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Digital RMB Promoting Financial Digital Transformation in the Banking Sector

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DOI: 10.23977/ferm.2024.070112 | Downloads: 26 | Views: 260


Jiani Wang 1


1 School of Economics and Management, Jiangsu College of Tourism, Yangzhou, 225000, China

Corresponding Author

Jiani Wang


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.


Digital RMB, financial digital transformation, banking and finance industry


Jiani Wang, Digital RMB Promoting Financial Digital Transformation in the Banking Sector. Financial Engineering and Risk Management (2024) Vol. 7: 79-85. DOI:


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