The deputy director of the People’s Bank of China (PBoC) stated that the Chinese digital form of the yuan will not be similar to Bitcoin and Stablecoins. It will be a digital form of the yuan with no room to speculate on its value, and without the backing of a basket of currencies. China’s digital currency will work on a two-tier system where PboC will be on top and commercial banks allowed in the second tier of the centralized system.