First Look: China's Central Bank Digital Currency
This report explores existing discussions related to the creation of a sovereign digital currency from the People’s Bank of China (PBoC), along with its potential structure from operational, financial, and technical perspectives.
Built on a two-tier system, the Chinese CBDC would be distributed through two distinct layers: (1) between the central bank & commercial banks and (2) between commercial banks and individuals & businesses. While the first layer is to run on a permissioned blockchain system, it is not yet clear what technology will be used on the second layer network.
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