Since the digital renminbi was tested in a closed internal pilot in April 2020, the digital form of the currency, introduced by the Chinese, has been in high demand and was even a highlight of the recent Beijing Winter Olympics financial services. The reason for this is that digital RMB is more convenient, faster and can also be used for payments without internet access. In this payment scenario, on the one hand, it provides security for consumers and protects their personal information well; on the other hand, it also provides convenience for consumers, especially during the new crown pneumonia epidemic, and the digital RMB can be used in more scenarios and for merchandise transactions.

By the end of 2021, the digital RMB pilot scenarios have exceeded 808.51 million, with a cumulative total of 261 million personal wallets opened and a transaction amount of 87.565 billion RMB. The launch of Digital RMB App in major app stores and then the opening of Digital RMB in all scenarios can be seen as a milestone event in the process of Digital RMB promotion.

Digital RMB at the Winter Olympics
Digital RMB lends itself to the Winter Olympics scenario, allowing service providers, athletes, volunteers and spectators from around the world to experience the charm of digital RMB payments.

It is worth noting that, in order to maximize the convenience of using digital RMB at the Winter Olympics, the relevant departments continued to promote the full coverage of digital RMB payment acceptance system at the bank acceptance end, merchant service end and personal consumption end during this period, allowing the expansion of digital RMB consumption scenarios to 403,000, which cover “food, accommodation, transportation, travel, shopping, entertainment It covers many scenes of life such as “food, housing, transportation, travel, shopping and entertainment”. Meanwhile, in order to facilitate foreigners to use digital RMB during the Winter Olympic Games, the relevant departments have also made many optimizations to its operation process of downloading digital RMB App.

It is understood that at the Beijing Winter Olympics, foreigners coming to China do not need to open domestic bank accounts and can register digital RMB wallets with only their cell phone numbers. Currently, the Digital RMB App has supported nearly 100 participating countries and regions to register and open wallets with their cell phone numbers. The versatile and trendy operation of Digital RMB has won the praise of domestic and international consumers. At the same time, the appearance of digital RMB in the Winter Olympics is also an important achievement of “Technology for Winter Olympics”.

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The US “Wealth” magazine said in recent reports that since 1986, the official venue of the Olympic Games has only two - cash and Visa cards, this situation is until 2022 Beijing Winter Olympics is changed.

From domestic residents to overseas residents, the digital RMB is working out of internationalization. Through Winter Olympics, it is expected to speed up the application of digital RMB in cross-border payment scenarios, helping RMB international payment ranking further increase.

Digital RMB, getting closer to your daily life
Although the Winter Olympics is only part of the digital renminbi pilot work, with the gradual increase in the pilot area, the digital RMB began to gradually entered people’s daily lives, and small high-frequency transactions have become an important scene.

People from the US Mission have said: “At present, under the guidance of the relevant departments, the US group has been in the table, the platform, the hotel, the hotel, the mobile phone performance, the hotel is more than 200. The consumer scene opens the digital RMB payment channel to achieve the digital RMB full coverage of the consumer scene within the platform. This is also a full-scene coverage of the digital renminbi for the first time. “

As the application scenario has a gradual access to the high-frequency people’s livelihood application scenario, it means that digital renminbi finds better combination with high-frequency consumption scenes, in a larger service entity While economic and people’s lives, the promotion of digital RMB will increase and can be improved.

Why do you have to vigorously develop digital RMB?

  1. Necessary need for monetary era

Human currency development experiences from real-wide metal currencies to paper currency to the current digital currency, this is a process that constantly replaces and develops to advanced phases, pursues simple and easy payment, relatively safe currency application scenarios because of information technology The development is increasingly turned into reality, which is an unstoppable currency financial development trend.

  1. Trimming diversified realistic needs

With the development of network information, the function of currency is increasing. The current currency function is difficult to adapt to socio-economic development and people’s demand for monetary functions. First, the previous banknote transaction payment “no trace” and “cannot be tracked” “Sex” has left a lot of vulnerabilities to currency management, and it is impossible to play important monetary supervision. After publishing a digital renminbi, since it has both the partial function of the block chain, it can play a good role in money supervision.

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  1. The need to improve the quality of the currency

As we all know, the paper RMB is easily damaged in circulation and needs to be replenished with new banknotes and new versions of banknotes year by year, and the anti-counterfeiting technology needs to be improved continuously.

  1. The need for globalization and internationalization of RMB

One of the important objectives of the central bank’s current efforts to digitize the RMB is to promote the RMB to go global, and through its own financial technology research and development capabilities and financial infrastructure, to turn the RMB into a world currency, creating favorable conditions for the RMB to go global and facilitate international foreign exchange spending.

Prospects for the development of digital RMB are promising
As the first major global economy to launch a central bank digital currency, China is at the forefront of the exploration of digital RMB and has initially accumulated some experience. This time, with the “east wind” of the Winter Olympics and the efforts of relevant departments, more enterprises and individuals will feel the value of digital RMB. Although it is still in the pilot test stage, the relevant legal framework and institutional system also needs to be perfected, but it does not affect the public attention to it, and it is only a matter of time before the national landing. In today’s booming network technology and digital economy, the future of digital RMB will be promising.