Central Bank Mu Changchun: People's Bank of China's Digital Currency Does Not Have Hype

The 2019 China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting were held in Beijing on the 21st. Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said that the digital yuan developed by the People's Bank of China is not a crypto asset that everyone understands, but RMB. Digital. "The currency is not used for speculation. The RMB is used to spend, not for speculation. It does not have the characteristics of bitcoin speculation, nor does it require the currency basket assets to support the value of the currency like stable currency." Mu Changchun said.
He said that the People's Bank of China's digital RMB is neither a crypto asset form such as Bitcoin, nor a stable currency form such as Libra. "At present, the digital currency DCEP of the People's Bank of China has basically completed the top-level design, standard formulation, functional research and development, joint debugging and testing. And enrich DC / EP functions, and steadily promote the introduction and application of fiat currencies in digital form. "