China Is On the Verge Of Issuing the Central Bank Digital Currency (CBDC)

According to a statement by the representatives of the People’s Bank of China, the country is almost ready to introduce the Central Bank digital currency (CBDC), which has been worked at over the past few years.

A meeting of the China Finance 40 group took place on August 10, where the executives from top banks and state officials were present. Mu CHANGCHUN, Deputy Chief in the Payment and Settlement Division of the PBOC, said in an announcement that the CBDC prototype is complete running on a blockchain infrastructure back-end with some slight modifications. The official also stated that the system has been in development since 2014, which just so happens to be around the time Bitcoin’s price rose to the four-digit mark. That may have been the reason to catch the attention of Chinese authorities.

This news partially confirms China’s intentions to “digitalize” state assets amid tightening legislation regarding decentralized cryptocurrencies. It can also be called a desire to occupy the niche of Facebook Libra, as previously expressed by the founder of Huawei, Ren ZHENGFEI.

Image by Crypto Line news