Babbitt News, on August 10th in the third "China Finance Forty People Yichun Forum", Professor Zhong Wei of Beijing Normal University said that the evolution of currency in human history is two directions, one is the evolution of credit, one It is the evolution of the carrier. Let's take a look at the evolution of the carrier. We probably know that digital currency is basically not an evolution of credit. If the People's Bank of China issues a legal digital currency, there is no evolution in credit, and credit is still the credit of the central bank on behalf of the country. Digital currency is largely an evolution of the carrier rather than the evolution of credit. We can probably understand that the digital currency is mainly aimed at individuals, mainly for retail, and the main alternative is M0. It has little impact on wholesale, on institutions, and on large-scale real-time transactions.