Digital Yuan’s Backend Development Complete, Says People’s Bank of China Former Senior Official

A prior senior official of the People’s Bank of China recently mentioned that China has finished the backend architecture development of its virtual currency.

Wang Zhong­min, the former vice-chair of the People’s Bank of China’s National Council for Social Security Fund, declared that China has accomplished the backend architecture development of the nation’s central bank digital currency.

The official made the declaration during the online 2020 Fintech Forum organized by Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing.

With numerous virtual currencies already in existence, China is in quest of forming a payment setup in which these digital assets can co-exist with sovereign virtual currencies. Wang mentioned that such a system will generate an atmosphere in the digital asset domain for improved collaboration.

While the whole world is still uncertain of when China plans to formally divulge its digital currency, Glenn Woo, Ledger Vault’s head of the Asia-Pacific region mentioned that the digital yuan will probably be the 1st state-backed digital asset to launch globally.