The People's Bank of China (PBOC) has completed the next stage of development of the state crypt currency in cooperation with private companies. Now the NBK is creating a legislative framework for circulation of digital yuan.
According to the Global Times, in which the publication refers to "industry insiders," the NBK has completed the development of key features of the state cryptovoltaic currency in cooperation with private companies. According to the publication, now the Central Bank of China is developing appropriate laws for circulation of digital yuan.
The anonymous insider told the Global Times that the latest Alipay patents are related to the main functions of the digital currency being developed, including circulation, payment and issue. Alipay — the financial department of China's technology giant Alibaba, received five patents related to China's digital currency earlier this year.
"Judging by the patents, the first phase of technological development is largely complete", — says anonymous insider.
Global Times sources also said China should accelerate the launch of its digital currency amid a coronavirus pandemic and economic downturn.
"If there is a chance that China is considering lowering its interest rate to a negative value as a final option and directing such a policy to commercial lending, the circulating digital currency will help this undertaking", — said Cao Yan, deputy director of the Institute of Advanced Studies at Tsinghua University Blockchain.
Late last month, it was reported that China was delaying the introduction of the national digital currency due to the spread of the coronavirus. However, the probability of launching digital yuan according to the plan remains quite high. In addition, former president of the People's Bank of China Lihui Li previously suggested that the coronavirus may accelerate the launch of national digital currency.
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