#China will soon roll out its central bank digital currency (#CBDC）, said Mu Changchun,Deputy Chief in the Payment and Settlement Division of #PBoC on Sat. m.huoxing24.com/newsdetailShar…
CBDC will employ a two-tier operational structure：#PBoC is the upper level and the commercial banks are the second level. #blockchain #fintech
This dual delivery system is suitable for #China. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of #digitalcurrency.
This operation system will not change the debtor-creditor relationship of the currency in circulation. In order to ensure that central bank does not overissue digital currency, commercial institutions need to pay central bank full and 100% reserves.
#China's CBDC will not rely entirely on a pure #blockchain architecture, as this would not allow the currency to achieve the throughput required for retail usage.
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