China’s cen­tral bank com­pletes top-layer de­sign on dig­i­tal yuan

AMBCrypto Weekly - - News -

If 2019 was the year cen­tral banks dipped their toes into sov­er­eign dig­i­tal currencies, 2020 seems to be the year they go all in.

Peo­ple’s Bank of China [PBoC], the cen­tral bank of China, stated that the top-layer de­sign on the cen­tral bank-is­sued dig­i­tal cur­rency [CBDC] has been com­pleted. Ac­cord­ing to Molly from HashKey Hub, the cen­tral bank men­tioned that the “joint test­ing” for the DC/EP - Dig­i­tal Cur­rency Elec­tronic Pay­ment sys­tem, re­ferred to as the dig­i­tal ver­sion of their fiat cur­rency, the yuan, has con­cluded. She tweeted,

The re­port from the Chi­nese Fi­nan­cial Times, was retweeted in an English ver­sion by Matthew Gra­ham, CEO of Sino Global Cap­i­tal. The re­port was ti­tled “Push Fi­nan­cial Stan­dard­iza­tion Work to a New Level.” Fi­nan­cial stan­dards was the fo­cus of the re­port, high­light­ing the im­por­tance to is­sue new stan­dards for dis­rup­tive tech­nol­ogy.

Notably, four key dis­rup­tors were men­tioned with the ab­sence of dig­i­tal currencies,

“Seven­teen fi­nan­cial in­dus­try stan­dards, in­clud­ing ar­ti­fi­cial in­tel­li­gence, blockchain, big data, and cloud com­put­ing are be­ing de­vel­oped.”

On the im­ple­men­ta­tion of fi­nan­cial stan­dards, the re­port de­scribed the im­pact as “ef­fec­tive.”

The im­ple­men­ta­tion would be based on the Cer­ti­fi­ca­tion Body Sys­tem of the Chi­nese gov­ern­ment to “pro­mote the im­ple­men­ta­tion of fi­nan­cial tech­nol­ogy prod­uct.”

The re­port stressed that the “top-level de­sign” of the dig­i­tal cur­rency has been com­pleted and that the PBoC will now con­duct “solid re­search” on the un­der­pin­nings sur­round­ing it.

Se­cu­rity is a key is­sue in the im­ple­men­ta­tion of the DC/EP, with the re­port pro­vid­ing due em­pha­sis on a “se­cu­rity bar­rier” and to “im­prove cy­ber­se­cu­rity.”

Gra­ham, speak­ing to AMBCrypto, stated that China’s em­brace of blockchain tech­nol­ogy is a fur­ther tes­ta­ment to their “DCEP vi­sion.”

Ad­di­tion­ally, if the US con­sumes it­self with “in­fight­ing” and does not re­spond to the Asian gi­ant tak­ing hold of this dis­rup­tive tech­nol­ogy, it will be left be­hind.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.