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  • The Chinese central bank has been developing its own cryptocurrencies CBDC for five years.  
  • Details were updated following the China Finance 40 Group meeting, citing a senior official of the PBOC.  

A senior official of the People’s Bank of China (PBOC) announced at the China Finance 40 Group meeting that the country is going to be rolling out its central bank digital currency (CBDC).

The Chinese central bank detailed that their digital currency, which is known as CBDC is finally ready following some five years they have been working on it. The currency will be using a more complex structure,   according to deputy director of the People’s Bank of China Payment and Settlement Division Mu Changchun.

Changchun detailed that the POBC Digital Money Research Group made a prototype completely which completely adopted the blockchain architecture. Changchun, however, did stress that the issuance of digital currency in a big country such as China, using a pure blockchain architecture, could not achieve the high concurrency performance required by retail.