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China’s Central Bank: Here’s the newest on the Digital Yuan

In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”

The bank said it’s been performing on the expected two-tiered system that might offer “controllable” anonymity and therefore the functionality to exchange paper cash.

The financial institution , which assembled a special task force to conduct research on digital currencies and established the Research Institute of Digital Currency, both in 2014, accelerated its digital yuan work after Facebook unveiled its digital currency project Libra in June.

As far because the financial institution cares , DCEP beats Libra in terms of major technical features like the power to process transactions offline on mobile phones. It also claims one among the goals for the digital yuan is to market the internationalization of the renminbi since it are often utilized in cross-border payments without browsing banking intermediaries that charge a fee and take longer to process these transactions.

The statement didn’t say when the work on the digital yuan was expected to be completed.

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