China is ready to launch its own electronic currency

The Chinese central bank recently revealed that after five years of preparation, the country is ready to launch digital currency (electroni...


The Chinese central bank recently revealed that after five years of preparation, the country is ready to launch digital currency (electronic money) developed by itself.



A stock exchange in China (illustrated): Photo: AP

According to Engadget technology website, Mr. Mu Changchun, deputy director of China's Central Bank's payment department (PBoC) said: China's electronic currency will not be the same as popular electronic money in present. It will have a more complex structure.

Specifically, the Chinese-developed currency currency will operate on an operational structure divided into two levels: superior PBoC and subordinate commercial banks.
This way of decentralization is supposed to fit into a large scale of the economy as well as the Chinese population.

Such a two-layer structure will help China address risks, while avoiding excessive concentration of risks. In addition, if a single-layer operating structure is used, it can lead to financial misfit.

In addition, it is also a way for China's currency to not completely depend on blockchain platform technology, which is the "backbone" of today's popular digital currencies like bitcoin.

Although it confirmed that the situation was "ready", the PBoC has not yet announced exactly when the Chinese-developed electronic money will be issued.

Observers say: China has a strong incentive to develop its own electronic currency. At the same time, it is the digital currency they can control to create an economic stability platform.

For many years, Chinese authorities have been strengthening solutions to help the country become more independent with foreign technology. Developing a single digital currency is a logical step in that route.

Mr. Nerd

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High Tech Brain: China is ready to launch its own electronic currency
China is ready to launch its own electronic currency
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High Tech Brain
https://www.hightechbrain.com/2019/08/china-is-ready-to-launch-its-own.html
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