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China has Completed the Development of the Server-side of the Digital Yuan

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A former senior official of the People’s Bank of China Wang Zhongmin announced that the development of the country’s CBDC base architecture has been completed. This was stated by Wang during the online Fintech 2020 forum in Beijing.

CBDC People’s Bank of China

Although there are already many public cryptocurrencies in the world, China seeks to create its central bank digital currency payment infrastructure (CBDC).

According to Wang, the pandemic has intensified competition in digital currencies. More and more technology giants and governments are interested in creating a better digital payment infrastructure. Zhongmin emphasized that under the current conditions, PBoC efforts are particularly relevant due to the coronavirus pandemic. Many technology companies and governments have turned their attention to the digital asset and blockchain industries. In particular, he noted the Libra project from Facebook. 

China’s CBDC is Currently Under Testing

China's CBDC

Zhongmin also confirmed that the digital yuan project is being tested. The information that PBoC is preparing to test the electronic payment system in digital currency (DC/EP) appeared back in December 2019, but there was no official confirmation of this.

It is worth noting that the Central Bank of China is working with private companies and commercial banks to launch CBDC. It is known that in the development and testing of digital currency, the Alipay payment system and its parent company Alibaba, Tencent Investment Holding, technology company Huawei, and China Merchants Bank accept.

The People’s Bank of China has been developing the CBDC for at least five years. Research in this area was initiated back in 2014. In August 2019, the country’s central bank announced that it had completed the development of CBDC’s blockchain architecture. Chinese media write that in parallel with testing DC / EP, the regulator is preparing the necessary bills to launch a digital currency.

Earlier, we also talked about the fact that China is going to launch a digital currency for the countries of East Asia. Read here…

 

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