China’s relationship with cryptocurrencies is complicated. Among other things, trading in bitcoin and other cryptocurrencies has been banned in the country since 2017.
For a long time, it has been reported that China’s central bank is developing its own digital currency built on a blockchain.
Not a cryptocurrency
Now it seems that it is finished. During the China Finance 40 Forum conference, the Chinese central bank’s deputy director Mu Changchun said that the digital currency is now complete, Shanghai Securities News reports.
The central bank’s solution is not a “pure” cryptocurrency and is only partly based on the blockchain. The reason for this allegedly is that a solution based only on the blockchain would have been too difficult to implement in a country as big as China.
Uncertain release date
It is uncertain when the digital currency, which is designed to function in trade, will see the light of day, Cointelegraph reports.
It seems that China has recently become more positively attuned to bitcoin as well. You can read about that here.
