The development of the digital backend of the yuan completed: Chinese official

Разработка бэкендa цифрового юаня завершена: китайский чиновник

Ex-official of the people’s Bank of China said that the country has completed the development of the architecture of the backend of their digital currency.

The former Deputy head of the National Council of social security Fund of the population of China Wang Jingmin (Wang Zhongmin) stated that China has completed development of the architecture of digital currency by the Central Bank of China (CBDC). It is reported by Cointelegraph.

Wang made the remarks during a speech online on FINTECH forum (2020 Fintech Forum), organized by the research Institute and Tencent FinTech FinTech 50 Forum in Beijing.

With the number of cryptocurrencies that already exist and develop, China is committed to build a payment infrastructure in which these currencies can co-exist with a sovereign digital currency. Wang said that such a system would create an environment in the space of digital currency to more healthy competition and cooperation.

According to Wang, the epidemic has increased competition in the space of digital currency, as more tech giants and government interest in creating the best infrastructure for digital payments. He specially mentioned the development of Libra, with which Facebook is trying to create digital wallets on the basis of social networks.

Chinese CBDC in the testing phase

Chinese CBDC is now at the stage of testing, said Wang at the forum. China also began development of laws that will help to launch and to introduce its digital currency.

Earlier it was reported that the Chinese CBDC and payment giants Alibaba, Tencent, Huawei and China Merchants Bank have partnered with the people’s Bank of China in development and testing.

Although still not sure when China officially plans to release its digital currency, the head of the Ledger Vault in the Asia-Pacific region Glenn Wu said that digital Renminbi is likely to become the first state-supported virtual currency, which will be launched worldwide.

As reported Coinews, China came up with another associated with cryptocurrencies plan to overcome the hegemony of the dollar in international payments.

On Coinews we were told that the pilot version of the digital wallet for the future of the yuan is subject to Chinese social networks.

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