China’s central bank digital currency is “ready” after 5 years of development
A senior official at China's central bank reveled that the country will soon roll out its central bank digital currency (CBDC). A Deputy Chief in the Payment and Settlement Division of the People’s Bank of China, Mu Changchun, explained that the CBDC has a working prototype and has been in development since 2014. The two tier system, which will have the central bank at the top level and commercial banks at the second level is not built entirely on blockchain technology but instead uses a modified system that allows for throughput needed for retail transactions.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.