Zhang Yifeng: CBDC Will Directly Participate In Retail And Payment Business Like Cash

On November 13, according to online media reports, Zhang Yifeng, President of the China Banknote blockchain Research Institute of the central bank, recently attended the 15th Asian financial annual meeting in the 21st century and delivered a speech at the meeting.

Zhang Yifeng pointed out that the central bank digital currency (hereinafter referred to as "CBDC") has three attributes: first, it is issued by the central bank; second, it is open to the public; third, it has been digitized.

At the same time, the central bank's ability to directly participate in the retail business and retail business can be extended to the micro level of CBDC In the middle.

In terms of whether CBDC supports offline payment, Zhang Yifeng thinks that although the offline payment is a small probability scenario, it reflects the important attribute of CBDC as a public product of the central bank. So far, whether it can find a safe, mature, easy-to-use and relatively suitable cost offline payment product is still a topic in the global exploration.

In addition, according to online media, fan Yifei, vice president of the central bank, published an article "Analysis on the policy implications of the positioning of digital RMB M0" in September this year. The article pointed out that M0 refers to cash in circulation, and digital RMB will start from replacing cash in hand. At the same time, the money in bank accounts such as residents' deposits and enterprise deposits is already in digital form and does not need repeated construction.