PBOC reportedly to issue its own cryptocurrency as early as November

China's CBDC initiative fills private cryptocurrencies' missing elements

Binance Research, the market research and analysis arm of Binance, announced a new report that pertained to China's new Central Bank Digital Currency (CBDC), which is the central bank's own digital currency.

However, the researchers noted the lack of a clear technical roadmap. The anonymous individual confirmed that the technology behind the cryptocurrency has been ready since a year ago and it could launch as soon as November 11, which is knows as Singles Say - China's busiest shopping day.

What sets China's cryptocurrency apart from other potential competitors in the space is the fact that while Facebook's Libra is still battling against the USA lawmakers for an overarching approval and Bank of England Governor, Mark Carney, is merely advocating the idea of a digital currency overshadowing the USA dollar dominance, China is ready to launch. With Tencent being one of the companies named by the sources, this may confirm that the November 11th launch date and the preliminary list of fast-tracked institutions to receive the crypto asset may not be entirely accurate. That "means the network construction has just started after five years of research". And, since the current central bank governor, Yi Gang, took office on March 2018, he has only publicly mentioned the project once, "which indicates that he might not keen on the CBDC".

Why it matters: The Chinese government has been vocal about plans for DC/EP over the past two months as the global race to launch digital fiat currency ramps up. Binance said smart contract architecture has also been discussed.

The above graph displays PBoC's "one coin, two repositories, and three centers" approach, which was previously proposed by Yao Qian, the former head of PBoC's Digital Currency Research Institute.

Source Binance Research
Source Binance Research

The second layer will connect those commercial banks with the greater retail market.

Several reports in the past couple of weeks have suggested that the central bank was inching closer to launching its digital currency.

Mu also revealed that the DC/EP was capable of handling 300,000 transactions per second.

Are the officials from the bank telling the truth?

Binance researchers said that they will be continuing to monitor the situation.

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