The People’s Bank of China, central bank of the country, in its 2019 fintech recap report, mentioned that it has completed the top-layer design, standard formulation, function exploitation, and joint-testing for digital currency electronic payment (DCEP) system of its digital Yuan but the launch date of CBDC remains undeclared.
The head of marketing at HashKey Hub Molly shared the news in a tweet of her. She shared the snapshot of Chinese version of the report. But the CEO of Sino Global Capital Matthew Graham retweeted with the English version of the report.
The report was titled “Push Financial Standardization Work to a New Level.” Financial standards was the focus of the report, highlighting the importance to issue new standards for disruptive technology.
According to the report, the new financial standard system continued to improve in 2019. 65 national and 253 industry standard are covering financial needs of the country.
The report reads:
“Seventeen financial industry standards, including artificial intelligence, blockchain, big data, and cloud computing are being developed.”
The central bank further said that the implementation of financial standard was very effective and the implementation of new standards would be based on the Certification Body System of the Chinese government to promote the implementation of financial technology product.
According to a publication another local news outlet QKLW on January 10, The 2020 Central Bank Working Conference was recently held to summarize the main work in 2019, in which directors and officials analysed the current economic and financial situation, and deploy key tasks for 2020.
Mu Changchun, the head of the digital currency research institute at the PBOC, said that the next step would be to follow the principles of stability, security, and control, reasonably select pilot verification areas, scenarios and service scopes, continuously optimize and enrich DCEP functions, and steadily promote the introduction and application of digital forms of fiat currencies.
The central bank of China has been working on CBDC since 2014. As Wealth Growth Insights reported, two cities, Shenzhen and Suzhou, will pilot this pilot this project at initial stage. The PBOC will test its CBDC in collaboration with seven state-owned commercial banks and telecom companies.
Matthew Graham, talking to a crypto news outlet, said:
“After five years of research and testing, the increasing detail of the DCEP vision is further proof that no major power takes blockchain more seriously than China. If U.S. regulators continue to be cautious, if the U.S. government continues to be clueless, and if the crypto community continues to be beset by infighting, China will win the blockchain “space race” and define the future of this powerful technology.”
