China’s digital currency is coming to an end. It is reported that China’s digital currency has completed its basic functions and that only the laws to be prepared to be released are expected.
The People’s Bank of China (PBoC), the central bank of China, is said to be one step closer to issuing the country’s digital currency.
According to the news that Global Times is based on people from the industry on Tuesday; The People’s Bank of China completed the development of the basic functions of its digital money, which it prepared together with private companies.
It is reported that the central bank is waiting for laws to be prepared to release the digital yuan. An industry expert, who did not want his name disclosed, said Alipay’s latest patents were taken around the basic function of the digital currency, including circulation, payment and issuance.
Alipay, the financial arm of Chinese technology giant Alibaba, is said to have issued five patents related to China’s digital currency earlier this year. “We see from patents that the first step in technological development has been basically completed.” said.
China’s digital yuan has been under the project since 2014, but its launch date is not yet known.
Industry experts, on the other hand, state that China should issue its digital money as soon as possible amidst the coronavirus crisis and economic slowdown.
Tsinghua University Yangtze Delta District Institute, Assistant Director of Blockchain Advanced Research Institute, Cao Yan, said, “If China is considering reducing interest rates to the negative zone as the last option, then this is the circulating digital currency instead of M0. will do it. ” said.