After five years of research, the People's Bank of China (PBoC) is on the cusp of unveiling its own digital currency, according to deputy director Mu Changchun. Speaking at the China Finance 40 Forum, Mu said the cryptocurrency would operate on a two-tier basis, separating PBoC from commercial banks, to support China's "complex economy with a vast territory and a large population". The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. The digital currency will also use a two layer operating system to serve the country’s “complex economy with a vast territory and a large population,” with PBoC on a top level and commercial banks on a second level. No precise launch date was given.
After five years of research, the People's Bank of China (PBoC) is on the cusp of unveiling its own digital currency, according to deputy director Mu Changchun. Speaking at the China Finance 40 Forum, Mu said the cryptocurrency would operate on a two-tier basis, separating PBoC from commercial banks, to support China's "complex economy with a vast territory and a large population". The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. No precise launch date was given.