The People’s Bank of China (PBoC) has said their digital currency is ready.
There seems to be a lot of media coverage surrounding china at the moment involving their economy.
The main news, of course, is the trade wars with the USA. Even though it looks like their currency was diminishing and losing its power, there is some other significant news.
After five years of intensive research, The People’s Bank of China (PBoC) has said their digital currency is ready.
PBoC deputy director Mu Changchun announcement, made at the China Finance 40 Forum, was reported by local news site Shanghai Securities News on August 10.
Mu said, “the issuance of digital currency in a big country such as China, using a pure blockchain architecture, could not achieve the high performance required by retail.
The digital currency is also going to adopt a two-tier operating system to cater to the nation’s “complex economy with a vast territory and a large population,”
PBoC believes that a two-tier structure, gives full play to the resources, talents and technological advantages of commercial organizations, promote innovation, and compete for excellence.
The two-tier operating system helps to resolve risks and avoid excessive concentration of risks. This dual delivery system is suitable for our national conditions.”
According to the PBoC executive, the digital currency is designed to be suitable for “small-scale retail high-frequency business scenarios.”
Is this just the beginning of many countries, adopting a digital currency policy?
PBoC is undoubtedly a major key factor in the global economy, and after such intensive research for five years, does this move hold a threat to the US?
It is still unclear when the PboC digital currency will launch, but it is certainly something that I will keep you updated on, and bring further information as and when it is released.
Joby Boughey
Published at Thu, 15 Aug 2019 13:48:54 +0000
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