Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market

It is reported that the Joint Office of the Leading Group for the Pilot Work of Digital RMB in Yiwu City has released the “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market”, which proposes 10 specific measures to comprehensively improve the market’s digital RMB acceptance environment, promote digital RMB hardware wallets, increase the exploration of smart contract applications, and explore the development of cross-border payment applications of digital RMB.

Yiwu Announces 10 Initiatives for Digital RMB Pilot: Intensify the Exploration of Smart Contract Applications

The Joint Office of the Leading Group for the Pilot Work of Digital RMB in Yiwu City has recently announced the release of a “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market.” The plan aims to comprehensively improve the market’s digital RMB acceptance environment, promote digital RMB hardware wallets, increase the exploration of smart contract applications, and explore the development of cross-border payment applications of digital RMB.

Introduction

Yiwu City, a renowned small commodity market in China, has been carrying out extensive pilot work for digital RMB since August 2020. Yiwu’s government and financial institutions have paid significant attention to building a comprehensive digital RMB ecosystem, including digital RMB issuance, circulation, acceptance, and application innovation, stable operation, and efficient supervision.

Ten Measures to Promote Digital RMB Acceptance and Innovation

The “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market” proposes ten measures that will enhance the digital RMB ecosystem’s stability and efficiency, promote its acceptance on multiple levels, and encourage innovation in its application.

Measure 1: Build a Digital RMB Acceptance Ecosystem

The first measure focuses on creating a digital RMB acceptance ecosystem in the Yiwu small commodity market. The plan calls for expanding the scope of digital RMB acceptance, increasing the coverage of merchants, and improving the convenience, stability, and security of the digital RMB payment process.

Measure 2: Encourage Smart Hardware Wallets

The second measure aims to promote the development and application of smart hardware wallets. The plan proposes setting up digital RMB hardware wallet sales and service centers to provide convenient sales, maintenance, and upgrade services for hardware wallets.

Measure 3: Explore Smart Contracts

The third measure looks to increase the exploration of smart contract applications, which will allow for the realization of automatic and transparent digital RMB transactions. The plan proposes building a smart contract demonstration zone in the Yiwu small commodity market to test and verify smart contract applications’ security, efficiency, and value.

Measure 4: Build a Digital RMB Circulation System

The fourth measure focuses on building an efficient and secure digital RMB circulation system. The plan proposes measures such as the integration of digital RMB wallets with bank accounts, the establishment of a digital RMB account management system, and the promotion of digital RMB cross-border payments.

Measure 5: Deepen the Integration of Digital RMB in the Wholesale Market

The fifth measure aims to deepen the integration of digital RMB in the Yiwu wholesale market. The plan proposes creating digital RMB wholesale markets, building a digital RMB supply chain finance platform, and promoting digital RMB cross-border settlement for the wholesale market.

Measure 6: Build a Digital RMB Innovation Platform

The sixth measure focuses on building a digital RMB innovation platform that will encourage innovation and collaboration in digital RMB application. The plan proposes building an open digital RMB application ecosystem, exploring the combination of digital RMB with blockchain, and encouraging innovative digital RMB application scenarios.

Measure 7: Build a Digital RMB Regulatory System

The seventh measure emphasizes building a digital RMB regulatory system that will ensure safety, stability, efficiency, and innovation of digital RMB application. The plan proposes establishing a digital RMB regulatory framework, promoting digital RMB risk prevention and control, and implementing efficient digital RMB supervision.

Measure 8: Promote Digital RMB Cross-Border Payment

The eighth measure focuses on promoting digital RMB cross-border payment, which will facilitate cross-border trade and investment. The plan proposes exploring digital RMB internationalization, promoting digital RMB cross-border payment pilot projects, and building digital RMB cross-border payment infrastructure.

Measure 9: Expand the Use of Digital RMB

The ninth measure aims to expand the use of digital RMB in various scenarios, such as government services, medical care, and education. The plan proposes building a digital RMB payment platform for government affairs, promoting digital RMB payment in the medical treatment and education industries, and exploring digital RMB application in other public scenarios.

Measure 10: Establish a Comprehensive Digital RMB Promotion Mechanism

The tenth measure focuses on establishing an efficient and comprehensive digital RMB promotion mechanism. The plan proposes creating a digital RMB promotion campaign, establishing a digital RMB media communication platform, and expanding digital RMB marketing channels.

Conclusion

The “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market” highlights the significance of digital RMB’s application and innovation in small commodity markets. The ten proposed measures aim to set up a comprehensive digital RMB ecosystem that integrates digital RMB hardware wallets, smart contracts, cross-border payments, and expanded application scenarios. With its continuous efforts, Yiwu city is making strides in its transformation into a digital RMB model city, setting a benchmark for digital currency adoption.

FAQs

Q1: What is digital RMB?

A1: Digital RMB is a digital payment system where the digital currency is issued and backed by the People’s Bank of China. It is designed to operate in a similar way to physical cash, but it is digital and can be used for online and offline transactions.

Q2: What are some benefits of using digital RMB?

A2: Using digital RMB can provide benefits such as increased security, efficiency, and convenience, as well as reducing transaction costs and increasing transparency.

Q3: How will the digital RMB benefit the Yiwu small commodity market?

A3: The digital RMB will benefit the Yiwu small commodity market by establishing an efficient, convenient, and secure payment system that promotes digital RMB acceptance, encourages application innovation, and facilitates cross-border payments.