Binance Research, Binance's research division, has just reported that users will not need a traditional bank account to transfer China's upcoming central bank digital currency (CBDC).
According to the report, which was published yesterday, the Chinese CBDC will be transferable directly without the participation of any bank thanks to its design, consisting of independent components.
This way, the CBDC will offer users a high level of anonymity while allowing a quick and easy circulation of the renminbi, since they will be able to transfer it from one place to another freely, without the need to depend on banks, and keeping their identity safe. These two ingredients seem to be enough to guarantee its success.
In addition, according to the report, the People's Bank of China (PBoC), the country's central bank, is reportedly integrating smart contracts into its infrastructure.
Although some newspapers have recently reported that China might launch its CBDC already in November this year, the country's central bank has denied these rumors.
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