China's Central Bank Reveals Its Own CBDC
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11 August
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China's central bank digital currency is ready to go, states Shanghai Security News.

According to a senior official at China's central bank, the country will soon roll out its own central bank digital currency (CBDC).

Deputy Chief in the Payment and Settlement Division of the People’s Bank of China (PBOC), Mu Changchun, said that after 5 years of development, the CBDC prototype is finally ready and the PBOC's Digital Money Research Group has already fully adopted the blockchain architecture for the currency.

However, it also has been noted that China's CBDC will not fully be based on blockchain architecture.

Earlier iHodl reported that the country's central bank is working on the development of its own digital coin to compete with Facebook's Libra, which could become a threat to China's financial system.

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