In 2021, the National People’s Congress and the National People’s Congress are going on, and various proposals have been searched hotly. What are the suggestions of the representatives of the National People’s Congress regarding the digital renminbi?
Promote the application of digital RMB cross-border payment
Li Minbin, a member of the National Committee of the Chinese People’s Political Consultative Conference and the co-CEO of the Bank of East Asia, said recently that after announcing the launch of the “Cross-border Wealth Management” business pilot in the Guangdong-Hong Kong-Macao Greater Bay Area in 2020, in February of this year, the Mainland and Hong Kong and Macao regulatory authorities signed a memorandum of understanding. Taking another step forward, more financial innovation measures are just around the corner. It is recommended to promote innovative cross-border financial services in the Guangdong-Hong Kong-Macao Greater Bay Area in terms of customer information and data exchange, multiple dispute resolution mechanisms, and promotion of digital RMB applications.
Similarly, Bai Hexiang, a representative of the National People’s Congress and president of the Guangzhou Branch of the People’s Bank of China, also suggested exploring the application of digital renminbi cross-border payment.
Promote the pilot program of digital RMB in Shanghai
Jin Penghui, a member of the National Committee of the Chinese People’s Political Consultative Conference, deputy director of the Shanghai Headquarters of the People’s Bank of China, and president of the Shanghai branch, said that he will continue to promote the construction of Shanghai’s financial technology center and do a good job in establishing the financial technology-related infrastructure of the head office in Shanghai. On the basis of the pilot application of financial technology innovation, the application results will be replicated and promoted, and the digital renminbi pilot will be promoted in an orderly manner.
Digital RMB pilots focus on “grasping the top level, emphasizing inclusive benefits, and preventing risks”
Gong Fuwen, member of the National Committee of the Chinese People’s Political Consultative Conference and vice president of the Shaanxi Provincial Higher People’s Court, suggested that the digital RMB pilot work should focus on “grasping the top level, focusing on inclusive benefits, and preventing risks.” “Grasp the top level” to determine the legal tender status of the digital renminbi from the legal level. To “emphasize universal benefits”, the pilot program should not “emphasize the cities over the rural areas”, and should pay attention to the “digital divide” that spans the elderly. To “prevent risks”, security research and investment should be increased in the pilot to ensure the safety of the digital renminbi’s full life cycle.
Proposal to include Wuhan as a pilot city for digital RMB
Yan Zhi, a representative of the National People’s Congress and chairman of Zall Holdings Co., Ltd., brought a proposal to include Wuhan as a pilot city for digital renminbi. “The research and development and application of digital currency is conducive to efficiently satisfying the public’s demand for legal tender under the conditions of the digital economy, improving the convenience, security and anti-counterfeiting level of retail payments, and boosting the accelerated development of the national and regional digital economy. The pilot work of the digital renminbi has very important practical significance.”
Proposal to make Hong Kong a pilot digital renminbi
Li Huiqiong, member of the National Committee of the Chinese People’s Political Consultative Conference in Hong Kong and chairman of the Hong Kong Democratic Alliance for the Betterment of Hong Kong, revealed to a reporter from China News Agency that the Hong Kong Democratic Alliance for the Betterment of Hong Kong made 22 proposals and suggestions this year.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.