Holders of the Digital Yuan Will Not Be Paid Interest

November 8, 2019 | By | Reply | 75 Readers More

Holders of the Digital Yuan Will Not Be Paid Interest

China has been sending mixed signals about its preparedness to issue a national crypto. Despite the new blockchain push, there is still no timeframe for the anticipated launch of the digital yuan and few details have been revealed so far. However, a senior official from China’s central bank pulled the curtain back slightly this week.

Also read: Turkey Becomes the Latest Nation to Work on Digital Fiat

China’s Semi-Blockchain Based Currency to Start a ‘Horse Race’

Beijing’s Digital Currency Electronic Payment (DCEP) project, which will be similar to Facebook’s Libra as Chinese officials have previously indicated, will only partially employ blockchain technology as it would need a higher transaction capacity to achieve retail adoption. The People’s bank of China (PBOC) will use a two-tier approach with its implementation, first issuing the currency to…

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