Changchun Mu, who was previously the deputy director of the payments and settlement division for the People’s Bank of China, is now spearheading the Digital Currency Research Institute’s project for a digital currency and payment tool that functions in a similar way to the traditional yuan, only in an electronic form. His most recent report describes this digital currency as being similar to the Libra project but with improved functionality.  Still functioning as a traditional cryptocurrency, the digital yuan will also allow users to make transfers without the need for an account or internet connectivity. As long as both users have a wallet for the currency, they will be able to transfer money between them by simply touching their phones together, a feature that, Mu has made clear, can’t be found in Libra.