China’s official digital currency is nearly ready to launch
China’s official digital currency is nearly ready to launch.
Chinese people are very interested in digital currency, which is why China has announced its introduction of digital currency. People’s Bank of China says its digital currency is about to make a comeback. The currency has been in operation for five years. Minute Deputy Chief Mo Cheng Chun says that it will not be a duplicate of the traditional cryptocurrency, but it uses a more complex structure.
This currency will depend on the two-tier split, which will include the top tier People’s Bank and the bottom commercial bank. This currency will not be fully dependent on the blockchain. Blockchain is currently the backbone of the current cryptocurrency.
Chinese officials have not yet specified when the digital currency will be ready or when it will be launched.
Given the rapid use of cryptocurrency in China, Chinese authorities had to introduce their digital currency sooner or later.
Chinese authorities want the digital currency system to be fully under government control.
The Chinese government has spent many years relying solely on foreign technology for the least. That is why Chinese authorities want to introduce their digital currency so that they can have control over it as well.
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