[Digital Currency Weekly] is a weekly important information column of legal digital currency created by the mobile payment network, focusing on the important information, technical applications and regulatory trends of central bank digital currencies such as digital yuan, bringing the most efficient digital currency light reading experience of the week.
The 2nd Digital RMB Symposium 2024 is ready to start!
Focus on the digital yuan industry and discuss sustainable development!
The 2nd Digital RMB Industry Sustainable Development Symposium 2024 will be held in Suzhou on April 18, 2024, and this conference will focus on the main topic of "smart contract", extending to the application of the underlying technology of the contract, the construction of the platform, the implementation of the application, the construction of the ecology and other aspects.
Nanjing: The cumulative consumption of digital yuan exceeded 7.4 billion, and the monthly active wallet reached 356,000
On April 10, Nanjing held a meeting to promote the construction of the digital RMB pilot and the pilot zone for the reform of science and technology finance.
According to the data released at the meeting, by the end of 2023, a total of 3.074 million personal wallets and 150,000 public wallets have been opened in the city, with an average of 356,000 monthly active wallets. The number of transactions for the year was 22.751 million with a transaction value of 111.67 billion yuan, of which 8.921 million were consumed and the consumption amount was about 7.42 billion yuan. At present, there are 238,000 merchants in the city that support e-RMB payment, including 151,000 offline merchants, and a total of 1,125 enterprises and about 93,000 people have realized e-RMB salary payment.
Shenzhen Metro's first digital RMB hard wallet "rail transit dual channel model"
On April 8, Shenzhen Metro successfully realized the application of digital RMB hard wallet in small batches of payment without electricity and no network in the subway scenario, creating the country's first hard wallet "rail transit dual-channel mode". During the trial period of the e-CNY hard wallet, the "rail transit dual-channel mode" of the hard wallet was first launched at Hong'anwei Station, Yantian Market Station, Dameisha Station and Xiaomeisha Station, designated stations of Shenzhen Metro Line 8. Invited customers only need to use the digital yuan hard wallet to swipe through the gate, and they can easily complete the payment and take the subway.
It is reported that under the guidance of the Digital Currency Research Institute of the People's Bank of China, the project is jointly developed by Yuntong Intelligent and Shenzhen Bank of China and Shenzhen Metro Group, following the latest specifications of the digital RMB hard wallet rail transit industry, and the first dual-mode solution of "intelligent locking + delayed deduction" in the country. This scheme can not only "normally deduct" the balance of the hard wallet when the subway turnstile is connected to the Internet, but also automatically switch to the "first out and then deduct" mode when the turnstile is suddenly disconnected to avoid gate congestion.
The supply chain finance solution based on digital yuan has been implemented in Xiong'an
Recently, under the guidance of the Finance Department of State Grid Hebei Electric Power, State Grid Hebei Xiong'an New Area Power Supply Company, together with Industrial and Commercial Bank of China Hebei Xiong'an Branch, State Grid Yingda Group, and State Grid Xiong'an Finance, jointly created a supply chain finance solution based on digital RMB - "Open Banking (Financial E-Gathering) + Intelligent Depository + Factoring" in Xiong'an New Area to realize the scenario application of three State Grid supplier enterprises. It is understood that this is also the first case of ICBC using digital RMB to help central enterprises realize the full life cycle supervision of funds in factoring financing and loan lending and payment collection.
This cooperation applies digital RMB to all participants and processes in the supply chain finance scenario, ensuring the authenticity of accounts receivable and the credibility of performance through technical means, effectively improving financing security, reducing the difficulty and cost of customer financing, and enriching the credible use scenarios of accounts receivable. At the same time, relying on the characteristics of e-RMB payment and settlement, legal traceability, and high security, it effectively solves the pain points of supplier enterprises in the financing process, such as difficulty in identity verification, risk identification, and credit guarantee, and also provides a strong and effective starting point for the funder, State Grid Xiong'an, to manage and control business risks and innovate business models.
Danzhou landed the first digital RMB to pay the salaries of municipal financial budget units
Recently, with the strong support and coordination of the Danzhou Municipal Bureau of Finance and the Danzhou Branch of the People's Bank of China, the Danzhou Branch of CCB successfully paid the April salary to the Municipal Public Resources Trading Service Center through digital RMB. This marks the official landing of the digital yuan on behalf of the wages of municipal financial budget units in Danzhou City.
