China Denies Similarities Between Bitcoin and CBDC
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Dec. 23, 2019
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Central Bank of China, the People’s Bank of China (PBoC), has announced its digital currency (CBDC) is ready for launch and it won't be a speculative asset like bitcoin (EXANTE: Bitcoin), reports citing local news outlet Shanghai Securities News.

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As it states, the Head of the PBOC Digital Currency Research Institute, Mu Changchun refused to draw parallels between bitcoin and China's upcoming digital currency.

"The digital yuan is used to spend, not for speculation. It does not have the characteristics of bitcoin speculation, nor does it require a basket of assets to support its value like stablecoins," Changchun said.

Changchun claims the currency has basically completed the design and development procedures. Another step is reportedly to start testing the currency even though no specific deadlines have been declared.

Previously iHodl reported that the PBoC is planning to test the digital currency (DC/EP) electronic payment system in Shenzhen and Suzhou.

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