China pushes on with The Development of its CBDC

• Many central banks all across the globe have been cutting the interest rates to next to nothing. 
• However, the central bank in China seems to be accelerating its central-bank digital currency plan amid all the chaos.

Many central banks all across the globe have been cutting the interest rates to next to nothing. They are taking aggressive action against the economic turmoil brought on due to the coronavirus pandemic however, the central bank in China seems to be accelerating its central-bank digital currency plan amid all the chaos.

Going off the report by The Global Times earlier this week, the country is getting ever closer to issuing its own central-bank digital currency. The central bank in China has completed the development phase of the basic functions of an official digital currency and is now drafting laws that will help its integration into the people's lives.

The report by the global times also highlighted a number of private companies based in Shenzhen. This includes companies such as Alibaba and Huawei which have participated in the development of a cryptocurrency.

The managing director of Digital Renaissance Foundation, Cao Yan spoke to the news outlet saying that these private companies were selected based solely on their experience in third-party payments and blockchain.

Together, Alibaba’s Alipay and Tencent’s WeChat Pay have more than 1.5 billion active accounts all across China. They have been able to create an advanced online commercial infrastructure as they put together both e-commerce, payments and social networking.

It will be interesting to see how this situation plays out. For more news on this, Crypto Portfolios and other crypto updates, keep it with CryptoDaily!