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China's central bank announced at the China Finance 40 Group meeting this week that the country will soon release its central bank digital currency, which uses a blockchain architecture. In order to achieve the throughput required for retail usage, however, the currency does not rely entirely on a pure blockchain architecture.
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The CBDC will employ a two-tier operational structure, per Changchun: The People’s Bank of China is the upper level and the commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of digital currency.
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