August 30, 2019 A Binance report examines the possible design of the Chinese Central Bank Currency (CBDC).

Researchers expect the the CBDC will be two tiered, with the People’s Bank of China’s (PBoC) issuing and redeeming CBDC on one layer, and commercial banks re-distributing CBDC to retail markets on another. Funds will likely be transferable without need of a bank account. As the report discloses, Binance’s expectations about the CBDC’s characteristics are not based on access to formal documentation or project-sourced testimony, but rather through a comprehensive review of publicly available materials, most notably the publications of Yao Quin, the former head of the PBoC’s research department.