如果CBDC允许个人直接在央行开立账户，则意味着基础货币和货币乘数效应

If CBDC allows individuals to directly open accounts with the central bank, it means that the base currency and currency multiplier effects no longer exist. As a settlement currency, CBDC bypasses the inter-bank clearing process and realizes point-to-point transfer of funds. In this case, CBDC will compete with commercial bank deposits, which may result in loss of bank deposits and have an important impact on the infrastructure of the modern financial system.

If CBDC allows individuals to open accounts directly with the central bank, it means that the base currency and currency multiplier effects no longer exist. CBDC, as the settlement currency, bypasses the inter-bank clearing process and realizes the point-to-point transfer of funds. In this case, CBDC will compete with commercial bank deposits, which may lead to loss of bank deposits and have a significant impact on the infrastructure of the modern financial system.

If CBDC allows individuals to open accounts directly with the central bank, it means that the base currency and monetary multiplier effect no longer exist. As the settlement currency, CBDC bypasses the inter-bank clearing process and realizes point-to-point fund transfer. In this case, CBDC will compete with commercial bank deposits, which may lead to bank deposit losses and have an important impact on the infrastructure of modern financial system.<br>