Last week, Yao Qian, a Director at the China Securities Regulatory Commission (CSRC), wrote an article in Yicai in which he made a case for using blockchain in a central bank digital currency. He “proposes” a new kind of distributed cash digitization with the implication that each payment provider or bank could build its own system to manage the synthetic digital currency at the retail level.
China is in the advanced stages of developing a digital renminbi or DC/EP. Still, there have been conflicting reports about whether or not it leverages blockchain, with most saying it does not.
Qian points out that it is not a contradiction to use a decentralized blockchain for a digital currency controlled by a central bank.
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