China’s central bank digital currency has begun a “restricted access test” to simulate payment scenarios between parties.

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This article was originally published by <a href="https://news.8btc.com/chinas-central-bank-is-charging-full-speed-ahead-with-its-digital-currency-plans">8btc</a> and written by <a href="https://news.8btc.com/author/vincenthint">Vincent He</a>.



A dedicated team from the People’s Bank of China’s (PBoC) Digital Currency Research Lab is now developing the system in a closed-door environment, away from the PBoC’s downtown Beijing headquarters, according to a <a href="https://finance.china.com/tech/13001906/20190906/36986434.html">report</a> from September 5, 2019.



China’s central bank digital currency (CBDC) has begun a “restricted access test” to simulate payment scenarios involving “some commercial and non-governmental organizations.” The test may be the integration of each module developed for the CBDC in which the outflow and inflow of digital money will form a complete, closed loop.



On September 4, 2019, Changchun Mu, deputy director of the Payment and Settlement Department of China’s central bank, opened a public course called “Fi-tech Frontier: Libra and Digital currency Prospect,” which was the first public lecture given by central bank officials.



<figure class="wp-block-image"><img src="https://lh6.googleusercontent.com/Vw4pTUz6l3cZaTwdtDxo5yQQIJmFtbXRO7tCoY_JU-zwOKmMz4BZWms72qzTKgtTg_0zJbjY4_mkaGReKf9dVOmzMyAHEGNnyWAxoGenPT2DSSY9JZTNFaRTYXY3h9caXAslneii" alt="71"/></figure>



Meanwhile, an academy of China’s central bank located in Shenzhen has begun to recruit a large amount of technical talent in the blockchain area, including a director of trade and financial products, senior economist and business innovation researcher.



By August 4, 2019, the Digital Currency Institute of the central bank had applied for 74 patents for digital currency. According to its patent application, the upcoming CBDC may function like a cryptocurrency on a point-to-point trading system, but it will strip away the anonymity and decentralization of most cryptocurrencies.



The work was expedited when Facebook unveiled its vision for Libra in June 2019, a global digital currency to facilitate payments. The Libra announcement rattled governments around the world, spurring congressional hearings in the United States and bold new thinking by central bankers such as Bank of England Governor Mark Carney.



The recent public course from Mu revealed more details about the CBDC. The course was divided into eight lectures, focusing on Libra’s characteristics and impact, the exploration of China’s Central Bank, the principles and characteristics of blockchain technology and the perspective of financial authorities. Mu pointed out that Libra does not adopt pure blockchain technology but uses a hybrid architecture so it cannot be regarded as a cryptocurrency based on blockchain technology.



Whenever the CBDC launches, the central bank may not roll it out nationwide on day one.

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China Central Bank Digital Currency Has Restricted Test

China&rsquo;s central bank digital currency has begun a &ldquo;restricted access test&rdquo; to simulate payment scenarios between parties.

China Central Bank Digital Currency Has Test

This article was originally published by 8btc and written by Vincent He. A dedicated team from the People&rsquo;s Bank of China&rsquo;s (PBoC) Digital Currency Research Lab is now developing the system in a closed-door environment, away from the PBoC&rsquo;s downtown Beijing headquarters, according to a report from September 5, 2019. China&rsquo;s central bank digital currency (CBDC) has begun a &ldquo;restricted access test&rdquo; to simulate payment scenarios involving &ldquo;some commercial and non-governmental organizations.&rdquo; The test may be the integration of each module developed for the CBDC in which the outflow and inflow of digital money will form a complete, closed loop. On September 4, 2019, Changchun Mu, deputy director of the Payment and Settlement Department of China&rsquo;s central bank, opened a public course called &ldquo;Fi-tech Frontier: Libra and Digital currency Prospect,&rdquo; which was the first public lecture given by central bank officials. Meanwhile, an academy of China&rsquo;s central bank located in Shenzhen has begun to recruit a large amount of technical talent in the blockchain area, including a director of trade and financial products, senior economist and business innovation researcher. By August 4, 2019, the Digital Currency Institute of the central bank had applied for 74 patents for digital currency. According to its patent application, the upcoming CBDC may function like a cryptocurrency on a point-to-point trading system, but it will strip away the anonymity and decentralization of most cryptocurrencies. The work was expedited when Facebook unveiled its vision for Libra in June 2019, a global digital currency to facilitate payments. The Libra announcement rattled governments around the world, spurring congressional hearings in the United States and bold new thinking by central bankers such as Bank of England Governor Mark Carney. The recent public course from Mu revealed more details about the CBDC. The course was divided into eight lectures, focusing on Libra&rsquo;s characteristics and impact, the exploration of China&rsquo;s Central Bank, the principles and characteristics of blockchain technology and the perspective of financial authorities. Mu pointed out that Libra does not adopt pure blockchain technology but uses a hybrid architecture so it cannot be regarded as a cryptocurrency based on blockchain technology. Whenever the CBDC launches, the central bank may not roll it out nationwide on day one.

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A source tied to China’s central bank has pushed back against reports about the country’s central bank digital currency.

