Shang­hai-based fin­tech vet­eran Rich Tur­rin says that de­spite the wide­spread as­so­ci­a­tion be­tween dis­trib­uted ledger tech­nol­ogy and cryp­tocur­ren­cies, Chi­na’s hotly awaited dig­i­tal ren­minbi will not be based on blockchain tech­nol­ogy.
Shanghai-based fintech veteran Rich Turrin says that despite the widespread association between distributed ledger technology and cryptocurrencies, China’s hotly awaited digital renminbi will not be based on blockchain technology. In an interview with China Banking News Turrin said China’s central bank digital currency (CBDC) will instead mark an evolution from pre-existing payments systems created by tech giants such as Alipay and WeChat, as practical challenges mean that the blockchain is not the best technology to use for its underlying foundation. […]
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In an in­ter­view with China Bank­ing News Tur­rin said Chi­na’s cen­tral bank dig­i­tal cur­rency (CBDC) will in­stead mark an evo­lu­tion from pre-ex­ist­ing pay­ments sys­tems cre­ated by tech gi­ants such as Ali­pay and WeChat, as prac­ti­cal chal­lenges mean that the blockchain is not the best tech­nol­ogy to use for its un­der­ly­ing foun­da­tion.
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