Beijing News: The central bank launched a new encryption electronic money system is a major change in the monetary system

Today, the Beijing News issued a document, "What are the breakthrough significance of the upcoming central bank digital renminbi? 》. The article said that the Chinese central bank's digital currency, which has been studied for five years, is "out of the box." The digital currency introduced by China's central bank does not refer to the digitization of the currency under the existing monetary system. Instead, it is based on new Internet technologies, especially blockchain technology, and the introduction of a new encrypted electronic money system, which is undoubtedly a major currency system. change. According to reports, China's central bank digital currency will adopt a two-tier operating system, that is, the People's Bank of China first converts digital currency to banks or other operating agencies, and then these institutions are redeemed to the public. In this process, the central bank will adhere to a centralized management model: the central bank does not presuppose the technical route, does not necessarily rely on the blockchain, and will fully mobilize market forces to achieve system optimization through competition.