Coin Security Institute: China's central bank digital currency will be double-tier, replacing cash

On August 28th, the Institute of Currency Security said in a new research report that China's central bank digital currency is likely to be a two-tier system, replacing banknotes and coins in circulation. The first layer will connect the People's Bank of China and commercial banks for currency issuance and redemption. The second layer will connect these commercial banks with the larger retail market.