As of the end of February this year, there were nearly 8,500 merchants in Danzhou that supported e-RMB consumption, opened nearly 43,000 public wallets, opened more than 230,000 personal wallets, and used e-RMB for a total of 1.1 million purchases, with a cumulative consumption amount of nearly 600 million yuan.
The first digital RMB online payment for traffic law enforcement in Jiangsu Province has landed in Yangzhou
"The payment is made online through the mobile phone, and whether it is paid with digital yuan, or it is the first time to use it, which is convenient and fast, and saves a lot of time." On April 8, Master Wang, a driver in Yangzhou, was fined on suspicion of engaging in online car-hailing business activities without obtaining the "Online Taxi Reservation Car Transportation License". Master Wang paid the fine online through the comprehensive traffic law enforcement management system, and used the digital yuan payment channel to complete the process of punishment, payment, and ticket collection in just a few minutes, which greatly saved time. The successful conclusion of this case marks the first time that the province has successfully implemented the payment of fines in Yangzhou through the comprehensive traffic law enforcement management system.
Jinan's digital RMB "penny by bus" activity continued
In order to actively respond to the Implementation Plan for the Pilot Work of Digital RMB in Jinan issued by the Jinan Municipal Government, continue to promote the expansion of the application of digital RMB in the city, and guide the majority of Quancheng residents to develop the habit of using digital RMB and green and low-carbon travel, in the second quarter of 2024, CCB Jinan Branch will continue to carry out the "Digital Quancheng Low-carbon Travel" - digital RMB penny bus ride activity.
When taking the buses of the urban lines (except customized buses) belonging to Jinan Public Transport Group, passengers can use the CCB e-RMB Class II and above wallets to pay (open the CCB e-RMB wallet and tie the card to upgrade), and can enjoy up to 1 cent to take the bus (the fare of 2 yuan and below can enjoy 1 cent to take the bus, and the fare of more than 2 yuan is 1.99 yuan per ticket). The maximum discount per person is 2 times per day and up to 6 times per month. Quantities are limited, while stocks last.
Ming Xiaofei: ICBC Digital RMB Smart Contract Exploration and Application
Not long ago, Meituan quietly launched a "coin wallet" feature in its digital yuan zone. It is reported that this function is a digital yuan wallet jointly launched by the Industrial and Commercial Bank of China (hereinafter referred to as "ICBC") and Meituan, which ensures the safety of users' funds by loading smart contracts in the "coin wallet". In recent years, with the continuous advancement of the digital yuan pilot, smart contracts have been increasingly researched and applied by operating institutions.
It is reported that as the earliest institution to deploy smart contracts, ICBC has conscientiously implemented the overall layout of the People's Bank of China based on the functional positioning of the digital RMB operating institution, given full play to the advantages of the programmability characteristics of the digital RMB and the advanced technology of smart contracts, built an independent, controllable, open and compliant digital RMB smart contract platform, launched a series of digital RMB smart products, and accelerated the implementation of the application scenarios of the digital RMB.
On April 18, the "2024 Second Digital RMB Industry Sustainable Development Seminar" jointly sponsored by Suzhou Digital Finance Industry Federation and Mobile Payment Network will be held in Suzhou, at which Ming Xiaofei, head of the product innovation team of ICBC Digital Currency Office, will share "ICBC Digital RMB Smart Contract Exploration and Application" to see how it innovates to create a new ecology of digital RMB smart finance.
JD Peng Fei: How can the combination of digital yuan and smart contracts empower supply chain finance?
For enterprises, e-CNY has the advantages of real-time settlement, zero handling fees, and traceability, which can reduce the handling fee costs of pilot merchants and effectively improve settlement efficiency. The application of e-CNY on the B-end is not only an extension of the C-end retail payment, but also will further promote the development of the C-end retail payment. In the scenario of the industrial side, supply chain finance can be said to be one of the most basic and critical application directions.
The highly credible and transparent digital yuan and its programmability can more effectively connect the information sources that are currently fragmented in the value chain of the industry, thereby driving more open cooperation and innovation, and helping the financial system to serve the needs of the real economy more efficiently. The application scenarios based on the programmability of the digital yuan will bring profound changes to the financial services of individuals and small and medium-sized enterprises in the future.
After loading the smart contract, the digital yuan can not only meet the needs of different supply chain financial service scenarios, but also solve the problem of mutual trust between enterprises, allowing all participants to flexibly agree on rules and conditions under the premise of compliance, and ensure that financial water can be accurately irrigated along the supply chain relationship to the end of the real economy.
