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China is ready to start own crypto-currency

Employees of the People’s Bank of China said that the five-year work on the official cryptocurrency of the country has been completed, they are ready to launch it “in the near future”. Mu Changchun, deputy head of the bank’s payment division, added that its architecture and prototype are ready.
“We can say that the digital currency of the People’s Bank of China is ready for launch,” Changchun said. He noted that cryptocurrency will use a two-tier operating structure. – The People’s Bank of China will be at the top level, commercial banks below. The double delivery system satisfies the conditions of our country. She can use our resources to increase the enthusiasm of commercial banks and the gradual introduction of digital currency, ”he added.

The Bank does not exclude possible cooperation with commercial entities that are ready to work with the regulator to launch digital currency.

At the same time, the chairman of the national payment system of China, Shaofu Jun, noted that there are several problems that need to be solved before the cryptocurrency is launched. Among them – long delay intervals, low efficiency of traditional financial systems and regulatory principles in other states can slow down the introduction of digital currency into circulation.

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