• Days
  • Hours
  • Mins
  • Secs
  • Sat, 19 Oct 2019, 02:24 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

China's central bank digital currency is "ready"

Mon, 12 Aug 2019, 07:42 am UTC

China will reportedly roll out its central bank digital currency (CBDC) soon, a senior official at China’s central bank announced at the China Finance 40 Group meeting, local news site Shanghai Securities News reported.

As per the report, Mu Changchun, People’s Bank of China’s (PBoC) Deputy Chief in the Payment and Settlement Division, said that the CBDC prototype is running completely on a blockchain infrastructure back-end with some slight modifications and that the PBoC has already fully adopted the currency’s blockchain architecture.

However, the CBDC will not totally depend on a pure blockchain architecture because this will limit the currency from achieving the throughput required for retail use. The PBoC executive said the currency is designed for “small-scale retail high-frequency business scenarios.”

The digital currency is also going to adopt a two-tier operating system to accommodate China’s “complex economy with a vast territory and a large population,” Changchun said. The approach will see the PBoC on an upper level and commercial banks on a secondary level. The system aims to enhance accessibility, improve adoption rates among the public, and promote innovation among commercial entities.

This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of digital currency,” he explained.

Changchun revealed that the currency has been in the research and development phase for the past 5 years, and during last Saturday’s meeting, he said that “People’s Bank digital currency can now be said to be ready.”

He also welcomed the resources, talents, and innovation capabilities of commercial businesses that will collaborate with the PBoC to launch the digital currency.

The comments from the PBoC executive follow a recent report from FireEye Threat Intelligence which revealed that a state-sponsored espionage group is targeting Chinese cryptocurrency firms. The company has released the details of the newly named Advanced Persistent Threat Group – APT41- which has targeted organizations across 14 countries.

[The article has been written using online translation of the source article.]

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,060.32 (+1.29%)
  • Ethereum (ETH) $174.83 (+1.22%)
  • XRP (XRP) $0.296400 (+1.81%)
  • Bitcoin Cash (BCH) $215.68 (+1.02%)
  • Litecoin (LTC) $53.91 (+0.76%)
  • Bitcoin (BTC) $8,060.32 (+1.29%)
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:48
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:59
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft