avoid the disadvantages of banknotes and coins: high printing and distribution costs, inconvenient carrying, easy anonymity and forgery, and the risk of being used for money laundering and terrorist financing;
to meet people's normal anonymous payment needs, such as micropayment;
greatly save all costs required for coinage;
under the epidemic situation, reduce the chance of virus transmission in currency trading;
Alipay, WeChat payment and other electronic payment methods have become a kind of public products or services. Once extreme situations such as service interruption occur, it will have a great impact on social and economic activities and people's lives. This requires the People's Bank of China, as a public department, to provide tools and products with similar functions as the backup of corresponding public products.
The research and application of legal tender digital currency is conducive to efficiently meeting the public's demand for legal tender under the condition of digital economy, improving the convenience, security and anti-counterfeiting level of retail payment, and boosting the development of digital economy in China.
While offline scenes are increasingly diversified, digital RMB trading scenes are also being launched online, forming a pattern of "online+offline" parallel promotion. Now, digital RMB can be used in many online scenes such as JD.COM, Meituan and Didi.
A series of problems still need to be solved from the pilot to the large-scale popularization of digital RMB, such as how to maintain the reliability of the system in high concurrent transactions after it is fully rolled out; Another example is how to attract users to use it. Next, the scene of digital RMB coverage should be expanded from large chain stores to a larger number and wider range of small and medium-sized businesses. In addition, we should also think about how to mobilize the enthusiasm of old users to use digital RMB and cultivate their habits.
Regarding the challenges faced by the official launch of digital RMB, Mu Changchun, director of digital currency Research Institute of China People's Bank, said that efforts still need to focus on three aspects: First, the construction of acceptance terminals. Although the current pilot project has been running quite smoothly, the construction of the acceptance environment is still in progress. On the one hand, we need to seek to improve the user experience through diversified intelligent and customized wallet selection and a wide range of use cases; On the other hand, it is necessary to transform and upgrade the acceptance system for all merchants.
the second is a sound security and risk management mechanism. Digital currency, the central bank, is easy to be attacked by hackers. Therefore, security is the primary task of system development. At present, the People's Bank of China will continue to improve the security management of its operating system in the whole life cycle of digital RMB, including encryption algorithm, financial information security, data security and business continuity, so as to ensure the security and stability of the system.