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Chinese bank introduces the digital currency based on the new incoming reports. The new Chinese cryptocurrency will allow Beijing to enjoy greater control over its financial system, making it comparable to cryptocurrencies based on decentralized blockchain technology.
With your help, the People's Bank of China will improve its ability to eradicate risks and fight money laundering, reports FanYifei, People of Governor of the Bank of China.
Initially, the currency will replace cash. According to the patents registered by the Chinese central bank, consumers and businesses will have to unload the mobile wallet in which they exchange their yuan for the digital currency.
"The most important thing is that the People's Bank of China will also be able to monitor the users who carry out these exchanges," he explained.
In turn, Fan suggested that banks should present information on these transactions on a daily basis and that limits could be introduced to these transactions by individuals.
Other: "It is the worst speculative bubble on the market since 1929 and will explode"
The former governor of the Central Bank of China, ZhouXiaochuan, launched the Chinese digital currency project to protect the Asian country from the need to adopt standard technologies, such as bitcoin, which was designed and controlled by the public.
According to Bloomberg, several documents published in October report that the new cryptocurrency will require banks to enter data on their debtors and interest rates before transferring their funds.
Financial entities that try to lend their money to companies included in the government's blacklist will not be able to do so automatically.
Since August, the Central Bank of China has accumulated 44 patents related to blockchain technology, which allowed it to occupy the fifth place in the list of entities that have the largest number of this type of documents, according to the daily IP rights .
It is not the first time that the Asian country is opposed to bitcoin. In 2017, China banned the exchange of cryptocurrency and declared the initial offer of coins illegal.
