Beijing uses the acronym DCEP to refer to its forthcoming digital currency electronic payment system and, as Matthew Gu noted, has “borrowed a lot of its technological details from blockchain,” including concepts such as UTXO.
So, Will China's Digital Yuan Target the Dollar Or Bitcoin?
I think it will be a kind of mixed feeling when we take into account all that Chinese has portrayed herself to be doing, which of course aren't something good in the face of global economy. China is in an economy war with the US and who controls the new order. She is also in the eye of the storm for banning Bitcoin in what seemed a bid to protect her Yuan. So, creating DCEP will be a thing of struggle with these two entities. Don't forget that the coronavirus pandemic and the conspiracy theory around it isn't painting China in good light.