National digital currency of China must contain elements of cryptocurrencies – PBoC Representative
Central Bank Issued Digital Currency (CBDC), which may be issued by the People’s Bank of China (PBoC), must contain the elements cryptocurrencies. About this stated Yao Qian – Director of the PBoC Digital Currency Research Laboratory.
In his opinion, the Central Bank currency can provide his users a certain degree of anonymity, which will make it more competitive, in then the same time noting that its emission necessarily should be centralized.
“At the current stage, CBDC may primarily focus on digitizing fiat. but in future it inevitably will be endowed with new features. Approach where CBDC will simply mimic fiat currency, can undermine her competitiveness in the long term “, – added is he.
IN quality technologies that the currency of the Central Bank of China can borrow from cryptocurrencies, Qian calls a double key mechanism that can be used as clients, and banks – a similar concept of private and public keys is used by most cryptocurrencies.