The Relationship between Digital RMB and Digital Economy in China

Su, Chang; Lyu, Wenbo; Liu, Yueting

doi:10.48550/arxiv.2205.14517

Cited by 2 publications

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“…(2022), studied how the European financial market is adapting to modern challenges, including using green bonds (Manta, 2022). Su et al, (2022) explored the relationship between the digital yuan and the digital economy in China (Su et al, 2022). The study highlights the transformation of currency in the digitalization era, the role of the digital yuan in the financial and economic sphere, and its potential impact on global finance and trade.…”

Section: Literature Reviewmentioning

confidence: 99%

The Digital Future of Financial Instruments in Advancing the Green Economy of the Republic of Kazakhstan

Kurbanova

2024

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Digitalization provides innovative tools and solutions that contribute to the sustainable development of the green economy. The authors reviewed scientific articles on the digitalization of financial instruments focused on "environmental, social and corporate governance" criteria for assessing companies' sustainability and social responsibility (ESG). The article studies the capacity and needs of green finance in Central Asia and Kazakhstan.The study concludes that the development of sustainable green finances in Kazakhstan corresponds to the goals of the Central Asian region. This study indicates the relevance and necessity of creating a Unified Green Finance Center, which would contribute to the coordination of efforts and resources of the area in environmentally sustainable development. Financial ecosystems using national banks' digital currencies, digital assets, and smart contracts can change the region's economic system and the architecture of green finance. This study also examines the digitalization of financial instruments, focusing on ESG criteria for assessing sustainability and social responsibility. Additionally, integrating digital currencies, digital assets, and smart contracts can reshape the region's financial system and architecture of green finance, further advancing sustainable development objectives.The study establishes the relevance of sustainable green finances in Kazakhstan, proposing a Unified Green Finance Center to coordinate regional efforts, utilizing digital currencies, assets, and smart contracts to reshape financial systems and advance sustainable development goals.

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Section: Literature Reviewmentioning

confidence: 99%

The Digital Future of Financial Instruments in Advancing the Green Economy of the Republic of Kazakhstan

Kurbanova

2024

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“…According to the 14th Five-Year Plan for the Development of the Digital Economy released in December 2021, the digital economy is clearly positioned as the leading direction of China's economic transformation and a new growth point. The share of digital economy in GDP continues to increase, and digital construction and connectivity have become the focus of the government's attention [8]. Therefore, the digital transformation of the banking and financial industry is an urgent need to adapt to the trend of the times, improve the efficiency of the financial system and the level of service, and help to promote the entire financial industry toward an intelligent, digital future.…”

Section: China's Digital Economymentioning

confidence: 99%

“…Digital RMB is an important financial innovation promoted by China's central bank, aiming at the digitization of currency and the modernization of the payment system [1]. Its issuance has not only promoted the upgrading of payment methods, but also attracted the attention of the financial system globally.…”

Section: Introductionmentioning

confidence: 99%

Digital RMB Promoting Financial Digital Transformation in the Banking Sector

2024

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This paper delves into the impact of digital RMB on the financial digital transformation of China's banking industry. As an important financial innovation of China's central bank, digital RMB builds a secure, intelligent and efficient payment system through blockchain technology, smart contracts and cryptography, which promotes the innovation of fintech and the upgrading of payment methods. The banking industry has been actively responding to technical challenges, upgrading services and accelerating fintech innovation in the context of digital RMB. The launch of digital RMB has given rise to innovative payment modes, improved the efficiency of financial services, and had a far-reaching impact on the digital transformation of finance by promoting cross-border financial cooperation and leading the development trend of global digital currencies. However, the banking industry still faces challenges in digital transformation such as technical difficulties, risk management and compliance, user acceptance and education. In order to effectively deal with these challenges, this paper puts forward strategies and suggestions such as strengthening the construction of technological infrastructure and expanding the cultivation of fintech talents. Overall, digital RMB will continue to play a key role in the digital transformation of the banking industry, leading China's banking industry towards the digital era.

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The Relationship between Digital RMB and Digital Economy in China

Cited by 2 publications

References 0 publications

The Digital Future of Financial Instruments in Advancing the Green Economy of the Republic of Kazakhstan

The Digital Future of Financial Instruments in Advancing the Green Economy of the Republic of Kazakhstan

Digital RMB Promoting Financial Digital Transformation in the Banking Sector

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