What is and is not yet clear about the central bank’s digital currency issuance

This article focuses on the hot topic in the domestic blockchain field - central bank digital currency. The author sorted out the speeches and discussions of relevant central bank officials in the past, combined with the speech of Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China in August 2019. It summarizes the basic framework that the People's Bank of China has determined in the research and development of central bank digital currency: a two-tier operating system; a centralized management model; the focus is on M0 replacement rather than M1/M2 replacement; a 100% reserve system; and no pure blockchain architecture. At the same time, it is pointed out that some details of the central bank digital currency need to be further clarified.

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