No Banks Accounts Needed For China’s CBDC

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

The research arm of one of the largest cryptocurrency exchange in the world, Binace has recently revealed that the upcoming Central Bank Digital Currency of China does not require a bank account.

The research group said that due to its loosely coupled design the central bank digital currency (CBDC) will be transferable without the need to using any bank, which means that the design of the digital currency do not all depend on each other.

It was also reported that the People’s Bank of China (PBoC) is mulling to utilize smart contracts in their infrastructure but is hesitant to implement anything that would extend beyond basic monetary requirements.

PBoC is careful to implement smart contracts that add some sort of value to CBDC that would likely make it security and may reduce the digital asset’s usability and impede the PBoC’s goal of internationalization of the Renminbi.

Earlier reports that the PBoC was planning to release the CBDC in November but was refuted by the central bank saying that is pure speculations and nothing more.

Headlines for the world of Cryptocurrencies - August 29, 2019

Mercedez-Benz China Uses PlantOnF Platform
Thailand’s Customs Bureau Plans To Use Blockchain-Based Solution Tradelens By IBM
Boeing Joins Hedera Hasgraph Council
Chinese Telecom Releases Information On 5G Blockchain Phones
More Than Half Top Universities Have Crypto Classes According To Coinbase