As published by the Bank of International Settlement in 2018, CBDCs are a new form of digital central bank money that can be distinguished from reserves or settlement balances held by commercial banks at central banks. Hence, CBDCs may be considered legal money and should not be intertwined with cryptocurrencies, which are decentralized digital currencies based on blockchain technology.
In this light, I should emphasize the leading role of local governments and also the central government in promoting regional economic development. To be specific, local governments should provide a clear vision and framework for sustainable development with detailed strategies to support business and human capital development. Deregulations, supportive tax system, and administrative services would then be designed within the framework.