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China just revealed New Details on its Digital Currency

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.

Source: Decrypt:
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China’s central bank says it has completed ‘top-level’ design of digital currency

The People’s Bank of China (PBoC), the country’s central bank, has said that the “top-level” design of its digital currency is complete. This was reported by the Chinese news site JRJ.com. The next steps are to ensure that the principles of control, security and, above all, safety are adhered to, said Mu Changchun, head of the PBoC’s Digital Currency Research Institute.
The central bank announced last week that the launch date of its currency is not yet known, however. Nevertheless, the bank will continue to push the development of legal digital currencies in 2020.

Source: The Block:
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Bitcoin Mining Centralization Reaches Record Levels

Chinese Bitcoin miners now control a record proportion of the network’s hashrate, according to new research. An estimated 65% of BTC mining now happens in China. CoinShares, a digital asset investment fund, noted this high since the firm started monitoring the network in late 2017.

In their fourth edition of our biannual report they investigated the geographic distribution, composition, efficiency, electricity consumption and electricity sources of the Bitcoin mining network. You can find the report here.

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