The capital power behind the digital renminbi

Even though the central bank has not issued a regulatory document on the digital renminbi (DC/EP) so far, it is not clear which institutions or listed companies actually participate in the research and development of the digital renminbi project, or have digital renminbi-related technologies, but driven by capital, The digital currency concept is going all the way.

The digital renminbi, known as representing the development direction of the future payment system and currency reform, is becoming another outlet for capital enthusiasm and pursuit.

On August 14, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Pilot Program of Innovation and Development of Service Trade". The Hong Kong-Macao Greater Bay Area and qualified pilot areas in the central and western regions will carry out digital renminbi pilots.

After the news was released, it was rumored by some media organizations as a pilot expansion of the digital renminbi, and it was believed that the digital renminbi will be piloted in 28 provinces and cities (regions) across the country.

All of a sudden, various news reports were flying all over the sky, and related communities were also in full swing.

Even after the official media clarified the report, the current digital renminbi pilot is still the "4+1" model of Shenzhen, Chengdu, Suzhou, Xiong'an and the future Winter Olympics scene, and there has been no change.

Hainan: Support the Danyang area to create a digital RMB application demonstration city: Jinse Finance reported that recently, the Haikou Central Sub-branch of the People's Bank of China, together with the Hainan Supervision Bureau of the China Banking and Insurance Regulatory Commission, the Hainan Supervision Bureau of the China Securities Regulatory Commission, and the Hainan Branch of the State Administration of Foreign Exchange, issued "Opinions on Financial Support for Danyang Integration to Build a High-Level Pilot Zone for Trade and Investment in Hainan Free Trade Port" (referred to as "Opinions").

The "Opinions" make it clear that increasing financial support in the infrastructure field, exploring new scenarios for blockchain applications, improving the convenience of individuals using foreign exchange in the region, and encouraging digital RMB operating institutions to work hard on the application of the entire industry chain at the government, enterprise, and individual ends , fully support the creation of a digital RMB application demonstration city in the Danyang area. (Hainan Daily) [2022/8/7 12:07:13]

But smelling good capital did not stop: the digital currency index rose by nearly 3% that day, and many digital currency concept stocks recorded multiple daily limit boards in a row.

Figure: Digital currency index trend (2020 to present)

The Central Committee of the Democratic National Construction Association proposed to improve the digital renminbi system: Jinse Finance reported that the Central Committee of the Democratic National Construction Association submitted the "Proposal on Improving the Digital Renminbi System". Suggestions: 1. Improve digital currency legislation and severely crack down on crimes committed in the name of digital currency. 2. Standardize the existing electronic payment management system. 3. Accelerate the technological innovation of digital currency data storage and establish a digital RMB data storage system. 4. Strict two-tier data management to prevent personal data leakage. 5. Develop digital renminbi cross-channel payment, design digital renminbi financial products, and improve inclusiveness. [2022/3/3 13:35:41]

Source: Choice, 01 Blockchain

On August 20, the three major A-share indexes fluctuated and went down one after another, but the digital currency index still bucked the trend and strengthened.

Although Feitian Chengxin (300386.SZ) and Huijin (300368.SZ) clarified that the company’s main business does not involve digital currency, and has not participated in digital RMB-related research and development pilots, their stock prices are still rising.

Digital currency is becoming one of the hottest concepts in the capital market. According to more news analysis, the digital renminbi may launch a public version within this year, and the trillion-dollar scale may grow in the medium and long-term direction.

Everbright Bank analyst: The digital renminbi pilot is currently mainly concentrated in small-amount, high-frequency retail and other scenarios: China Everbright Bank analyst Zhou Maohua believes that the digital renminbi pilot is currently mainly concentrated in small-value, high-frequency retail and other scenarios, and the pilot has covered business. Offline and online scenarios such as retail, tourism, public services, public services, public transport, medical care, etc. Consumer payments in these fields are characterized by small amounts and high frequency. It is expected that we will continue to steadily dig into these scenarios in the future. Follow-up or gradually promote to wider scenarios such as other investment, wealth management, financial transactions and cross-border transactions, so as to give full play to the advantages of digital renminbi. (China Securities Journal) [2021/8/22 22:29:11]

The reason why the concept of digital currency is favored by capital is inseparable from the many benefits of fundamentals. Since the large-scale internal pilot projects of a number of state-owned banks came out around April, news of the digital renminbi has emerged one after another: while the Digital Currency Research Institute has previously expanded its army on a large scale, it has also reached cooperation with external Internet companies such as Didi Chuxing to explore the many practical aspects of the digital renminbi. Scenario innovation and application; the central bank also mentioned in the work video conference in the second half of 2020 on August 3 that it will actively and steadily promote the research and development of legal digital currency in the second half of the year.

On August 29, after the CCB App temporarily opened the digital wallet recharge and digital currency submenu, it quickly closed the entrance, and responded that this time it was the mobile banking system to carry out related function tests, and the test has now ended.

The digital renminbi pilot program is speeding up, and banks in the Beijing area have opened up: Regarding the promotion of digital renminbi in the Beijing area, at present, Agricultural Bank of China, Postal Savings Bank of China, and Bank of Communications have all opened C-end whitelist applications. The application methods include online banking apps, There are two channels for offline QR code application. In addition, in terms of consumption scenarios, some banks are currently preparing to access special scenarios such as chain restaurants, shopping, and logistics, and some banks have launched a series of merchant services in the process of promoting digital RMB wallets, mainly through cooperation with B-end institutions. C-end consumers. (Beijing Business Daily) [2021/3/24 19:12:05]

On August 31, ICBC also stated at the results conference that it will actively carry out DC/EP research work in accordance with unified requirements.

