Digital Ruble and Digital RMB are a new concept emerging in a great era, especially in the process of internationalization. The role of Digital Ruble and Digital RMB transactions is irreplaceable, and their increasing market share domestically is a remarkable phenomenon that resonates deeply with people. Especially Digital Ruble and Digital RMB, both currencies have attracted a lot of attention since their launch. It sounds very similar, but what are the differences between Digital Ruble and Digital RMB? This is also a question that everyone is concerned about. Digital Ruble is the third form of the Russian currency, and Digital RMB is the national authorized electronic currency issued by the People’s Bank of China, which is a legal tender with state credit guarantee and legal payment capacity.

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　　Digital Ruble and Digital RMB are the Central Bank Digital Currency (CBDC) launched respectively by the central banks of Russia and China. Their differences are mainly reflected in four aspects: issuing countries, technical foundation, blockchain, scope of use, as well as privacy and regulation. The following is a detailed introduction:

　　1. Issuing Country

　　Digital ruble is a central bank lottery planned to be launched by the Central Bank of Russia, which is issued and regulated by the Russian government and the central bank.

　　Digital RMB is a central bank lottery planned to be launched by the People’s Bank of China (China’s central bank), which is issued and regulated by the Chinese government and the People’s Bank of China.

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　　Digital ruble plans to use distributed ledger technology, similar to blockchain, but not completely dependent on public blockchain.

　　Digital RMB also uses blockchain technology, but unlike digital ruble, it adopts more centralized features, which are more closely controlled by the Chinese government.

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　　Digital ruble is mainly used for domestic transactions, but can also be used in international transactions.

　　Digital RMB is first promoted domestically for retail and wholesale payments. The Chinese government plans to promote its international use in the future.

　　4. Privacy and Regulation

　　Digital ruble will be regulated to ensure compliance and prevent illegal activities, but the specific regulatory details may be clarified after its launch.

　　Digital RMB can be tracked in use, which has caused some concerns about privacy and regulation, as it may increase the government’s access to personal financial privacy.

　　The significance of digital RMB lies in its ability to avoid the problems of counterfeit currency in paper money and coins, greatly reduce the costs required for currency from issuance, circulation, use to destruction, and also solve the繁琐 process of currency exchange among the three currencies in the Greater Bay Area; improve the competitiveness and efficiency of the country, promote the digitalization and inclusive finance at the financial level, especially for developing countries, improve the circulation efficiency of M0 and the status of central bank currency, while also preventing the spread of viruses through paper money and other forms, which is a non-contact financial service launched by the central bank.

　　Digital RMB is a digital encrypted currency, which can be通俗地 understood as the digitalization or electrification of paper RMB, but digital RMB is not the same as electronic payments on third-party platformssports betting platform and What is it. Digital RMB is issued by the People’s Bank of China and adopts a two-tier operation system. Essentially, the issuance of digital RMB is equivalent to the issuance of paper RMB, but it is not similar to electronic payments or online payments used on third-party platforms, and it is a legal currency based on the national credit.

　　This is the detailed content of what is the difference between digital ruble and digital RMB? For more information about what is the significance of digital RMB, please pay attention to other relevant articles on script home!

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