Opinion: The promotion of DCEP may bring changes in the use of cash, third-party payment instruments and demand deposits

According to Renmin.com, as a legal tender in digital form, the promotion of DCEP may bring about changes in the following three aspects that are closely related to daily payments: First, the impact on the use of cash. Xu Yuan, a senior researcher at the Peking University Digital Finance Research Center, said that the promotion of digital currency will bring a cashless society and will lead to a reduction in the demand for ATMs. However, the renminbi is currently mainly circulated in electronic form, and the proportion of cash circulation is not high, so DCEP is only a further alternative to cash. The second is the impact on third-party payment tools such as Alipay and WeChat. The biggest advantage of DCEP lies in its compensability and national credit endorsement. Secondly, DCEP implements the principle of controllable anonymity, which can better ensure the anonymity of transactions, and third-party payment tools often require real-name authentication, and user payment data is actually controlled by the platform. The third is the impact on demand deposits. Both have their own merits. On the one hand, the purpose of DCEP is to replace cash, which does not pay interest in the plan, and demand deposits can have a certain interest income; on the other hand, demand deposits do not have the anonymity advantage of digital currency transactions, which payment is used The way will depend on the user’s trade-offs.