The Central Bank of China has announced that its digital currency can now be said to be ready. In a major event, the China forum as reported by local news site Shanghai Securities News on August 10, the deputy director of the People’s Bank of China (PBoC) Mu Changchun stated that over five years of rigorous research work has been put into creating a prototype that adopts the Blockchain architecture.
The country has decided to implement the use of a two-tier operating system that aims at taking care of the needs of the complex economy of the nation with its vast territory and large population. This system has been said to have the PBoC on the first tier and the commercial banks on the second tier. According to Mu, this system will improve accessibility, bring about better mass adoption rate amongst the general public, as well as encourage innovation amongst commercial bodies.
Mu also said that issuing a digital currency using pure blockchain architecture was going to be a herculean task to achieve considering the fact that China, being a big country has retailers that require high concurrency performance.