China’s Central Bank Digital Currency Won’t Be Blockchain-based or Rival to Alipay: Rich Turrin
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![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. […]](http://www.chinabankingnews.com/wp-content/uploads/2020/05/PBOC2.jpg)
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