Everything We Know About China’s Upcoming Digital Currency

China is preparing to launch a state-sponsored digital currency based on blockchain technology. What does this mean for the crypto world?

China is close to launching its own national digital currency. It’s an effort that has been underway since late 2018, and now, it’s coming to fruition. The upcoming currency is called the Chinese Central Bank Digital Currency―or CBDC for short. It will be issued by the People’s Bank of China, which serves as the country’s central bank.

There’s still no definite launch date, but the People’s Bank has confirmed details about the currency over the past few months. In addition, the Chinese government has been shifting its position on crypto and blockchain, which will seemingly make room for the new state-backed CBDC. Here’s what we know so far about China’s plans.

What China’s Digital Currency Will Look Like

In August, the People’s Bank of China announced several details about…