centralized management, unified cognition and anti-counterfeiting, the PBOC makes the rules, while authorized operators jointly develop and share apps on mobile devices. They manage wallets, authenticate e-CNY, and develop wallet ecological platforms to enable operator-specific visual system and special features as well as online and offline applications in all scenarios. This aims to satisfy the different types of demands of different users at different levels. Digital wallets must be inclusive and obstacles arising from "digital divide" should be avoided.
3.4.1 There are different types of wallets, depending on the strength of customer personal information identification.
Authorized operators assign different types of digital wallets to customers based on the strength of their personal information identification, and set per-transaction and daily limits as well as maximum balance according to the strength of real-name information. The least-privileged wallets can be opened without providing identities to reflect the principle of anonymity. Users can open least-privileged anonymous wallets by default and upgrade them to higher-level real-name ones as needed.
3.4.2 There are personal and corporate wallets, depending on the type of holder.
Natural persons and self-employed individuals can open individual wallets, on which classification of transaction and balance limits are placed according to the strength of customer personal information identification; legal persons and unincorporated institutions can open corporate wallets. Transaction and balance limits are determined depending on whether the wallet is opened remotely. The functions of wallets can be customized to suit the needs of users.
3.4.3 There are software and hardware wallets, depending on the carrier.
A software wallet provides services through mobile payment apps, software development kit (SDK), and application programming interface (API). A hardware wallet uses security chips and other technologies to enable the functions of e-CNY. It is supported by IC card, mobile phones, wearable objects, and the Internet of Things devices. Combining these two types of wallets can enrich the wallet ecosystem and meet the needs of different groups of people.
3.4.4 There are parent wallets and sub-wallets, depending on the authorization. The wallet holder can set the main wallet as parent wallet and open several sub-wallets under it. Individuals are able to set payment caps, payment conditions, personal privacy protection and other functions through sub-wallets; enterprises and institutions are able to pool and distribute funds and manage finance through sub-wallets.
3.4.5 The PBOC together with authorized operators and relevant organizations jointly build, own, and share the e-CNY wallet ecological platform.
A matrix of e-CNY wallet will be developed from the above dimensions. Based on this, the PBOC makes the rules, while authorized operators provide the basic
9
