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China’s digital RMB could reinvent modern business: analysts
By Gao Ang
With the wider implementation of pilot programs, China’s digital currency is believed to be a game changer in the global finance industry.
Last year, China launched the digital version of its physical currency, the renminbi (RMB). The digital currency is managed and distributed by the People’s Bank of China (PBOC), China’s central bank, to other state-owned commercial banks and online payment providers such as Tencent’s WeChat and Ant Group’s Alipay.
“With the central bank’s digital money, it can actually reinvent how the modern business is done,” said Wang Dan, chief economist at Hang Seng Bank (China).
The digital RMB will change the borrowing and lending through the banking system, the capital flow within the country and across the border, and how business transactions will be done, she said.
Although questions have been raised over data privacy with the use of the digital RMB, Tang Ling, vice president of the Blockchain and Finance Research Center at Tsinghua University, is confident about the central bank’s handling of data privacy.
Tang believed the central bank will effectively guarantee the security of users’ data, which could help the central bank to adjust China’s economic operations accordingly.
Additionally, usage of the digital RMB could help the government’s efforts against illegal activities such as money laundering and tax evasion, he added. “Because the central bank’s digital RMB is essentially a basic means of payment nationwide, there will be legal and administrative measures to restrict and guide its use.”
Last week, Beijing-based Edge Computing Research Institute and the PBOC signed a strategic cooperation agreement promoting the digital RMB’s application in enterprises.
The digital RMB also hopefully embraces wider usage by playing a big part in an upcoming international event, the Winter Olympics. The Beijing Municipal Science and Technology Commission said it is speeding up the process of studying the implementation.
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