The People's Bank of China (PBoC) has asserted that its advanced money "can right now be said to be ready."

According to PBoC deputy director Mu Changchun, a prototype that adopts blockchain design has been successfully developed after 5 years of analysis.

His announcement, made at the China Finance 40 Forum, was reported by native news website Shanghai Securities News on August 10.

Two-tier OS

Mu said issuing a digital currency using a pure blockchain architecture would be difficult to achieve in an exceedingly country as huge as China as the retailers need high concurrency performance.

The digital currency is additionally aiming to adopt a two-tier OS to cater to the nation’s “complex economy with a massive territory and a large population,” with PBoC on a higher level and business banks on a secondary level. Per Mu, this can improve accessibility, enhance adoption rates among the general public, and promote innovation among business entities.

According to the PBoC executive, the digital currency is designed to be appropriate for “small-scale retail high-frequency business scenarios.”

A threat to the United States?

As reported by Top Market Group on August. 9, the PBoC has been aiming to get ahead of the U.S. and Facebook’s Libra by issuing a national cryptocurrency, as American politicians slam the brakes on the social network’s stablecoin due to regulative concerns.

However, despite the upbeat remarks by Mu, it remains unclear precisely when China’s digital currency can actually launch.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now