👉 What's new in crypto? Check out the TOP NEWS from 08/11/2019! 📰 [CDF #22]
It's time for a short review of one of today's most important news from the crypto-world! 🔝
👉 China's official digital currency is ready!
The Chinese People's Bank (PBoC) claimed that its digital currency "can be said to be ready".
According to the deputy director of PBoC, Mu Changchun, the prototype that adopts Blockchain architecture was successfully developed after five years of research. His statement, delivered at the China Finance 40 Forum, was announced by the local news service Shanghai Securities News.
He told him that the emission of digital currency using pure Blockchain architecture is difficult to achieve in a country as large as China, because retailers require high performance concurrency.
The digital currency will also adopt a two-tier operating system to satisfy the "complex economy of a country with a vast territory and a large population". In this system, PBoCs will be at a higher level and commercial banks at a lower level. According to him, this will improve accessibility, increase adoption rates among the population and promote innovation among commercial entities.