If the money is going to be put on a bank card, or stored in WeChat or Alipay (WeChat zero money and Alipay balance also have no interest), it is the freedom of the individual. But the use of digital RMB will be very convenient, WeChat, Alipay can not transfer money between each other,and some places do not support WeChat or Alipay, while the digital RMB is legal tender, no one can refuse to accept.

Mu Changchun, director of the central bank's Digital Currency Research Institute, has depicted such a use scenario: as long as you and I have a digital wallet of digital RMB on our cell phones, then we don't even need a network, as long as our cell phones are powered, two cell phones touching each other can transfer the digital currency in one person's digital wallet to the other person.

Extended information

Digital RMB can combat money laundering and tax evasion, etc.

It is well known that cash has anonymous, untraceable and other characteristics, and large sums of cash are often used to provide facilities for corruption, tax evasion, acts of terrorism, money laundering crimes, etc., which jeopardize the country's economic and financial order and even national security. financial order, and even jeopardize national security.

Digital RMB adopts a controllable anonymity mechanism, and the People's Bank of China, which holds the full amount of information, can use big data, artificial intelligence and other technologies to analyze the transaction data and the flow of funds, prevent and combat money laundering, terrorist financing and tax evasion and other illegal and criminal acts, and effectively maintain financial stability.

Digital RMB is also subject to laws and regulations on large-value cash management and anti-money laundering and anti-terrorist financing. For example, according to the People's Bank of China's Circular on Pilot Large Cash Management, in order to cooperate with anti-money laundering related work, digital RMBs in the pilot areas are also required to register for large cash deposits and withdrawals, and the relevant institutions should report to the central bank on large and suspicious transactions in digital RMBs.

GlobeNewswire-Digital RMB doesn't accrue interest payments, so what's the right way to use it?