The central bank's digital currency is ready to go: it has been studied for 5 years, and the relevant personnel have started 996 since last year.

On August 10th, CF40 invited member and deputy director of the People's Bank of China's payment and settlement department, Mu Changchun, said that since 2014, the central bank's digital currency (DC/EP) research has been carried out for five years. "Last year, digital currency began. The relevant personnel of the institute have done related system development, which is already 996." Mu Changchun revealed that the central bank does not directly issue digital currency to the public, and will adopt a two-tier operating system, that is, the People’s Bank will first convert the digital currency to a bank or other operating agency, and then convert these institutions to the public, and insist on centralization in the process. Management model. The central bank does not presuppose technical routes, does not necessarily rely on blockchains, and will fully mobilize market forces to achieve system optimization through competition. According to the "Economic Information Daily" reporter, the central bank's statutory digital currency will be piloted in some scenarios in the early stage, and will be further promoted after more mature. For the sake of sound consideration, the pilot exit mechanism will be designed.