What distinguishes it from Bitcoin? Don't misinterpret it.

What is the definition of digital RMB?

Many countries are currently conducting research on legal digital currencies, but there are various technical paths, operating systems, and delivery paths. Yi Gang, the governor of the People's Bank of China, once stated that the bitcoin mining app People's Bank of China will introduce a package plan combining digital currency and electronic payment tools, with the goal of replacing a portion of cash.

In other words, our country's legal digital currency is "the digitization of RMB," which is the digital replacement for paper money. Previously, Mu Changchun, director of the Central Bank's Digital Currency Research Institute, stated that the functions and characteristics of digital currency are identical to those of paper money, except that it is in digital form.

Yi Gang stated that the digital economy is becoming an increasingly important driving force for global economic growth. The research, development, and application of legal tender currencies are conducive to effectively meeting the public's demand for legal tender currencies under digital economy conditions, improving the convenience, security, and anti-counterfeiting level of retail payments, and accelerating China's digital economy's rapid development.

What is the best way to use digital RMB?

Everyone can spend paper money, but how to use it after digitization has piqued the interest of many people in digital yuan.

Indeed, with the deep integration of mobile payment into our daily lives, digital RMB usage scenarios should be familiar. Mu Changchun once stated that there is no need for a network as long as you and I have digital currency wallets on both phones. Two phones can "touch" and transfer digital currency from one person's digital wallet to another as long as the phone has power.

This sounds a lot like the current "wave" and other non-contact payment methods, but it's not. Digital RMB may not be tied to any bank account during payment, whereas WeChat payment and Alipay payment transfer must still be tied to antminer a10pro a bank card.

What exactly is the distinction between digital RMB and Bitcoin?

Many people were perplexed when the central bank announced the start of digital currency research and development, believing that the central bank's version of "Bitcoin" would be released.

Yi Gang has previously stated unequivocally that digital RMB does not require a technical route in its research and development work and can be chosen through market competition. To fully mobilize the market's enthusiasm and creativity, both blockchain technology and new technologies evolved from existing electronic payment can be considered.

As can be seen, blockchain is the technical route being considered for digital RMB research and development, but it is far from the only option. Individual institutions previously issued or promoted "legal digital currency" in the name of the People's Bank of China. In response, the Central Bank issued a statement stating that it has not authorized any asset trading platform to conduct transactions or issued legal digital currency.

Blockchain has attracted a large number of enterprises and capital in recent years, and the related term "cryptocurrency" has also bitcoin earnbecome a buzzword. On the one hand, cryptocurrencies such as Bitcoin have amassed a devoted following; on the other hand, illegal fund-raising schemes disguised as blockchain have been repeatedly exposed.

Accordingly, many experts have bluntly stated that the future of digital currency must be separated from "speculation". Mu Changchun also emphasized the importance of "not frying coins and flowers" in our daily lives. As can be seen, digital RMB is used for circulation and is never "fried currency" to make money.