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Here’s Why China is Pushing A Central Bank Digital Currency, Not Crypto
China is set to launch the world’s first central bank digital currency (CBDC). As the majority of central banks, including in the US and Europe, are tentative over issuing their own CBDCs, the People’s Bank of China (PBoC) has gone all-in on the idea of a digital Yuan and not a crypto asset.But this then leads many to question why the Chinese have been so quick off the mark. Nonetheless, details have emerged that officials seek to combat financial crime, but more significantly than that, to manage technological change on their own terms.China’s Digital Currency, Not a Crypto AssetTalk of a Chinese CBDC has been circulating since at least 2014. And despite the mammoth task at hand, in implementing such a project, it finally looks as though a release is imminent.While the PBoC has not issued any formal documentation about the digital currency, Binance has put together a report. In it, they say the system will most likely operate on a two-tier level.
Author: Samuel Wan
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