What is the difference between digital RMB, Alipay and WeChat?

Recently, the digital RMB has attracted much attention. However, many people have little understanding of the digital RMB. Many people will ask what is the digital RMB? What's the effect?

The digital RMB is equivalent to cash and coin RMB, and is a digital legal tender issued by the People's Bank of China. It is operated by designated operating agencies and exchanged to the public, supports bank account delivery and functions, is equivalent to banknotes and coins, has value characteristics and legal compensation, supports controllable anonymity, and is a legal currency with value characteristics and legal compensation .

So what is the difference between digital RMB and Alipay WeChat?

Third-party Internet payment methods such as Alipay and WeChat Pay mainly rely on deposit currency transactions in commercial bank accounts, which are essentially legal currency payment channels. The digital RMB belongs to M0, which is the category of cash in circulation, while the money people put in Alipay and WeChat accounts is deposits in non-deposit financial institutions, which belongs to the category of M2, which is broad money.

In short, a third-party payment platform is equivalent to a wallet. In the era of electronic payment, the contents of the wallet are actually commercial bank deposit currencies.

The digital RMB is a real currency. Ordinary people can still use WeChat and Alipay to pay, but the payment tools not only include swiping bank deposit currencies, but also add the option of digital RMB.

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