Cryptocurrencies: Chinese CBDC could be issued within the first few months of 2020

By Roberto D. | CryptoFarm | 12 Nov 2019

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Jack Lee, managing director of HCM Capital, said in an interview with CNBC published today, that the Chinese central bank will issue its CBDC within two or three months and that this tool will be used to further strengthen the monitoring of capital flows. The fact that the Chinese state crypt is ready to be launched has been known for months and has been confirmed by the same authorities, what has remained so far is that the Chinese government had already tested a series of implementations, in a sense superimposable to the blockchain technology, which allowed the monitoring of money flows through serial numbers on banknotes, a system that we could consider similar to the one that will be implemented soon in Tunisia, as we were able to explain in an article published a few hours ago. Lee also pointed out that the Chinese CBDC will work on the basis of the banking infrastructure that the country already has, so it will not launch a new network and the Chinese state crypt, but this seemed obvious, it will have nothing to do with bitcoin but it will be substantially centralized. Meanwhile, more and more countries are coming into the open, that many governments were working, in a more or less obvious way, to launch their own digital currency was known for at least a year, but the statements of the Swiss secretary of state for international finance are interesting (Daniela Stoffel) reported again by CNBC today and relaunched by cointelegraph; in fact, Stoffel stated that:

"The pressure on governments to launch their own CBDCs has been underway for some time; more and more countries are beginning to realize that this is really happening and that the questions and challenges implicit in an electronic currency are now real. I hope this will give further impetus to decisions on a global basis "

Stoffel then acknowledged that the fears concerning the limits of the blockchain, in the first place with regard to the monitoring of transactions in order to counter money laundering, are more than legitimate, but these concerns must be addressed, according to the Swiss secretary of state , and cannot become a justification for blocking technological development.

 


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


CryptoFarm
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