The People's Bank of China announced the completion of the design of the top level of the national digital currency and its readiness to verify the stability of the electronic payment system.
According to the published document, CentralThe bank has already developed standards, conducted functional studies and tested compatibility. The next steps should be to check the stability, security and control tools of the system.
According to the head of the cryptocurrency division of the NBK Changchun Mu, the digital yuan will become absolutely legalmeans of payment, will ensure the anonymity of users, will allow offline transactions and will be different from all existing forms of stablecoins and cryptocurrencies.
It is known that the digital yuan will functionin a two-tier centralized system, with the NBK at the top, and commercial banks at the second tier. In order for commercial banks to receive electronic funds, they will first need to reserve an equivalent amount of fiat with the Central Bank. Next, citizens and companies will be able to open personal wallets in these banks to be able to use the new means of payment.
Earlier, the NBK also reported that the firsttests will take place in two cities and begin in December 2019. The pilot program will affect the spheres of transport, education, trade and medical care. However, the official launch date of the digital yuan is still unknown.
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