The People’s Bank of China (PBoC) has claimed that its digital currency “can now be said to be ready."
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According to PBoC deputy director Mu Changchun, a prototype that adopts blockchain architecture has been successfully developed after five years of research.
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His announcement, made at the China Finance 40 Forum, was reported by local news site Shanghai Securities News.
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Mu said issuing a digital currency using a pure blockchain architecture would be difficult to achieve in a country as big as China because retailers require high concurrency performance.
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The digital currency is also going to adopt a two-tier operating system to cater to the nation’s “complex economy with a vast territory and a large population,” with PBoC on an upper level and commercial banks on a secondary level.
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According to Mu, this will improve accessibility, enhance adoption rates among the public, and promote innovation among commercial entities.
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According to the PBoC executive, the digital currency is designed to be suitable for “small-scale retail high-frequency business scenarios.”
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Source: Cointelegraph
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