Guosheng Securities pointed out that the market has always confused the concept of blockchain with the central bank's digital currency, but there is no necessary connection between the two. Blockchain exists more as a technology. Although Bitcoin and other products possess certain financial asset attributes, it is still not a currency at all. In the future, the application of blockchain is more in the fields of traceability and transaction. The central bank's digital currency is more complementary to the existing currency issuance system and the layout of the monetary infrastructure in the future digital economy. The technology adopted will be more mature, and the blockchain is only an alternative.