PBoC’s project is under cover

PBoC’s project is under cover

According a secret source the news came to light that the People’s Bank of China is clandestinely developing their planned system. A cohort of their Digital Currency Research Lab, who have been betaken to work since summer has already filed up to 50 patent applications in order to explicit the dynamic design of yuan, is performing the job in a secret office away from their downtown of Beijing headquarter.

Their scheme is to beat Facebook’s Libra.  They reinforced their way of work coping with Libra announcement. Humming of several governments around the world started after the announcement of Libra. All information of PBoC’s project is still under cover and it is unknown that how many companies will join the project.

Launching Time

According to a native daily of China, the project, ‘’closed loop testing’’ of which has been started by central bank to incite payment scenerios, is expected to be launched by the first half of 2020 and they think it’s launching will be held even prior to that one of Libra.

Hopefully, Alibaba, Tencent, Union Pay and China’s four state-owned commercial banks, that includes Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China,  will be receiving CBDC by the report of Forbes.

But augmentation of the eight institutions was improper speculations claimed by some people close to the central bank reported by Tencent News and Sina.  Other news came to light that those four organizations mentioned by Forbes participated in the development of the CBDC initiative. Thought the details are clandestine because of non-revelation agreement hence the actual contribution is not sure at all.

Endemic rollout

Rolling CBDC out nationwide will be done by the central bank after its launch. The system has the possibility to be launched in Shenzhen with a view to testing the waters. Research of technical framework by Tencent and state-owned financial institutions are being done to support the improvement of the CBDC.

Shenzhen Fintech, which was launched by PBoC’s Digital Currency Lab with local government and financial regulator, undertakes fintech and relevant projects. The institution is looking for technical experts including blockchain architects and cryptography specialists. Maybe, the CBDC take after a cryptocurrency at a hades level as a peer-to-peer transaction system and also will put off the anonymity and decentralized feature of cryptocurrency.

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