30th Jan 2020
The main details of China’s central bank digital currency, also known as the digital renminbi, have been released. The currency will be, as expected, fully centralized and will be controlled by China’s central bank but issued through a selection of commerical banks.
There will be three centers responsible for managing the data involved with the digital currency. One center will be managing the use of the currency, another the registration of each individual who wants to use the currency and a third will analyze the financial data created by the system.
There will be a dose of privacy too. While the central bank will be able to see all transactions and who made them, other businesses won’t be able to see this data.
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