Clarity and to-be-defined content of the central bank's digital currency issuance

This article focuses on the hot topic in the domestic blockchain field-the central bank digital currency. The author combed the speeches and discussions of relevant officials of the central bank in the past, combined with the speech of Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China in August 2019. Summarized the basic framework that the People's Bank of China has established in the research and development of the central bank's digital currency: a two-tier operating system; a centralized management model; the focus is on M0 instead of M1 / ​​M2 replacement; 100% reserve system is adopted; pure blocks are not used Chain architecture. At the same time, it is pointed out that the central bank's digital currency needs to be further clarified on some details.

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