On October 25th, Mu Changchun, head of the PBoC’s digital currency research institute, said that digital currency is a form of M0 money supply and will be able to be exchanged for free at commercial banks. The PBoC will set up a free-of-charge digital yuan exchange system and will not charge distributors for exchange and services. In addition, Mu also emphasized at the recent Bund Summit in Shanghai that China’s digital currency would not compete with WeChat Pay and Alipay as these are wallets, while the digital yuan is the money in the wallet.