Today, a report in the Global Times claims that the People’s Bank of China (PBoC), China’s central bank, in conjunction with private firms has completed the basic functionality of China’s central bank digital currency (CBDC). It says that the current activity is around drafting laws to introduce the digital renminbi, also referred to as DC/EP (digital currency, electronic payment).
However, the article is based on un-named insider sources and public information.
It’s unclear whether the claims that the basic functionality is complete are based on the fact that Alipay has published five CBDC patents over the last two months, which cover issuance, recording transactions, digital wallets and supervision.
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