You can transfer funds or use traditional currency to open an account with as little as a hundred

The Digital RMB is an ecosystem of technologies, data, process and market intelligence that are aimed to create a new framework for the real economy.

Before we address the first question, what is digital RMB? Let's review some background information.

Do you still have cash on you when you go out? I think that there are very few of them. Nowadays, all the vendors on the street will have a QR code for those who need to pay.

People use money less and less, and more and more are using Alipay, WeChat payment, and other third-party payment platforms. This leads to a new way of looking at money: you can't see the real thing. That might be the reason why you don't feel like spending any of your money.

Digital RMB makes it possible for you to make transactions online, in real time. It's your money in digital form, with all the benefits of new technology for your business.

It is a digital currency that China’s Central Bank released, using an app-based system and a broad account. It is similar to physical RMB and is of value because it has legal recompense.

Why are digital currencies legal tender? Put simply, they're a medium of exchange. Let's say you go to the supermarket and the cashier tells you that they only accept WeChat payments. If you refuse because you don't have WeChat payment with you, then technically the boss is at fault.

But if you pay in digital RMB, the boss has to accept itpayment gateway system architecture because it is legal RMB and can't be rejected.

The digital RMB is managed using a centralized model with a two-tier system. The People's Bank issues the digital RMB to different banks, which then provide it to customers according to their needs. This logic is exactly the same as the way we issue paper currency: the Central Bank is in charge of issuing cash and commercial banks distribute it to individual users.

Mu Changchun, the director of the People's Bank of China's Digital Currency Research Institute, answered that digital currency and paper money will coexist for a long time, and the bank won't stop printing paper money.

First of all, there's no middleman involved. For example, if you use Alipay or WeChat to make a purchase, it is you personally who send the payment request to the platform. The platform then gives it to the bank, and the bank then gives it to the merchant. You see a lot of hands being passed around, and there are many roadblocks and risks involved. But with digital RMBs, you pay directly from one account to another - from you to the merchant.

Fifth, "amounts under the quota are anonymous and amounts over the quota are traceable by law." When you make small payments, you don't need your real name to protect everyone's personal information. When making large payments, only the People's Bank of China has your information. Even if you use a digital wallet to purchase something on Alibaba's platforms, Alibaba will not know your payment subject information because everything is encrypted to ensure it is safe.