Economist: DCEP Can Only Be the First Step of Replacing Cash
[ChainDD report] October 17 (ChainDD) Yongli Wang, the former vice president of the Bank of China (BOC) and chief economist of Shenzhen Neptunus Group, pointed out that DCEP should never be limited to replacing M0, but should be further reformed on this basis, such as:
1. Further consolidate and improve the PBC of "DECP one account" system；
2. DCEP can be used for all kinds of financial services (including loan issuance) to replace all currencies as much as possible. Financial business is still handled by various financial institutions.
Social entities can open the DCEP "business accounts", record changes in creditor's rights and debts and their results when they start business, and calculate interest in accordance with the agreement in commercial banks；
3. The business account of each social entity must maintain a connecting relationship with its basic account in the central bank. The account real-name system can be appropriately differentiated and managed by tiers.