TechFlow news, July 16 — Fan Yifei, Deputy Governor of the People's Bank of China (PBOC), revealed at a press briefing on the white paper regarding the progress of China's digital RMB development that currently, the operating institutions participating in the digital RMB development mainly include ICBC, ABC, BOC, CCB, Bank of Communications, Postal Savings Bank, Mobile and ICBC. Unicom and Telecom have formed joint project teams with BOC to participate in the research and development. Ant Group's MYbank and Tencent's WeBank, two internet companies, are also involved. Merchants Bank has recently been approved to join as well.
Fan Yifei also stated that both digital RMB and physical RMB are liabilities of the central bank to the public, possessing equal legal standing and economic value, backed by national credit and having legal tender status. Digital RMB is managed in the same way as physical cash: the PBOC does not pay interest on it, does not charge designated operating institutions for conversion and circulation services, and these institutions in turn do not charge individual customers service fees for exchanging digital RMB in or out.
