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fashion boutique jewelry wholesale Yes, due to policy reasons, digital currency transactions are not allowed in China, so domestic digital currency platforms are illegal.
The Bank of England Bank of England gave this definition in its research report on CBDC: The central bank's digital currency is the electronic form of the central bank's currency. Families and enterprises can use it for payment and storage value.
The Chinese version of CBDC is described as a digital RMB, which is issued by the People's Bank of China. The designated operating institution participates in operation and exchanged it to the public. Based on the broad account system, it supports the loosening function of the bank account, with paper banknotes and coins. Equivalent and controllable anonymous payment tools with value characteristics and legal repayment. The DC/EP we call is the Chinese version of the central bank digital currency, translated as "digital currency and electronic payment tools".
The authoritative international organizations: International Organization and Market Infrastructure Committee (CPMI) and Payment and Market Infrastructure Committee jointly conducted two questionnaires in 2018 and 2019. The content of the questionnaire includes the work progress of the central banks of various countries, the motivation to study digital currency, and the possibility of issuing digital currencies. 70%of the central banks have stated that they are participating in (maybe to participate) digital currencies.
Fan Yifei, deputy governor of the central bank, stated in the article that the central bank's digital currency should adopt a double -layer operation system. This model does not change the debt and debt relationship of currencies in circulation, does not change the existing currency investment system and dual account structure, will not constitute the competition for commercial bank deposits currency, and will not increase the dependence of commercial banks on the borrowing of the same industry. Affecting the loan ability of commercial banks will not lead to the phenomenon of "financial disconnects". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the periodic effects in the pressure environment, and can improve the convenience and security of payment, and also have the credit advantage of the central bank endorsement.