Functional features:
Legal Tender
Digital RMB, issued by the People's Bank of China, is the legal tender with the ability of national credit endorsement and legal compensation.
Compared with virtual currencies such as Bitcoin, digital RMB is legal tender, equivalent to legal tender, and has the highest effectiveness and security. Bitcoin is a virtual asset, which has no value basis, does not enjoy any sovereign credit guarantee, and cannot guarantee the stability of its value. This is the most fundamental difference between digital currency, the central bank and bitcoin.
Two-tier management system
Digital RMB adopts a two-tier operation system. That is, the People's Bank of China does not directly issue and exchange the central bank's digital currency to the public, but first exchanges the digital RMB to designated operating institutions, such as commercial banks or other commercial institutions, and then these institutions exchange it to the public. Operating institutions need to pay 100% reserve to the People's Bank of China, which is the conversion process of 1: 1 This two-tier operating system is basically the same as issuing paper money, so it will not have a big impact on the existing financial system, nor will it have a big impact on the real economy or financial stability.
DC/EP delivery adopts a two-tier operation mode, which does not compete with the traditional operation mode of commercial banks, and at the same time, it can give full play to the enthusiasm of commercial banks and other institutions in technological innovation: digital currency delivery system ensures that DC/EP is not oversubscribed, and only when the currency generation request meets the verification rules will it send the corresponding quota voucher.
Based on generalized account system
Under the current digital currency system, anything that can form a unique personal identity can become an account. For example, the license plate number can be a sub-wallet of digital RMB, which can be paid by highway or when parking. This is the concept of generalized account system.
The bank account system is a very strict system, which generally requires a lot of documents and personal information to open a bank account.
Support loose coupling of bank accounts
Supporting loose coupling of bank accounts means that digital RMB wallets can be opened without bank accounts.
For some people in rural or remote mountainous areas, overseas tourists coming to China, etc. People who are unable or inconvenient to hold bank accounts can also enjoy the corresponding financial services through digital wallets, which will help realize inclusive finance.