Xinhua News Agency: Digital currency is not equal to blockchain, and digital renminbi is not mandatory for merchants

Xinhua News Agency pointed out that the digital renminbi showed its true colors, and the three major conjectures proved to be “misreadings.” One is that digital currency is not equal to the blockchain. Legal digital currency is not a digital encrypted asset, nor is it limited to a certain technology. It is not only the adoption of blockchain technology that is digital currency. Digital RMB does adopt blockchain technology in some links, but based on certain technical characteristics of blockchain, it is not suitable for retail applications. The second is that digital renminbi is not mandatory for merchants. According to current regulations, merchants cannot refuse cash. Although digital renminbi is positioned to replace some of the cash, the relevant payment system must be reformed to support digital renminbi consumption, so there are conditional requirements for accepting merchants. The third is that digital currency is not intended to replace third-party mobile payments. In the circulation process of digital renminbi, all parties in the payment chain need to jointly advance. As a pure public product, the digital renminbi will become an important supplement to electronic payments, without seeking alternative payment methods.