The People’s Bank of China (PBoC) completed the “top-level” design on digital yuan

The People’s Bank of China (PBoC) has said that the “top-level” design of its digital yuan has been completed.

According to Tiger Thông, the People’s Bank of China announced the development in a new paper, saying that the “top-level design, standard formulation, functional research and development”. He tweeted.

The new paper stressed that the “top-level” design of the digital currency has been completed and that the central bank will now conduct “solid research” on the underpinnings surrounding it.

Security is a key issue in the implementation of the DC/EP, with the report providing due emphasis on a “security barrier” and to “improve cybersecurity.”

On January 6, PBoC said digital currency is “progressing smoothly.”

“We will continue to steadily advance the development of legal digital currencies” in 2020, said the People’s Bank of China.

Security is a key issue in the implementation of the DC/EP, with the report providing due emphasis on a “security barrier” and to “improve cybersecurity.”

China’s digital currency has been in the works since 2014 and unveiled its CBDC project in July 2019 after Facebook announced the Libra stablecoin project. Since then, the government has made blockchain technology their focus, implemented a test-phase capital control project in three provinces and began digitizing of national identity cards.

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