Central Bank Mu Changchun: The central bank's digital currency must adhere to a centralized management model

Babbitt News, Deputy Director of the Payment and Settlement Department of the People's Bank of China, Mu Changchun, said at the China Financial Forty Forum that the central bank's digital currency is about to be launched and will adopt a two-tier operating system, that is, the upper layer is the People's Bank of China and the second layer is commercial. mechanism. Under the two-tier operating system arrangement, we still have to adhere to a centralized management model. Everyone knows about cryptographic assets, and its natural attributes are decentralization. And DC/EP must adhere to a centralized management model, why? First, the central bank's digital currency remains the central bank's liability to the public. This creditor-debtor relationship has not changed with changes in currency patterns. Therefore, it is still necessary to ensure the central position of the central bank in the delivery process. Second, in order to ensure and strengthen the macro-prudential and monetary regulation functions of the central bank, it is necessary to continue to adhere to a centralized management model. Third, the second layer specifies the operating agency to exchange currency, and centralizes the management to avoid over-issuing the currency of the designated operating agency. Finally, because the dual account system has not changed during the entire redemption process, the original monetary policy transmission method should be maintained, which also needs to maintain the central bank's central management status.