People’s Bank of China Announces Its Digital Currency is Ready

By Alo Kingsley   Aug 12, 2019 1 Min Read

The Central Bank of China has announced that its digital currency can now be said to be ready.  In a major event, the China forum as reported by local news site Shanghai Securities News on August 10, the deputy director of the People’s Bank of China (PBoC) Mu Changchun stated that over five years of rigorous research work has been put into creating a prototype that adopts the Blockchain architecture.

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Mu also said that issuing a digital currency using a pure blockchain architecture was going to be a herculean task to achieve considering the fact that China, being a big country has retailers that require high concurrency performance.

China’s Central Bank Accelerates R&D of its Legal Digital Currency 

The country has decided to implement to use of a two-tier operating system that aims at taking care of the needs of the complex economy of the nation with its vast territory and large population. This system has been said to have the PBoC on the first tier and the commercial banks on the second tier. According to Mu, this system will improve accessibility, bring about better mass adoption rate amongst the general public, as well as encourage innovation amongst commercial bodies.

As
reported by a news outlet a few days ago, the PBoC has been making efforts to get ahead of the U.S. and Facebook’s Libra by issuing a national cryptocurrency while the American politicians, on the other hand, are trying to take a break on the social networks stablecoin due to regulatory concerns.

Images via Shutterstock 

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