The Central Bank of China Will Develop Its Own Cryptocurrency

According to reports, China's central bank plans to build its own digital payment system. The Central Bank of China will in recent days announce that it will build Electronic Payment system in Digital Currency, aiming to make it easier for people to send money quickly, safely, and comfortably for business transactions.

But it has not been determined exactly whether the platform will be developed with blockchain technology or other technologies, although the consensus in building a national digital payment system is very clear.

Digital electronic payment systems are working to solve some financial stability issues, as well as help to prevent risk and consumer protection. The system is directed at the realization of non-volatile digital money, and performs adequate economic factor planning.

According to sources from the Central Bank of China, the idea to develop this digital currency system to achieve solutions in terms of convenience, speed and low cost of the retail payment system, taking into account the security and protection of privacy.

the vision of developing this digital currency in order to replace the use and management of paper money, it is given that inevitably the evolution that is motivated by the development of technology.

The Central Bank of China's authorities have made it clear that they strongly support blockchain technology, and adhere to research plans on digital and electronic currency payments, which have been approved by the State Council.

The most suitable basic platform for the development of Electronic Payment of Digital Currency will be done with blockchain technology. As is well known that there has been a conversation between the OK Coin company with the Chinese government and its willingness to collaborate with the project.

The CEO of OKCoin has notified its staff that it has had a conversation with the Central Bank of China concerning OICO overseas expansion plans, and is willing to contribute in the process of building an electronic payment system.

For digital payment solutions that the Chinese government wants to build is obviously very special, sacrificing some of the natural characteristics of all cryptoes, such as aspects of decentralization, and anonymity.