China’s PBoC Completes ‘Top-Level' Design For Digital Yuan, Launch Date Still Unknown

The People Bank of China (PBoC) has just completed a top-layer design and the testing of its central bank digital currency (CBDC) that should be released very soon.

As reported by Chinese news outlet Sina on January 10, the tests and top-layer design for the digital Yuan were accomplished and developed according to relevant standards. PBoC carried out with the CBDC research, development and testing for a while now.

The latest developments were presented by the bank in a special article that also highlights its plans on improving the financial industry network’s cybersecurity and the rules for accrediting the most important information infrastructure.

Plans to Conduct CBDC Real-World Tests Revealed in December 2019

PBoC’s plans to conduct real-world tests for its CBDC were revealed in December 2019. The pilot project was set to be conducted in the city of Shenzhen by the end of last year, with the city of Suzhou possibly being included too. At the tests, the digital Yuan was expected to enter multiple service scenarios like education, transportation, medical treatment and others. Earlier in January 2020, PBoC said its CBDC is progressing smoothly.

Digital Yuan’s Encryption Standards

China has a law on cryptographic password management, a law that sets some standards when it comes to the management of passwords and cryptography. On Rand Corporation’s China professor of blockchain technology and policy analyst Sale Lilly’s opinion, this law complements the efforts and tasks that rolling out a CBDC require. This is what Lilly commented on the digital Yuan’s progress in relation to the importance of encryption levels:

“If China’s experience in trying to unify government cryptographic standards is anything like the U.S. Military’s experience, higher standards of encryption and trust scale users at a slower rate, so onboarding oracles and trusted agents for a private or permissioned access CBDC blockchain implies a natural trade-off between key security and speed of onboarding digital economy participants; banks, vendors, and a slew of Chinese government entities in tax and finance roles.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,200FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Market Wrap: Bitcoin Never Going to Zero, Philanthropist Giving Away Money to Buy BTC

This week, the price of bitcoin moved, although it continues to trade in a tight range and is still hovering around $9,200 on low...

Bearish Catalysts for Bitcoin Price

This week, Bitcoin is ranging between $9,050 and $9,500. Currently, we are trading just above $9,200 after yesterday, Bitcoin’s price dropped $150 in seconds...

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today