Lu Lei: The future digital yuan will have the attributes of commercial bank liabilities, possessing the functions of a monetary unit of account, store of value, and cross-border payment.

PANews reported on December 29th, citing the China Financial Times, that Lu Lei, Vice Governor of the People's Bank of China, stated that the future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system, with technical support and supervision provided by the central bank, possessing the attributes of commercial bank liabilities, based on accounts, and compatible with distributed ledger technology. It will have the functions of a measure of monetary value, a store of value, and cross-border payment. Looking ahead, the choice of business and technological models for the digital yuan will adhere to the fundamental principle of meeting the needs of the real economy, adopting a principle of inclusiveness and prudent selection regarding the development of account-based and value-based digital currencies, and promoting the digital yuan to meet the needs of different scenarios and different business entities.

According to previous reports, the People's Bank of China will issue an "Action Plan on Further Strengthening the Management and Service System and Related Financial Infrastructure Construction of Digital RMB" .