Opinion: Digital currency construction will help improve the efficiency of RMB transaction clearing and facilitate RMB internationalization

Researchers Tang Jianwei and Liu Jian of the Golden Research Center of the Bank of Communications published an analytical article entitled "Digital Currency Construction Will Contribute to RMB Internationalization". According to the article, with the emergence of trade friction between China and the United States and the rise of new technologies such as digital currencies, the internationalization of the RMB also faces some new challenges in the new era. The internationalization of RMB will continue to progress steadily, but it may present some new trends and new features. The article mentioned that the construction of digital currency will help the internationalization of the RMB. At present, the mainstream digital currency transactions are mainly for speculative purposes. Excessive currency fluctuations may also make it easier for criminals to launder money and evade taxes. The biggest advantage of the central bank in issuing digital currencies lies in the government's endorsement. In July 2019, the State Council officially approved the research and development of the digital currency of the People's Bank of China. At present, the People's Bank of China has applied for 74 patents for digital currencies. The People's Bank of China may become the first institution to launch a sovereign digital currency, which will help increase the RMB The efficiency of transaction settlement helps the internationalization of RMB.