, the two will be more of a cooperative relationship . However, the controllable anonymity of digital renminbi is very likely to cause third-party payment institutions to lose some of their user and transaction information advantages, thereby affecting their risk management services for financial institutions.
　　Multi-links in the industry chain welcome opportunities.
　　Institutions and industry experts believe that in the medium and long term , many links in the industry chain will benefit from it, including upstream security encryption and KYC certification companies, midstream bank IT architecture transformation and payment companies , and downstream POS machines. And ATM machines and other terminals, as well as companies related to hardware wallet construction and mobile APP wallet design will usher in opportunities.
　　Chen Li, director of the Sichuan Finance Securities Research Institute, said that as the pilot continues to expand, the digital renminbi is expected to move faster from pilot to landing. The digital renminbi will inevitably put forward higher requirements on the technical level of banks , the bank's IT system will face reconstruction, and bank IT leaders will be more likely to benefit from it. At the same time, as digital renminbi as a substitute for M0, cash transactions will be more converted to online transactions, the transaction volume has been enlarged, payment transaction link manufacturers and digital currency security certification manufacturers will benefit from it.
　　Many industry experts reminded that the digital renminbi is currently only in the pilot phase, so beware of conceptual hype. Yang Delong , chief economist of Qianhai Open Source Fund, pointed out that the concept of digital currency cannot be speculated, and the short-term trend of investing in digital currency-related stocks is a concept. The medium-term depends on whether there is an application scenario, and the long-term depends on whether it is implemented in investment performance.
　　Public information display, , ,, and other companies have made it clear that the central bank does not involve digital currency business . There are also some companies that “shun talking” about this and did not respond positively to investors’ questions.