What sets it apart from electronic money and virtual currency?

Controlled anonymity is supported by digital RMB, which helps to protect personal privacy and user information security. Of course, in the event of theft, etc., the digital renminbi can serve as a replacement function for physical wallets.

What distinguishes the digital RMB from other electronic currencies?

To begin with, e-money in Alipay and WeChat bitcoin mining app wallets is essentially a digital deposit currency, with each payment requiring a bank account.

Because digital RMB supports the bank account loosely coupled function, you do not need a bank account to open a digital RMB wallet. People in rural or remote mountainous areas, as well as tourists from outside China, who cannot or do not have a bank account, can enjoy the corresponding financial services via digital wallets.

Furthermore, digital RMB is based on a broad account system: unlike bank accounts, which require the submission of numerous documents and personal information to open, anything that can form a unique identifier for a person can become an account under the current digital currency system. For example, a car license plate number can be converted into a digital RMB sub-wallet for making payments on the highway or when parking.

Second, when using WeChat or Alipay to make a payment, you must rely on the Internet, and the merchant may refuse to accept WeChat or Alipay payments.

Digital RMB, on the other hand, supports dual offline payments: just like paper money, it can meet the electronic payment needs of airplanes, cruise ships, underground parking lots, and other places with poor network signals. Digital RMB also supports multi-terminal options: those who do not want or cannot use smartphones can opt for IC cards, feature phones, or other hardware.

Furthermore, digital RMB has the same legal status as RMB and is considered "legal tender" in China. It is illegal to refuse to accept both antminer a10pro digital RMB and RMB due to non-technical constraints.

Furthermore, WeChat or Alipay may charge a service fee for withdrawing cash, whereas exchanging paper money with digital renminbi does not require a service fee.

What distinguishes digital currencies from virtual currencies?

In comparison to virtual currencies such as Bitcoin, digital RMB is a fiat currency that is legal tender and has the highest validity and security. Bitcoin, on the other hand, is a virtual asset with no underlying value and no sovereign credit guarantee to ensure its value stability. This is the primary distinction between central bank digital currencies and crypto assets like Bitcoin.

In these cases, the digital RMB was used.

According to the white paper "Progress in R&D of China's Digital RMB," there are over 1.32 million digital RMB pilot scenarios, both online and offline, as of June 30, 2021, covering wholesale and retail, catering and cultural tourism, education and healthcare, public transportation, government payment, tax collection, and subsidy issuance, and so on.

In Beijing, for example, visitors can use digital RMB to purchase tickets, cultural and creative supplies, and special goods at the Yuanmingyuan scenic spot, or use digital RMB to purchase coffee, charge at charging piles,bitcoin earn and purchase cultural and creative products at the 2021 China International Fair for Trade in Services' Digital RMB Avenue.

..... Beijing will continue to promote digital in the future. Beijing will also continue to promote the full-scene pilot of digital RMB in the future, so that the digital RMB Avenue will grow in size.