On April 18, the "2024 Second Digital RMB Industry Sustainable Development Seminar" jointly sponsored by Suzhou Digital Finance Industry Federation and Mobile Payment Network will be held in Suzhou, at which Peng Fei, head of digital RMB of JD Technology, will share "How the combination of digital RMB and smart contracts empowers supply chain finance", introducing the practice of JD supply chain finance in detail and discussing the feasibility of the application of digital RMB in supply chain finance scenarios.
Ge Xiaqing: Legal and risk issues of digital yuan smart contracts
The proposal to establish the legal status of the digital yuan and improve the relevant legal basis is one of the key points that has been repeatedly mentioned in the pilot over the years.
At the same time, in the process of promoting the pilot of e-RMB, the potential money laundering risks and regulatory mechanisms of e-RMB also need to be paid close attention to. Although the e-CNY has the advantages of being traceable and difficult to replicate, and the possibility of money laundering risks is much less than that of the traditional RMB, there have been some cases of money laundering related to the e-CNY recently, and the risk prevention behind them deserves regulatory attention. In the process of promoting the research and development and application of digital currency, it is necessary to improve the anti-money laundering supervision mechanism of digital yuan as soon as possible, which is also an important part of improving modern financial supervision and modern central banking system.
On April 18, the "2024 Second Digital RMB Industry Sustainable Development Seminar" jointly hosted by Suzhou Digital Finance Industry Federation and Mobile Payment Network will be held in Suzhou, and Ms. Ge Xiaqing, Managing Partner of Grandall Law Firm (Suzhou), will introduce the possible problems of digital RMB in terms of legal definition, privacy protection, regulatory compliance and other aspects with the theme of "Legal and Risk Issues of Digital RMB Smart Contracts".
iSoftStone Jiao Kun: Difficulties and experience in the commercialization of digital yuan smart contracts
Since the pilot of the digital yuan, its marketization and commercial development have attracted attention. The People's Bank of China has said that the digital yuan adheres to market-oriented development and encourages all parties to cooperate for win-win results. On the premise of adhering to the centralized management of the central bank and compliance with laws and regulations, give full play to the decisive role of the market in the allocation of resources, and encourage market entities to carry out promotion activities independently.
The central bank also mentioned the sustainable development and marketization of the digital yuan more than once in the symposium, and it can be said that the future development of the digital yuan still needs the joint efforts of market participants.
In the environment where the pilot of e-RMB continues to advance and the industry norms are becoming more and more perfect, how to allocate market-oriented resources and improve the business model of e-RMB is a question that needs to be considered. As one of the most prominent features of digital RMB, how to use smart contracts to optimize the implementation of scenarios and get out of the closed loop of commercialization is also the focus of its sustainable development!
On April 18, the "2024 Second Digital RMB Industry Sustainable Development Seminar" jointly sponsored by Suzhou Digital Finance Industry Federation and Mobile Payment Network will be held in Suzhou, at which Jiao Kun, head of iSoftStone's digital RMB business, will introduce the difficulties in the commercialization of digital RMB smart contracts and share his experience in the commercialization of digital RMB smart contracts with the theme of "Difficulties and Experiences in the Commercialization of Digital RMB Smart Contracts".
Wu Wenjun: Analysis of the application prospect of digital yuan smart contracts on the "GBC" side
Recently, Beijing pointed out that it is necessary to accelerate the construction of the digital RMB ecosystem, actively play the role of the coordination mechanism of Beijing's pilot work, and promote the incremental expansion of the application of digital RMB in the government, enterprises and individuals.
On the one hand, consumption and people's livelihood are related to the basic life scenarios of the people, such as clothing, food, housing and transportation, and as a retail central bank digital currency, it is the first area where the digital yuan needs to be popularized and expanded. On the other hand, the industrial side is one of the future development directions of e-RMB, which will be conducive to the digital upgrading of enterprises.
As one of the most important features of e-RMB, smart contracts have also been successfully applied in government subsidies, retail marketing, prepaid fund management, targeted poverty alleviation, and targeted payment. So what is the future application prospect of the smart contract of the digital yuan on the "GBC" side?
On April 18, the "2024 Second Digital RMB Industry Sustainable Development Seminar" jointly sponsored by Suzhou Digital Finance Industry Federation and Mobile Payment Network will be held in Suzhou, at which Wu Wenjun, Secretary-General of the Digital RMB Research Institute, will share the "Analysis of the Application Prospect of Digital RMB Smart Contracts on the "GBC" Side, introducing the important role played by smart contracts on the "GBC" side.
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