On August 13, Huarui Fintech Salon (No. 12) was successfully held online, co-hosted by Shanghai Huarui Bank, the International Monetary Institute of Renmin University of China (RUC), and the Fintech Institute of RUC. Yang Tao, Senior Manager of the Digital Currency Office at Bank of China, delivered a keynote speech. The discussion involved various experts, including Long Fei, Director and Researcher of the Digital Economy Laboratory at Beijing Institute of Mathematical Sciences and Application (BIMSA), Han Liyan, Researcher at BIMSA and Professor at Beihang University School of Economics and Management, Wang Zhicheng, Associate Professor at the Guanghua School of Management at Peking University and Researcher at BIMSA, Zhu Taihui, Deputy Dean of the Economic Development Research Institute at JD Group, Qiu Zhigang, Professor at the School of Finance at RUC, and Wang Yongli, General Manager of China International Futures Company. The session was moderated by Wang Fang, Vice Dean of the School of Finance at RUC and Deputy Director of the International Monetary Institute.

In the first part of the event, Yang Tao discussed the core advantages and motivations for implementing digital currency, as well as the current development status and application scenarios of the digital RMB. He pointed out that digital currency is a form of currency issued by the central bank in digital form, representing a new form of currency evolution. It has the ability for peer-to-peer transactions, enabling real-time settlement and zero-cost transactions, addressing shortages of traditional payment systems. According to a BIS report, 90% of institutions worldwide are conducting research on digital currencies, with different countries and regions having different goals, including cross-border payments, cashless payments, and inclusive finance. China's journey towards legalizing digital currency has taken years. China now has adopted a dual-layer operating system and connected the central bank with ten operating institutions to provide digital RMB services. The digital RMB is not only a payment tool but also a new tool for property rights and financial supply-side reforms, serving as infrastructure for the digital economy. It is a new payment method based on the concept of a “wallet” rather than an account. It comes in the form of both “soft” and “hard” wallets to meet different user needs. It also has different levels of identity authentication to protect user privacy and security. The digital RMB has been widely used in various application scenarios, including government affairs, businesses, and industry platforms. It has achieved full coverage in certain areas, such as Digital Jinji Lake, Hengbao Industrial Park, and elderly care scenarios. With the advancement of the "14th Five-Year Plan," the digital RMB will steadily advance in pilot projects and be prepared for full-scale application in the future.

In the second part of the salon, the participating experts engaged in in-depth discussions on topics such as the application scenarios and specific value of digital RMB, the current development and potential issues, research and development and pilot projects for the development of digital RMB, and the improvement of top-level design and industrial ecosystem.

Translated by Zhou Yuping