A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability.
Much attention has been paid to the global, geopolitical implications of China’s rapid and pioneering development of its digital yuan, also provisionally known as e-CNY.
Yet in a new white paper published by the Working Group on E-CNY Research and Development of the People’s Bank of China (PBoC), the institution gave a more domestic-focused and technologically-driven vision of the new currency’s background and key objectives.
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China’s central bank says crypto gave impetus to the creation of its CBDC