China's digital currency is ready!

China's digital currency is ready!
Abstract

According to the People's Bank of China (PBOC), which is China's central bank, its digital currency is ready to be unveiled.

12 5 19

According to the People's Bank of China (PBOC), which is China's central bank, its digital currency is ready to be unveiled.


According to People's Bank of China vice-chancellor Mo Chang Chun, the prototype of a national digital currency that uses China's blockchain architecture has been successfully developed after five years of research. Chang Chen announced the news at the China Finance 40 Forum and the report was released by local media two days ago on August 10.

Chang Chun went on to say that supplying a pure Chinese digital currency in a country as big as blockchain is a difficult task because its retailers need a currency that is highly efficient and fast.


The digital currency will also use a two-tiered operating system to meet the complex needs of its vast and populous economy. In this operating system, the People's Bank of China will form the first tier and commercial banks the second tier. According to Moe, this will improve accessibility, raise popularity and encourage business institutions to innovate.

According to Chang Chun, the digital currency is designed to justify its use for "small and prolific retailer business plans."

The Chinese central bank has long been pushing for a national digital currency to surpass the US and the Libyan currency. The currency has almost come to fruition when US politicians brake Facebook's digital currency train on the pretext of legislative concerns.

The timing of China's national digital currency release has not yet been determined.



Source: cointelegraph

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