People’s Bank of China’s (PBoC) National Council for Social Security Fund former Vice-chair, Wang Zhongmin, said that China has successfully completed development of national central bank digital currency's (CBDC) backend, Sina reports.
Wang announced the completion of development at the online 2020 Fintech Forum organized by Tencent Fintech Research Institute.
Wang highlighted the COVID-19 pandemic intensified global digital currency competition. The former vice-chair of China's central bank believes that for China, the pandemic will give birth to new functions of digital currency.
In January, the PBoC announced it completed the design of its digital currency.
Mu Changchun, Head of the digital currency research institute at the PBoC, said the next steps were to follow the principles of stability, security and control.
In May, ex-Chairman of China Construction Bank Hongzhang Wang admitted technical threats that the US-based companies can bring for Alipay or WeChat though a blockchain-based digital currency.
Wang said China initially relied on mobile payment to get ahead, but tech companies like Libra have the potential to change the game again.
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