How authentic is the video demonstrating the operation of the digital currency app from the People's Bank of China circulating online?

According to the Chinese media BlockBeats, a video clip lasting only 15 seconds was released on Weibo, showing individuals allegedly demonstrating the operation interface of the digital currency electronic payment (DCEP) app developed by the People's Bank of China.

How to Use the Digital RMB App?

There are two women speaking in the video, with one woman demonstrating the app to the other:

Woman A: "I'll exchange 50!" (Referring to converting 50 RMB into digital RMB)
Woman A: "The fifty came from my bank card"
Woman A: "Exchanging to digital currency." (From the mobile screen, it can be seen that the payment account is from the Agricultural Bank, and the recipient is the People's Bank of China (DC/EP))

Then, Woman A presses the button to immediately exchange for digital currency and enters the bank card password. Finally, the currency exchange is completed.

Watch the full video here

When Will China Launch its Digital RMB?

According to reports, the Governor of the People's Bank of China, Yi Gang, stated in an interview with "China Finance" during the recent "Two Sessions":

Currently, the digital economy is becoming an increasingly important driver of global economic growth. The research and application of legal digital currency are beneficial for efficiently meeting the public's demand for legal tender under the conditions of the digital economy, improving the convenience, security, and anti-counterfeiting level of retail payments, and helping accelerate the development of China's digital economy.

Regarding the timing, he directly stated: "However, the current pilot testing is still a routine part of the research and development process, which does not mean that the digital RMB will be officially issued. There is no timetable for its official launch yet."

Observing from the perspective of Matthew Graham, an American living in Beijing, the digital RMB must be actively "exchanged" by the general public, making it a bottom-up process. This characteristic aligns with the description in the video. As for authenticity, it will only be meaningful once this application is officially launched.

On the other hand, the "Libra" project, which also has an influential impact on the digitization of legal tender, has successfully navigated regulatory challenges under the efforts of Facebook and members of the Libra Association. It is currently applying for a financial payment license from the Swiss Financial Market Supervisory Authority. Coupled with the recent launch of the "Facebook Shop" feature for small businesses and the Libra digital currency wallet "Novi," Facebook's stock price has reached new highs. The ultimate impact on the world between these projects remains to be seen and verified over time.