Central bank DCEP digital electronic currency
Publish: 2021-05-24 22:18:37
1. DCEP (digital currency electronic payment), the Chinese version of digital currency project, namely digital currency and electronic payment instrument, is the legal digital currency in the research of the people's Bank of China and a kind of digital currency
Digital RMB, issued by the people's Bank of China, is a controllable anonymous payment tool with value characteristics and legal compensation, which is operated by designated operating institutions and exchanged with the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins
warm tips: the above information is for reference only
response time: December 23, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
Digital RMB, issued by the people's Bank of China, is a controllable anonymous payment tool with value characteristics and legal compensation, which is operated by designated operating institutions and exchanged with the public. It is based on the generalized account system, supports the loose coupling function of bank accounts, and is equivalent to banknotes and coins
warm tips: the above information is for reference only
response time: December 23, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
2. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
3. Absrtact: Recently, everyone is talking about microservices. As more and more online businesses need to provide more concurrent scale-up and scale out capabilities, microservices do provide better distributed service solutions<
Yang Xu, senior solution architect of Alibaba cloud, is the chief architect of the world's largest hybrid cloud. Four years ago, he began to be the technical director of double 11 Alibaba cloud, responsible for building the world's largest hybrid cloud structure, and implementing the "double 11" e-commerce business and technology scenarios on alicloud, And ensure that the hybrid cloud can meet the shopping needs of global customers on the day of double 11<
text:
recently, everyone is talking about microservices. As more and more online businesses need to provide more concurrent scale-up and scale out capabilities, microservices do provide better distributed service solutions
microservices are no stranger. It's easy to understand microservices when you know SOA. You can regard microservices as SOA without ESB. ESB is the bus in SOA enterprise service architecture, while micro service is a decentralized distributed software architecture. I think the biggest difference lies in the original design intention:
SOA is to maximize the reusability of complex system code
while micro service is to maximize decoupling, Different business systems can even be the communication between different languages
there is no optimal architecture, only the most appropriate architecture. All the system design principles should take solving business problems as the ultimate goal, and the technical sentiment architecture divorced from the actual business will often bring a big hole to the system. The premise of all problems is to find out how much business we are facing today and what the growth trend is. Moreover, the process of solving high concurrency must be a graal process< The whole system evolution is divided into three stages:
x-axis, horizontal expansion stage. The application server is continuously expanded horizontally through load balancing server. The most important problem of horizontal expansion is to pay attention to how to keep session and session synchronization between servers, Users can't be aware when switching between different servers. The bottleneck of DB is the number of connections, IOPs and so on
the z-axis is to split the database, and the difficulty has reached a higher level. Sharding's basic idea is to divide a database into horizontal segmentation and vertical segmentation. Horizontal segmentation is relatively simple, one master and many followers, and many masters can do it. According to the needs of business, we need to pay attention to the relationship between primary keys when designing multi master segmentation, To solve the first mock exam problem, the vertical resolution is more complex. It usually involves the transformation of the logic of the architecture. It needs to introce middleware to manage the data source. When the vertical resolution is split, the tables close to each other (such as the same mole) can be split on a library or split by hash. Thus, the original database is divided into a queue which can be expanded infinitely like a matrix
Y-axis extension, and finally function decomposition, which is what we call microservice segmentation. Microservice splitting divides giant applications into groups of different services according to their functional moles. Taobao's system also experienced this process in those years. Through the wucaishi project, we split the single war package into today's buyer, seller center, trading system, etc
two or three things you need to know before introcing microservices:
1. As the cost increases, the introction of microservice architecture needs to split the original single system. After 1 to 100, the deployment of multiple services will increase the cost
2. Solving the consistency problem of distributed transactions
in the past, a single system has many advantages, and one SQL solves all the business logic, Microservices need to involve multiple system calls to complete a task. The uncertainty of the network between systems brings a lot of uncertainty to the result. For example, today's Taobao system needs to call hundreds of systems to complete a transaction order. How to ensure the reliability of the system and the final consistency of core data such as money is something we need to understand at the beginning of design, Most of them are implemented with the help of middleware
3. The logic design principle of microservices
with the continuous splitting of microservices and the iterative development of business, chaotic calls are likely to occur between systems, so the top-level design of microservices is particularly important, and architects need to understand the architecture model of microservices. The core design idea is how to layer services and reuse services. Services are distributed by layers. The upper services are packaged by the lower services. The lower services are responsible for atomic operations. The upper services are responsible for the business composition and arrangement of the lower services. We must understand the business. Micro service splitting is not a simple system composition, Once again, we must understand the business, otherwise there will be a lot of cross calls in the upper services, and the system complexity will rise exponentially. A good microservice architect must be a business architect. Based on the business strategy, microservice design trilogy, Follow the bottom-up design principle:
atomic service
first confirm the most basic business and the most dimensional atomic service. Atomic service definition is the function that everyone will maximize reuse. It needs closed-loop operation in the application. There is no branching logic across other services. It eliminates the call to other services and has its own independent data storage, As the lowest level service abstract existence, take Taobao as an example, seller data, seller data and order data belong to the most basic atomic service
service composition
in a business scenario, a function needs to span multiple atomic services to complete an action. Composition service is to abstract business logic into independent domains. Domains need to be isolated. Service composition will use multiple atomic services to complete business logic. For example, Taobao trading platform will call user, commodity, inventory and other systems
business choreography
the outermost layer is the user oriented business process. A proctized business process needs to logically choreograph the composite service to complete the final business result. The choreography service can be completely automated, and the specific SOP definition can be completed through the workflow engine, It is also significant to improve the automation process of enterprise application. For example, Taobao's "double 11" campaign realizes the logic of marketing activities by reusing the service composition
4. The complexity of operation and maintenance management is improved
microservices increase the number of applications, and link integration, testing, and deployment become new challenges. The problem solved by the previous war package needs to be completed through multi application publishing. The dependency between services at the time of publishing will lead to the unavailability of functions, and the dependency at the testing stage may make the use cases unable to run, These will be new issues to be considered and supported by platform tools. At present, Ali uses aone procts to ensure continuous integrated delivery from daily delivery to pre delivery to online delivery.
