China is ready with its own cryptocurrency

China is ready with its own cryptocurrency

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National Bank for High-Level Process Control The Chinese government wants to have a digital currency system that it can control. Although China does not approve the spread of cryptocurrencies, the country is ready to offer its version of virtual money.

The National Bank of China said its digital currency could be considered completed after five years of working on the project. However, we should not expect China to emulate existing cryptocurrencies in any way, notes Engadget. According to Mu Changchun, deputy head of payment, China’s digital currency will use a more sophisticated structure.

The system will be based on a division into two levels: the National Bank will control the processes from above and the commercial banks at the lower level. According to the project authors, this will more effectively serve the vast Chinese economy and population.

Moreover, the new currency will not fully rely on blockchain technologies that form the basis of currently popular cryptocurrencies. According to Mu Changchun, the blockchain is unable to provide the bandwidth needed to bring digital currency into the retail industry.

China has been trying to strengthen the country’s independence by technology for years, and the introduction of its own cryptocurrency is a new logical step in the economy. But despite the digital currency readiness statements, it has not yet been announced when it will be implemented.

However, China is motivated to introduce such a monetary format as soon as possible. Authorities are not happy that speculators are exchanging ordinary money for virtual cryptocurrency on a large scale.

The new approach to digital currency aims to increase stability in this area. The Chinese government would like to have a system that can control it.

China is ready with its own cryptocurrency

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