Mu Changchun: The central bank's digital currency will open the "horse race" mode, and the leader will take the lead.

According to Reuters, Mu Changchun, director of the Central Bank's Digital Money Institute, said at a forum in Hong Kong, China on Wednesday that the People's Bank of China's digital currency project DCEP will adopt a two-tier approach. The central bank will first issue the DCEP to commercial banks and other institutions, which will then distribute it to the public. Mu Changchun said: "In the research period, as well as during the release period, the horse racing method will be adopted. The leader will win the entire market, who is more efficient, who can better serve the public, who will survive in the future Mu Changchun added that the central bank is "technically neutral", but he expects that if a front runner takes the lead in taking action, "the technology they use will be adopted by other parties."