China to Integrate the Digital Currency to Its Banking System

As per the investigation by the Chamber of Digital Commerce, China’s central bank has filed more than 80 official documents around its plans to issue a national digital currency.

These official documents include the ways of issuing currency, processing interbank settlements, creating digital chip cards, and integrating digital wallets with conventional bank accounts. A few of these documents mentioned the methods of ensuring one-to-one privacy of bank transactions. The only drawback of the explained methods it will leave all the transactions exposed to the central bank.

The initiative has led many various countries to a fear of China’s digital currency taking the market power and leadership in technology.

Presently, the United States has started to research and device the procedure of issuing and protecting their digital money.

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