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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 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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