The Central Bank of China is “one step closer” to the launch of the national digital currency
The People’s Bank of China is “one step closer” to the official launch of its digital currency. This was reported by the Global Times on Tuesday. In particular, the publication points to previously highlighted patents of the payment company Alipay, which are directly related to the initiative of the central bank..
Global Times, citing insiders, explains that the Chinese Central Bank has completed the development of the basic functionality of the digital currency and is now preparing the necessary legislation to release it into circulation.
A source familiar with the situation also said that the legislative stage of the project, with the participation of banking and insurance regulators, may turn out to be even longer, which is why the estimated launch date of the digital currency remains unknown..
In addition to Alipay, companies such as Alibaba, Tencent, Huawei and China Merchants Bank are participating in preparations for the launch of the CBDC..
Cao Yang, deputy director of the Institute for Advanced Blockchain Research at Tsinghua University, said that the People’s Bank of China is interested in cooperating with private companies with extensive experience in the field of distributed ledger and payments. He believes that the regulator needs to accelerate the release of digital currency in light of the unprecedented spread of the coronavirus pandemic.
“If China decides to lower its key rate to negative levels, digital currency will help to do so,” Cao said..
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