According to CoinTelegraph, following 5 years of vigorous research, the Central Bank of China announced the release of its cryptocurrency. Mu Changchun, the Deputy Director of the People’s Bank of China, stated that the new cryptocurrency is ready to be launched. The prototype of the blockchain-based currency has already been established. Yet, the launch date still hasn’t been announced.

The statement was made during the China Finance Forty Forum. Mu Changchun also claimed that along with blockchain the new currency will have unique operating systems for the intricate economy of the country and the large number of citizens. According to the Deputy Director of the bank, the systems will assist the growth of the coin’s adoption rate as well as its encouragement.

Changchun claimed that the currency targets small retailers. It is not like other crypto coins because of its unique and difficult architecture.

The bank also stated that the release of Facebook’s new stablecoin will most likely accelerate the launch. The People’s Bank of China is concerned that as Libra gains acclaim it will have a greater influence on the global economy. That is why the bank is very invested in the matter. The financial institution still has a lot of work to do before releasing the coin to the public.