Global Times reports show China is accelerating its plans for a central bank digital currency.
In Brief:
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The Bank of China has completed development of basic functions of the currency.
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It is now drafting implementation laws.
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A number of companies including Alibaba and Tencent are involved.
What does this mean?
Some of the knowledge on this progress comes from the various patents obtained by Alipay relating to the official digital currency, which include issuance, transaction recording and digital wallets.
