The development phase of the Yuan Digital has been completed,“ says central bank official

Former Vice President of the National Council for the Social Security Fund of the People’s Bank of China, Wang Zhongming, announced that China has completed the development of the backend architecture for its central bank digital currency (CBDC).

Wang made the announcement during the Fintech 2020 Forum, organized by the Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing.

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With so many crypto currencies already in existence and under development, China is trying to create a payment infrastructure in which these currencies can coexist with the digital currencies of the state. Wang said such a system will create a healthier environment of competition and cooperation in the digital currency space.

According to Wang, the epidemic has increased competition in the digital currency Bitcoin Billionaire space, with more technology giants and governments interested in creating a better digital payment infrastructure. He specifically noted the development of Libra, through which Facebook is experimenting with digital wallets based on social networks.

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China’s CBDC in its test phase

China’s CBDC is currently in its testing phase, Wang said during the forum. Cointelegraph previously reported that the country has also begun drafting laws that will help launch and implement its digital currency.

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Leading payments and technology companies Alibaba, Tencent, Huawei and China Merchants Bank are believed to be working with the People’s Bank of China on development and testing.

While everyone is still unsure when China plans to officially launch its digital currency, Glenn Woo, head of Ledger Vault, told Cointelegraph that the digital Yuan is likely to be the first state-backed digital currency to be launched worldwide.