At the end of 2019, the first batch of “4+1” digital yuan pilot areas and scenarios were established across the country, namely Shenzhen, Suzhou, Xiongan, Chengdu and the Beijing Winter Olympics scene. In March 2022, Beijing will expand from a pilot in the Winter Olympics scene to a global pilot. As of the end of April 2023, Beijing has completed the construction of 530,000 various digital yuan scenarios, covering multiple fields such as food, clothing, housing, transportation, and public utility payments.
As a digital payment method, digital yuan has the characteristics of small and anonymous. Compared with other third-party payment methods, there is no handling fee for digital RMB withdrawal.
In the field of prepayment, signing smart contracts with digital RMB as a carrier can greatly protect the interests of consumers, so the advantages of digital RMB are prominent.
In order to better promote the pilot work of digital RMB in Beijing, Yang Weizhong, deputy chairman of the Municipal People’s Congress Finance and Economics Committee, party secretary and director of the People’s Bank of China Business Management Department, made suggestions: further strengthen the publicity of digital RMB knowledge and use, and increase the public’s access to digital RMB. Expand the number of users of digital RMB; promote the implementation of digital RMB in the fields of daily consumption, finance and taxation, municipal payment and other fields, and gradually create a complete digital RMB ecosystem.
