In 2014 Peoples Bank of China assembled a team of researchers for its National #Cryptocurrency program. The team has successfully done the trial runs of the currency proposed and now is being tested for transactions.
Online payements are being used everywhere. From making purchases on Amazon to paying electricity bills, From booking movies to topping up phone. But in #China it is much more forward and advanced. They use QR codes on vending machines to pay, Lunar newyear gatherings are paid online, lunches, gas stations, tolls, etc. This is increasing with every ongoing day and can be seen clearly in the report below.
The PBOC feels it much more challenging to be as the central bank of both the digital and physical realms. So if you can't beat them then why not join them. This was the main motivation behind the development of a National Cryptocurrency.
For users, PBOC-backed cryptocurrency system would not seem much different. But as for as Merchants are concerned they will get benifits of lower transaction fees, no middleman, direct transfer etc.
on 15th December PBOC completed a trial demoing the working of transactions in distributed ledger system. Some other banks that took part in the tests were Industrial and Commercial Bank of China (ICBC), Bank of China and WeBank.
According to a few experts the new coin is named as ChinaCoin. This is said to bring transparency in banking system and stop money laundering cases in the country.
The currency is said to be introduced in phased manner, in a few markets to start with.
