Chinese Digital Currency is Ready After 5 Years of Development

Representatives of the People`s Bank of China have claimed that soon in the country will be launched it`s own digital currency – bitcoin doubler 2x has learned.

Chinese Digital Currency is Ready After 5 Years of Development - invest with bitcoin doubler 2x
Chinese Digital Currency is Ready After 5 Years of Development – invest with bitcoindoubler2x.com

So, deputy head of the payment unit of the People’s Bank of China Mu Changchun has said that digital currency prototype already exists. And the department research group has completely worked blockchain-architecture for it.

Bank issued digital currency (CBDC) won`t be totally based on blockchain. According to the representatives of People`s Bank, such an approach makes bandwidth of CBDC sufficient for retail payments.

Changchun has stressed that CBDC has being developed since 2014, however “now we can say that it`s almost completely ready”. Interesting that digital currency of People`s Bank involves the use of a two-level system: the basic level – central bank, the second one – commercial banks.

Bank`s representative claims that such an architecture is the most suitable for Chinese economy. According to him, CBDC is called to decrease various risks in country`s financial system, increasing its efficiency.

During the meeting of China Finance 40 Group representative of payment system UnionPay Shaofu Jun has said that CBDC launch will surely be bound with different difficulties. In such a way, although digital currency, issued by the country, can be effectively used in cross-border payments, global operational and regulatory risks are still high.

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