China's state digital currency nearly ready, says central bank

Jan 10, 2020😶Neutral

China’s central bank has issued a paper stating it has completed much of the development for its new digital currency, reported local news outlet JRJ.

The report said that the bank has finished the top-level design for the currency; formulated the necessary standards, research and development; and completed testing for the currency, both as a substitution for base money, and for anonymity, according to JRJ.

According to Chinese media site Caijing, the currency, known as DCEP, will debut as small-scale experiments in Shenzhen and Suzhou.

The government has also piloted measures to restrict the withdrawal of physical money. State-run news agency Xinhua said the pilot is a measure to combat money laundering;

The publication of the central bank's latest report follows an announcement by the Chinese government this week that it could launch a nation-wide blockchain network, called BSN as soon as April;

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