Authority Disputes China Central Bank Digital Currency Report - Bitcoin Magazine

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This article was originally published by <a href="https://news.8btc.com/chinas-central-bank-claims-forbes-report-inaccurate-speculation">8btc</a> and written by <a href="https://news.8btc.com/author/lylian">Lylian Teng</a>.



As China’s central bank gets ready to launch its own cryptocurrency, Forbes reported on August 27, 2019, that the People’s Bank of China (PBoC) would launch a state-backed digital currency and issue it to seven institutions in the coming months. In an immediate response, sources close to the central bank said that the report was simply an inaccurate speculation.



According to the Forbes <a href="https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#4c36a0c51a51">report</a>, China’s central bank will give its first round of an upcoming central bank digital currency (CBDC) to seven institutions as early as November 11, 2019. Citing Forbes’ source Paul Schulte, who previously worked as global head of financial strategy for China Construction Bank, the report claimed that the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, China Construction Bank, Alibaba, Tencent and Union Pay will all receive the digital currency.



In the report, an anonymous source, who’s involved in the development of CBDC, confirmed that the seven institutions noted by Schulte would receive the new asset when it launches, also disclosing that an eighth institution could also be among the first tier of recipients. The source added that the technology has been ready since last year and CBDC could roll out as soon as November 2019.



These institutions will reportedly be responsible for “dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the Renminbi,” according to Forbes. Additionally, the source disclosed that the central bank “hopes the currency will eventually be made available to spenders in the United States and elsewhere through relationships with correspondent banks in the West.”



However, a few hours after the news broke out, a source “close to the central bank” <a href="https://finance.sina.com.cn/blockchain/roll/2019-08-28/doc-ihytcern4110040.shtml">told</a> Sina Finance (one of China’s largest financial news providers) that the statement in the report was an inaccurate guess.



According to a previous <a href="https://news.8btc.com/chinas-state-cryptocurrency-is-about-to-come-out-says-central-bank-high-officer">report</a> by 8btc, China’s state digital currency features a two-layer operation mechanism that entitles commercial banks or other institutions to disperse the CBDC and it is ready to roll out, which the Forbes report echoed. But the immediate response from an unknown source in a Chinese outlet leaves it unclear how soon the long-awaited central bank cryptocurrency will launch.



The country has been stepping up its efforts in developing its central bank digital currency lately, but few signs of progress have been revealed to the public. However, the release of<a href="https://news.8btc.com/chinas-central-bank-is-stepping-up-developing-own-digital-currency-in-response-to-libra"> Facebook’s Libra </a>white paper has motivated the CBDC designers to involve nongovernmental entities in its development and made CBDC a little more visible.

Authority Disputes China Central Bank Digital Currency Report

A source tied to China&rsquo;s central bank has pushed back against reports about the country&rsquo;s central bank digital currency.

Authority Disputes China Bank Digital Currency Report

This article was originally published by 8btc and written by Lylian Teng. As China&rsquo;s central bank gets ready to launch its own cryptocurrency, Forbes reported on August 27, 2019, that the People&rsquo;s Bank of China (PBoC) would launch a state-backed digital currency and issue it to seven institutions in the coming months. In an immediate response, sources close to the central bank said that the report was simply an inaccurate speculation. According to the Forbes report, China&rsquo;s central bank will give its first round of an upcoming central bank digital currency (CBDC) to seven institutions as early as November 11, 2019. Citing Forbes&rsquo; source Paul Schulte, who previously worked as global head of financial strategy for China Construction Bank, the report claimed that the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, China Construction Bank, Alibaba, Tencent and Union Pay will all receive the digital currency. In the report, an anonymous source, who&rsquo;s involved in the development of CBDC, confirmed that the seven institutions noted by Schulte would receive the new asset when it launches, also disclosing that an eighth institution could also be among the first tier of recipients. The source added that the technology has been ready since last year and CBDC could roll out as soon as November 2019. These institutions will reportedly be responsible for &ldquo;dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the Renminbi,&rdquo; according to Forbes. Additionally, the source disclosed that the central bank &ldquo;hopes the currency will eventually be made available to spenders in the United States and elsewhere through relationships with correspondent banks in the West.&rdquo; However, a few hours after the news broke out, a source &ldquo;close to the central bank&rdquo; told Sina Finance (one of China&rsquo;s largest financial news providers) that the statement in the report was an inaccurate guess. According to a previous report by 8btc, China&rsquo;s state digital currency features a two-layer operation mechanism that entitles commercial banks or other institutions to disperse the CBDC and it is ready to roll out, which the Forbes report echoed. But the immediate response from an unknown source in a Chinese outlet leaves it unclear how soon the long-awaited central bank cryptocurrency will launch. The country has been stepping up its efforts in developing its central bank digital currency lately, but few signs of progress have been revealed to the public. However, the release of Facebook&rsquo;s Libra white paper has motivated the CBDC designers to involve nongovernmental entities in its development and made CBDC a little more visible.

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China’s Central Bank Digital Currency Undergoes “Restricted Access Test”

Chinese Authority Pushes Back on Central Bank Digital Currency Report