China's central bank, the People's Bank of China (PBoC), has announced it has completed the design of its digital currency, local news outlet JRJ.com has reported.
According to the announcement, China's central bank digital currency has completed its "top-level design, standard formulation, functional research and development."
Mu Changchun, head of the digital currency research institute at the PBoC, said the next steps are to follow the principles of stability, security and control.
Despite the news, there is still no exact date for the launch of the digital yuan.
iHodl reported back in July China is working on the development of its own digital currency in order to fight Libra, Facebook's stablecoin. Soon afterwards, it was known China's upcoming digital currency could be transferred without the need for a bank account.
The People's Bank of China has recently said the digital yuan will be distributed first to commercial banks and then users and companies will be able to register digital wallets with these commercial banks.
It has been reported that the currency will be first tested in the Chinese cities of Shenzhen and Suzhou.