People's Daily Overseas Edition: The digital currency introduced by the central bank is a new encrypted electronic money system with a certain alternative to circulating cash.

On August 21, the People’s Daily’s overseas version published an article entitled “Digital Renminbi”, saying that the central bank’s introduction of digital currency is neither a popular e-wallet or online payment, nor a complete “reinvention” to replace the existing one. The renminbi system is a new cryptocurrency system with a certain alternative to circulating cash. It is reported that the central bank's digital currency is mainly used for small-scale retail high-frequency business scenarios. Zhou Xiaochuan, the former president of the central bank, pointed out that studying digital currency is essentially the pursuit of convenience, speed and low cost of the retail payment system. At the same time, the article pointed out that at present, China is still in the stage of accelerating research and development in terms of digital currency. Mu Changchun, deputy director of the Bank of China's central bank payment and settlement department, revealed that the current development of the central bank's digital currency is in a "horse race" state, and several designated operating agencies have adopted different technical routes for research and development. He said: "Not necessarily a blockchain, any technology can be. Whether it is a blockchain or a centralized account system, electronic payments or so-called mobile money, you can take any technical route and the central bank can adapt."