The People's Bank of China announced its readiness to launch a national digital currency. Work on it was underway
Why do you need it
The system will be based on a two-leveldivision, with the People's Bank of China on top and other commercial banks at the bottom. Blockchain will not be used in it, since it has too low bandwidth for retail. Thus, the state plans to stabilize the economy and make China more independent from foreign technology. In addition, the national cryptocurrency will fix the speculation problem when people sell off regular currencies to buy digital.
It was noted that for the full launch of the newThe system will need to resolve several issues: increase the effectiveness of traditional financial structures, as well as draw up principles for regulating the national cryptocurrency in other countries. Until now, the release date of "Chinesecoin" remains unknown.