Lu Lei: The future digital renminbi has the characteristics of commercial bank liabilities, with functions of a monetary value scale, value storage, and cross-border payment

According to Jinshi Data, Lu Lei, the deputy governor of the People's Bank of China, stated that the future digital renminbi will be a modern digital payment and circulation method issued and circulated within the financial system, supported by technology provided by the central bank and regulated accordingly. It will have the characteristics of commercial bank liabilities, be account-based, and compatible with distributed ledger technology. It will possess functions such as a measure of currency value, value storage, and cross-border payment.

Looking ahead, the business and technical model choices for the digital renminbi will adhere to the fundamental starting point of meeting the needs of the real economy. It will adopt a principle of inclusiveness and prudent selection regarding the development direction of account-based and value-based digital currencies, promoting the digital renminbi to meet the needs of different scenarios and various operating entities.