At the same time, investors and ordinary people are paying more and more attention to digital currencies. 01 Blockchain searched keywords such as "digital renminbi" and "legal digital currency" on the communication platform between investors and listed companies such as Hudongyi, and found that in August 2020 alone, there were more than 130 related questions, and more than 100 listed companies were asked questions. More than 50 companies. In the same period last year, there were less than 20 related questions, involving only more than 10 listed companies.

Central Bank Xing Yujing: The digital renminbi red envelope lays the foundation for deeper and broader R&D and application of digital renminbi: On November 2, Xing Yujing, president of the Shenzhen Central Branch of the People's Bank of China, said that over the past 40 years, a large number of financial institutions with systemically important characteristics have emerged in Shenzhen. An innovative financial ecosystem has been formed in which finance and technology complement each other and jointly contribute to the development of the real economy. The "Lixiang Luohu Digital RMB Red Envelope" made its debut and the response was enthusiastic. It has laid a practical foundation for the first-mover advantage for the deeper and wider research and development and application of digital RMB, taking advantage of the momentum to participate in the formulation of international rules. (Shanghai Stock Exchange) [2020/11/2 11:27:17]

In order to understand the latest progress of listed companies in digital renminbi research and development and technology, 01 Blockchain has sorted out the answers of listed companies that have responded to investor questions on communication platforms such as Interactive Easy for nearly a month, as well as the semi-annual reports of related listed companies. related content.

Among the more than 50 listed companies, many did not respond to investors' questions about digital renminbi. Among the enterprises that replied, more than ten listed companies including Kelan Software (300663.SZ), You Boxun (300531.SZ), Nantian Information (000948.SZ), Runhe Software (300339.SZ), etc. Said that it is paying close attention to the progress in the field of digital currency, and actively carrying out research and development forces and related technical reserves.

Ziguang Guowei (002049.SZ) responded to investors’ questions on August 6 and believed that the central bank’s digital currency project is still in the early stage. The company has relevant technology and product reserves and will actively pay attention to the progress of the project.

TANSUN Technology (300872.SZ) stated that it has not participated in related work at present, but with the development of the market, the layout of banks in this area, and the promotion of digital currency business to a certain extent in the future, it will choose an opportunity to participate in it.

Source: Public information such as 01 Blockchain, Hudongyi, etc.

In addition to the above close attention, Yuyin (002177.SZ), Lakara (300773.SZ), Changbright Technology (300348.SZ), Guangdian Express (002152.SZ), Zhidu (000676.SZ), etc. Listed companies have actual digital currency-related businesses or more specific and detailed layout arrangements with digital currency.

Huafeng Microfiber (300180.SZ) made it clear on September 2 that its subsidiary Weifutong is actively participating in the DC/EP testing and related promotion work of some banks. Due to the restrictions of confidentiality agreements, relevant details cannot be made public.

Interestingly, perhaps due to external pressure, when answering investors’ questions on August 17, Guangdian Express also made it clear that it is actively promoting digital currency-related research and development, including the issuance and exchange of digital currency on self-service equipment, digital currency Scenarios such as the application of wallets and digital currencies in gate machines and self-service vending machines. But on September 1, when GRG Express faced relevant questions again, it stated that due to confidentiality requirements, it would no longer disclose information related to digital currencies.

New Cape (300248.SZ) did not directly disclose relevant information, but Bo Sheng, the founder of Lezhi Technology, a subsidiary of its joint stock company, revealed at the recent Baidu Super Chain White Paper Conference that the company and Julu County, Hebei Province developed the "Love Chain". "Shangjulu" App, which includes the distribution of various subsidies such as coal replacement with gas and electricity, poverty alleviation funds, education, agricultural materials and furniture purchases, and based on these decentralized application scenarios, a blockchain multi-party signature system has been developed. Recently Also applied for the DC/EP subsidy. Local residents can receive subsidy funds in the form of DE/EP as soon as this year.

In addition, other related companies did not respond positively to whether they had participated in DC/EP testing and R&D in their answers to investor questions or financial report disclosures. At most, they stated that they had established relevant research groups or conducted strategic layout and in-depth exploration around related technologies. .

Among the many digital currency concept stocks, Zhidu shares are worthy of attention. On August 31, Zhidu shares stated that it will conduct in-depth research on the policy and technical route of DC/EP, actively explore the investment opportunities brought by digital currency to the financial technology field, and the possibility of the integration and development of large alliance chains and central bank digital currency , to provide blockchain technical support for the wider application of DC/EP.

The answer of Zhidu shares is not without purpose. As early as June, Zhidu shares released the "2020 Non-public Issuance of A Shares Plan (Revised Draft)", planning to raise no more than 1,623,442,000 yuan, and planned to use 331,491,800 yuan of the raised funds (total investment of 426,024,700 yuan) Yuan) to invest in blockchain infrastructure, application platforms, and central bank digital currency scenario development and construction projects.

Source: Zhidu Shares "2020 Non-public Issuance of A Shares Plan (Revised Draft)"

Zhidu shares stated in the "plan" that the company will set up a smart chain platform to form a national large-scale blockchain service infrastructure platform across the public network, across regions, and across institutions, and plans to integrate it into the scenario of the industrial service platform. Into the central bank's digital currency, it can provide on-chain consulting, implementation and operation and maintenance services for all relevant organizations in the two typical scenarios of supply chain management and advertising, and provide infrastructure support for blockchain alliance operators in other vertical industries.

Of course, there are huge risks in blindly chasing hot spots. Many companies, including Ant Group, have repeatedly reminded in relevant information disclosures: Digital RMB-related businesses are in the early stage of development, there is great uncertainty, and the follow-up impact on the company and the market cannot be accurately judged; investors should be cautious invest.

Text | Photo

Examination | Yu Baicheng, Rainforest

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