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It will rely on a two-tier split, with the People's Bank in the lead and commercial banks down, apparently to help cope with the size of China's economy and population. In addition, it will not rely entirely on the blockchain which is the backbone of crypto-currencies. He simply could not provide the flow required for retail, Changchun said.
There is no mention of when the currency would be ready.
China is motivated to roll out the currency format as soon as possible. The nation would have argued that cryptocurrency creates disorder, speculators selling ordinary money and buying the virtual type. This new approach could create stability. Neither is it a shock that the Chinese government wants a digital currency system that it could control. Officials have spent years trying to increase China's independence from foreign technology, and that would be the next logical step.
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