China’s Biggest Bank Moving Fast with Digital Yuan

China’s Biggest Bank Moving Fast with Digital Yuan

As per the latest reports coming from China, its biggest bank i.e, People’s Bank of China is showing a lot of interest in Digital Yuan. The PBoC recently reported that it is moving quite fast with the government backed digital currency.

A working conference was held from Jan 2-3 in Beijing and an official statement was made in this regard on Jan 5th 2020.

 

A Lot of Research was done prior to the Pilot Launch

It took China 5 years to do the research and development and a lot of hard work was put on for achieving the favorable results. The Yuan Digital currency is going to be a tried and tested  Central Bank Digital Currency (CBDC). The first of its kind real world pilot of this amazing currency was conducted in December 2019 and it was quite successful.

People's Bank of China

The controlling powers of CDBC will remain with PBoC and it comes with a solid backing by commercial institutions. 

 

People from Crypto Sector are keeping a close watch

Many bigwigs from Crypto sector are keeping a close watch on this incredible development and most of them are quite positive. A recent remarks by the Ethereum co-founder Joe Lubin states that:

“We would be able to debate what ‘decentralized’ will mean in the case of China. If we agree that ‘decentralized’ would mean, at a minimum, a token that is censorship-resistant, autonomous, and anonymous, it is hard to see the Chinese government facilitating that.”

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