The vice-chair of the PBOC ‘People’s Bank of China’s’ National Council for Social Security Fund, Wang Zhongmin, revealed that China has completed the backend architecture development of its upcoming digital currency ‘CBDC’.
In line with a recent announcement, Wang said within the online 2020 Fintech Forum organized by Tencent Fintech Research Institute & the Fintech 50 Forum in Beijing.
With numerous cryptocurrencies already alive and in development, China is seeking to make a payment infrastructure during which these currencies can co-exist with sovereign digital currencies. Wang said that such a system will create an environment within the digital currency space for healthier competition as well as cooperation.
In line with Wang, the epidemic has high competition within the digital ecosystem with more tech giants and govts taking interest in creating a far better digital payment infrastructure. He specifically revealed the event of Libra, via which Facebook is trying social media-based digital wallets.
China Preparing Drafting Laws To Assist Its CBDC Launch
China’s CBDC is presently within its testing phase, Wang said. As reported earlier, the country has also started drafting laws which will assist the launch and implementation of its upcoming crypto currency.
Chinese technology and payments behemoths Alibaba, Tencent, Huawei, and China Merchants Bank are believed to be working with the People’s Bank of China in development & testing.
While most are still unsure of when China plans to officially launch its digital currency, Ledger Vault’s head of the Asia-Pacific region Glenn Woo revealed that the digital yuan will likely be the primary state-backed virtual currency to launched globally.