The People’s Bank of China (PBoC) set to launch it’s government-backed digital currency, CDBC. It is after 5 years of research says a China Daily report on 20th Aug. Experts also claim that Libra launch has triggered the launch.
Pilot testing has already started and many state-owned companies are tying up with banks to test cross-border scenarios using the CBDC. With smooth proceedings, the PBoC expects to launch the currency sooner than Libra. CBDC’s organizational structure is similar to that of Libra’s. Also, Binance is launching a blockchain project Venus, which is a competitor to Libra.
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