April 21, 2021

China approaches CBDC launch

China approaches CBDC launch

The People's Bank of China (PBoC) has completed the development of the national currency and is preparing a legislative framework, regulating her circulation.

Over the past month, Alipay Chinese payment platform has published five patents that contain detailed information on digital currency being developed in China.

According to experts from the Global Times, “the last of the patents shows that the technical part of the work has been completed.”

According to the first patent of February 21, subsidiaryAlibaba will act as a third-party operating agent in the secondary issue of foreign currency. In essence, this equates Alipay with commercial banks that do not have a secondary monopoly on digital currency.

The patent published March 17th states thatChina's national digital currency will support anonymous transactions. However, in order to conduct such a transaction, the user needs an “anonymous” wallet, for the creation of which it is necessary to provide information such as a phone number and email.

Recall that the launch of the Chinese digital renminbi wasdelayed due to an outbreak of coronavirus. Civil servants are quarantined, and the development of digital national currency has been suspended. Meanwhile, the Swedish Riksbank has already announced the completion of development and the beginning of testing electronic crown.

According to the materials www.financemagnates.com