Yang Xu, senior solution architect of Alibaba cloud, is the chief architect of the world's largest hybrid cloud. Four years ago, he began to be the technical director of double 11 Alibaba cloud, responsible for building the world's largest hybrid cloud structure, and implementing the "double 11" e-commerce business and technology scenarios on alicloud, And ensure that the hybrid cloud can meet the shopping needs of global customers on the day of double 11<
text:
recently, everyone is talking about microservices. As more and more online businesses need to provide more concurrent scale-up and scale out capabilities, microservices do provide better distributed service solutions
microservices are no stranger. It's easy to understand microservices when you know SOA. You can regard microservices as SOA without ESB. ESB is the bus in SOA enterprise service architecture, while micro service is a decentralized distributed software architecture. I think the biggest difference lies in the original design intention:
SOA is to maximize the reusability of complex system code
while micro service is to maximize decoupling, Different business systems can even be the communication between different languages
there is no optimal architecture, only the most appropriate architecture. All the system design principles should take solving business problems as the ultimate goal, and the technical sentiment architecture divorced from the actual business will often bring a big hole to the system. The premise of all problems is to find out how much business we are facing today and what the growth trend is. Moreover, the process of solving high concurrency must be a graal process< The whole system evolution is divided into three stages:
x-axis, horizontal expansion stage. The application server is continuously expanded horizontally through load balancing server. The most important problem of horizontal expansion is to pay attention to how to keep session and session synchronization between servers, Users can't be aware when switching between different servers. The bottleneck of DB is the number of connections, IOPs and so on
the z-axis is to split the database, and the difficulty has reached a higher level. Sharding's basic idea is to divide a database into horizontal segmentation and vertical segmentation. Horizontal segmentation is relatively simple, one master and many followers, and many masters can do it. According to the needs of business, we need to pay attention to the relationship between primary keys when designing multi master segmentation, To solve the first mock exam problem, the vertical resolution is more complex. It usually involves the transformation of the logic of the architecture. It needs to introce middleware to manage the data source. When the vertical resolution is split, the tables close to each other (such as the same mole) can be split on a library or split by hash. Thus, the original database is divided into a queue which can be expanded infinitely like a matrix
Y-axis extension, and finally function decomposition, which is what we call microservice segmentation. Microservice splitting divides giant applications into groups of different services according to their functional moles. Taobao's system also experienced this process in those years. Through the wucaishi project, we split the single war package into today's buyer, seller center, trading system, etc
two or three things you need to know before introcing microservices:
1. As the cost increases, the introction of microservice architecture needs to split the original single system. After 1 to 100, the deployment of multiple services will increase the cost
2. Solving the consistency problem of distributed transactions
in the past, a single system has many advantages, and one SQL solves all the business logic, Microservices need to involve multiple system calls to complete a task. The uncertainty of the network between systems brings a lot of uncertainty to the result. For example, today's Taobao system needs to call hundreds of systems to complete a transaction order. How to ensure the reliability of the system and the final consistency of core data such as money is something we need to understand at the beginning of design, Most of them are implemented with the help of middleware
3. The logic design principle of microservices
with the continuous splitting of microservices and the iterative development of business, chaotic calls are likely to occur between systems, so the top-level design of microservices is particularly important, and architects need to understand the architecture model of microservices. The core design idea is how to layer services and reuse services. Services are distributed by layers. The upper services are packaged by the lower services. The lower services are responsible for atomic operations. The upper services are responsible for the business composition and arrangement of the lower services. We must understand the business. Micro service splitting is not a simple system composition, Once again, we must understand the business, otherwise there will be a lot of cross calls in the upper services, and the system complexity will rise exponentially. A good microservice architect must be a business architect. Based on the business strategy, microservice design trilogy, Follow the bottom-up design principle:
atomic service
