The Central Bank of China has reported on the completion of the main part of the development of its digital currency
The People’s Bank of China has completed the “high-level” development of its national digital currency, writes The Block, citing local media.
According to them, the regulator has published a new document, which says that the stage of “high-level development, preparation of standard formulations and functional studies” has come to an end.
The next steps will focus on stability, security and instrument management, said Mu Changchun, Director of Payment and Settlement Solutions at the People’s Bank of China..
Just last week, the regulator reported “smooth progress” in its digital initiative. “We will continue the stable development of legal digital currencies in 2020,” the central bank said, refraining from specifying specific dates..
The development of the digital currency of the central bank of China has been going on since at least 2014. Initially, access to it will be provided to selected regulated financial institutions, which will deal with its distribution to consumers..
Shenzhen and Suzhou will be the first to test digital currency. According to available information, for this the People’s Bank of China has attracted seven large banks and telecommunications companies in the country to cooperate..
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