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.