Feng Xiao Suggests PBC Could Allow Commercial Organizations with Scenes and Traffic to Open Accounts at the Central Bank to Exchange Central Bank Digital Currency

[ChainDD report] At the 5th Global Summit of Blockchain, Xiaofeng, Vice Chairman and Executive Director of China Wanxiang Holdings, Chairman and General Manager of Wanxiang Blockchain, said in his closing speech that if we see the development of digital currency from the perspective of monetary studies, bank currency (deposit) has deposit insurance but no liability, but Internet currency (mobile wallet) has 100% reserve; as the same time, Libra has 100% reserve but isn't supervised by central bank.

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