Former Vice President of the National Council for Social Security Fund of the People’s Bank of China, Wang Zhongming announced that China has completed the development of the back-end architecture for your digital currency from the central bank (CBDC).
Wang made the announcement during the Fintech 2020 Forum hosted by the Tencent Fintech Research Institute and the Fintech Forum 50 in Beijing.
With so many cryptocurrencies already in existence and developing, China is trying to do so Create a payment infrastructure in which these currencies can coexist with digital currencies of the state. Wang said such a system will create an environment for healthier competition and collaboration in the digital currency area.
According to Wang The epidemic has intensified competition in the area of digital currencies. with more technology giants and governments interested in creating a better digital payment infrastructure. Specifically pointed out the development of the scales, Facebook experimented with digital wallets based on social media.
CBDC of China in its test phase
China’s CBDC is currently in its test phase, Wang said during the forum. Cointelegraph previously reported on this The country has also started drafting laws This will help you start and implement your digital currency.
It is believed to be the leading payment and technology company Alibaba, Tencent, Huawei and China Merchants Bank work with the People’s Bank of China in development and testing.
While everyone They are still not sure when China will officially launch its digital currency. General Ledger Glenn Woo told Cointelegraph that the digital yuan is probably the first government-sponsored digital currency to be introduced worldwide.