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What are the specific functions of DCEP? (Role of DCEP)

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What are the specific functions of DCEP? What specific functions does the centra

What are the specific functions of DCEP? (Role of DCEP)

What are the specific functions of DCEP? What specific functions does the central bank digital currency (DCEP) have? According to Article 16 of the People’s Bank of China Law, DCEP is mainly divided into three categories: first, as a means of payment; second, to provide information intermediary and data exchange services for financial transactions. At present, the legal digital RMB adopts an account system, wallet management, and other ways of operation. Therefore, the following points should be noted in the use process:

1. The account form includes verification and authentication of individual users and institutional customers.

2. Fund transfer processing.

3. Asset registration operations.

4. Transaction record maintenance and clearing settlement.

Role of DCEP

According to the official website of DCEP, DCEP is a decentralized autonomous organization (DAO) based on the Ethereum blockchain, established by a decentralized open-source software development kit (SDK) called “DDEp”. Users can access various functions or services in DKEp by creating their own wallets and applications.

In addition, users are able to build applications on DDEp and integrate them into their smart contracts, such as wallets, exchanges, or payment providers. This will help bring a better governance framework to the DKEp ecosystem, enabling more efficient decision-making processes and reducing transaction costs, making the operation of the entire ecosystem more effective.

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