Guangming Daily reported on November 17th, "Digital currency will replace banknotes?" The article points out that the central bank's digital currency can not only transform the traditional currency, but also enjoy the benefits of digital currency. It is the legal currency of the country, just like banknotes. It is an inevitable outcome of the digital economy. In the future, whether digital currency will replace banknotes depends on the degree of digitization of society. This is the material basis for the full digitization of legal currency, and it also depends on the provisions of the law. This is the formal requirement for the replacement of banknotes. Both are indispensable.