RATE Group | Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto
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Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto

17 Aug Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto

Posted at 05:46h in Cryptocurrency News by

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The People’s Bank of China (PBoC) has completed the development of a prototype for issuing a national cryptocurrency, as Cointelegraph reported on Aug. 11. As it turned out, it will be powered by a two-tier operating system, which, however, will not be fully decentralized.

What do we actually know?

The fact that China is close to issuing state digital money, which for the past three years has been on the tongues of the local authorities, was revealed at China Finance 40, the forum dedicated to policy research on Chinese economics and finance. Speaking at the event, PBoC Deputy Director Mu Changchun didn’t disclose the details of the development and the release date, though expressed his belief that digital currency will replace cash and other cryptocurrencies, and will also help increase the turnover of the yuan, or renminbi, in the world.

The statement on the high level of readiness to issue the new cryptocurrency was made soon after PBoC representatives announced their…

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