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RMB goes digital. Why is it good news?
"Digital RMB", in short, is the digital form of China's legal currency RMB.In 2014, the People's Bank of China started research into the development of legal digital currency. The digital RMB has now been written into the 14th Five Year Plan. Cash and digital RMB will coexist in the future.At present, digital RMB has two forms: online wallet and hardware wallet. Online wallet is in the form of a mobile app while hardware wallet is in the form of a "chip". So what are the advantages of digital RMB?
Firstly, compared with the traditional third-party payment platforms, the digital RMB eliminates the third-party intermediary. There are only payers and payees involved in the transaction. Secondly, transactions through digital RMB can be made off-line. Thirdly, there is no service charge for the "withdrawal" of digital RMB. In addition, businesses have the right to choose whether to use the third-party payment platform. As a legal currency, once full awareness of digital RMB is achieved, businesses cannot refuse to accept it. And in a world where data and privacy concerns have taken centre stage,digital RMB transactions will ensure that no business or platform can obtain consumer’s personal information and payment data.Digital RMB is equivalent to "digital money" and has some "in-built" advantages. For example, digital RMB does not need banknote printing paper, ink, banknote printing machine, it can also avoid the high cost of recycling worn-out banknotes, so the issue cost is also lower. Every "piece" of digital RMB in circulation will leave a data footprint, which would be helpful in cracking down on money laundering, tax evasion and other crimes. In the future, digital RMB is expected to play an important role in the settlement of international transactions.At present, some large banks in China have begun to launch digital RMB currency wallets, and many places have begun to promote them to the public. A cashless future awaits.来源：中国网
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