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  • The PBOC has been conducting extensive testing of their cryptocurrency and are set to launch prior to Libra.
  • China’s central bank digital currency is known as CBDC, which is expected imminently.

The People’s Bank of China   are set to launch its government-backed digital currency, according to official sources.

Chinese press, China Daily detailed that the central bank digital currency (CBDC) may have been influenced by the unveiling of Facebook’s planned cryptocurrency, Libra.  

The PBOC project that they could launch their cryptocurrency sooner than Libra, after prolonged trials for the currency. They have been conducting much testing across multiple approaches for the project. If things proceed smoothly, the PBoC expects it could launch the currency sooner than Libra.