Ant Group said in its IPO prospectus that it is participating in research and development trials of digital RMB, adding that there is no timetable for the official launch of digital RMB and that it is difficult to assess the impact of such work on the company's business, financial condition and results of operations.
The digital RMB is a digital form of the renminbi, positioned as currency in circulation (M0), which is different from the usual electronic payment instruments.
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In late 2017, the People's Bank of China - China's central bank - began organizing some commercial institutions to work together on the development of the digital RMB system (DC/EP), of which Ant Group is one.
Ant Group said it has been actively involved in digital RMB R&D trials for more than two years and is preparing for internal closed pilot testing in Shenzhen, Suzhou, Xiongan, Chengdu and future Winter Olympics scenarios, as arranged by the PBOC.
According to Ant Group, digital RMB is still in the pilot testing phase, and the design of the product and the system are still being iterated and improved.
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