Not Bitcoin, Not Speculative
Head of the PBOC Digital Currency Research Institute, Changchun stated Saturday at a financial meeting in Beijing that “The digital yuan is used to spend, not for speculation. It does not have the characteristics of bitcoin speculation, nor does it require a basket of assets to support its value like stablecoins,” reported Shanghai Securities News.

The media outlet details that Changchun affirmed the digital yuan would not be a crypto asset like bitcoin or a type of stablecoin as being proposed by Libra.

Preparations ‘Basically Completed’
The report quotes Changchun as saying:

At present, the digital currency DCEP [Digital Currency Electronic Payment project] of the People’s Bank of China has basically completed the top-level design, standard formulation, functional research and development, joint debugging and testing.

The next step is to begin rolling out pilot programs for the currency, though no specific timeframe has been given. When this is complete, the projected plan is to issue the currency to commercial banks which would then disperse the CBDC to the public.

Sourced through Scoop.it from: news.bitcoin.com