first confirm the most basic business and the most dimensional atomic service. Atomic service definition is the function that everyone will maximize reuse. It needs closed-loop operation in the application. There is no branching logic across other services. It eliminates the call to other services and has its own independent data storage, As the lowest level service abstract existence, take Taobao as an example, seller data, seller data and order data belong to the most basic atomic service
service composition
in a business scenario, a function needs to span multiple atomic services to complete an action. Composition service is to abstract business logic into independent domains. Domains need to be isolated. Service composition will use multiple atomic services to complete business logic. For example, Taobao trading platform will call user, commodity, inventory and other systems
business choreography
the outermost layer is the user oriented business process. A proctized business process needs to logically choreograph the composite service to complete the final business result. The choreography service can be completely automated, and the specific SOP definition can be completed through the workflow engine, It is also significant to improve the automation process of enterprise application. For example, Taobao's "double 11" campaign realizes the logic of marketing activities by reusing the service composition
4. The complexity of operation and maintenance management is improved
microservices increase the number of applications, and link integration, testing, and deployment become new challenges. The problem solved by the previous war package needs to be completed through multi application publishing. The dependency between services at the time of publishing will lead to the unavailability of functions, and the dependency at the testing stage may make the use cases unable to run, These will be new issues to be considered and supported by platform tools. At present, Ali uses aone procts to ensure continuous integrated delivery from daily delivery to pre delivery to online delivery.
4.
Brother, you are also good at digging notebooks. I'm afraid you've lost your pants
mining is like this< br />
5. CPU Intel Core I3 4150 1 & # 165; 740
motherboard H81 Pro btc1 & 165; 449
memory Kingston 4GB ddr31600 1 & # 165; 240
solid state hard disk Weigang sp900 (128GB) 1 and 165; 399
video card Yingtong radium dragon r6770-1024gd5 classic version 1 and 165; 499
first horse dreamer 11; 99 ¥ 99
assassins 5301 and 165; 179 ¥ 179
display eupai va2249s1 & #165; 760 ¥ 760
keyboard and mouse set Logitech MK200 keyboard and mouse set 1 and 165; 95
total amount: 3460 yuan
motherboard H81 Pro btc1 & 165; 449
memory Kingston 4GB ddr31600 1 & # 165; 240
solid state hard disk Weigang sp900 (128GB) 1 and 165; 399
video card Yingtong radium dragon r6770-1024gd5 classic version 1 and 165; 499
first horse dreamer 11; 99 ¥ 99
assassins 5301 and 165; 179 ¥ 179
display eupai va2249s1 & #165; 760 ¥ 760
keyboard and mouse set Logitech MK200 keyboard and mouse set 1 and 165; 95
total amount: 3460 yuan
6. The so-called accession to the central bank's digital currency should be cautious. The central bank has never issued legal digital currency
(1) the monetary gold and silver Bureau of the people's Bank of China (PBOC) issued a "risk warning on issuing or promoting digital currency in the name of the people's Bank of China" on its official website, saying that indivial enterprises falsely use the name of the PBOC to label relevant digital procts as "authorized by the people's Bank of China", or falsely claim that the central bank's digital currency promotion team, in an attempt to deceive the public and take the opportunity to make huge profits
(2) the central bank said that at present, the central bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency. The so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud
(3) the central bank emphasizes that the legal tender of China is RMB. RMB shall be uniformly printed and issued by the people's Bank of China. No unit or indivial may refuse to pay all public and private debts within the territory of China in RMB. The general public should establish a correct concept of currency, take good care of RMB and jointly maintain the normal circulation order of RMB.
(1) the monetary gold and silver Bureau of the people's Bank of China (PBOC) issued a "risk warning on issuing or promoting digital currency in the name of the people's Bank of China" on its official website, saying that indivial enterprises falsely use the name of the PBOC to label relevant digital procts as "authorized by the people's Bank of China", or falsely claim that the central bank's digital currency promotion team, in an attempt to deceive the public and take the opportunity to make huge profits
(2) the central bank said that at present, the central bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency. The so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud
(3) the central bank emphasizes that the legal tender of China is RMB. RMB shall be uniformly printed and issued by the people's Bank of China. No unit or indivial may refuse to pay all public and private debts within the territory of China in RMB. The general public should establish a correct concept of currency, take good care of RMB and jointly maintain the normal circulation order of RMB.
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