In its editorial, the paper says that unlike decentralised cryptocurrencies that allow users to transfer value with no third party involved, the government-backed digital currency is as stable as cash as it is put under the centralised mechanism of the central bank.. Read more at straitstimes.com.
BEIJING - Reports that China's central bank, the People's Bank of China, has already started internal testing of its digital currency in cities including Suzhou, Shenzhen and Xiong'an indicate that the new form of payment will likely be launched in the near future, as the country is picking up pace in its bid to become a global forerunner in the sector.
Unlike decentralised cryptocurrencies, such as bitcoin, that allow users to transfer value with no central authority or third party involved, the government-backed digital currency is put under the centralised mechanism of the central bank and thus is as stable in value as its cash cousin. The novel coronavirus outbreak has accelerated the cashless process, as people staying at home because of movement restrictions aimed at containing the spread of the virus have relied on e-commerce platforms and mobile payments to purchase necessities.
In October last year, President Xi Jinping called for using blockchain as"an important breakthrough for independent innovation of core technologies" at a key central meeting.
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