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No bank account is required to transfer the upcoming CBDC to China



Binance Research, the Binance core cryptocurrency research group, reports that no bank account will be required to use the Central Bank of China's digital currency (CBDC).

Free association and anonymity

Binance Research shared findings on August 28. According to the report, CBDC in China will be transferred without a bank due to its poorly connected design. As the researchers explained, the loosely coupled design refers to a system of components that are independent of each other.

The result is that users will reportedly be able to transfer CBDCs to each other without needing a bank account. The purpose of this design is to provide a degree of anonymity to consumers, to promote a CBDC turnover rate equivalent to that of cash, and to enhance renminbi circulation and internationalization.

Smart contracts?

The report also points out that the People's Bank of China (PBoC) is considering using smart contracts in its infrastructure, but hesitates to apply anything that goes beyond "basic monetary requirements" ̵

1; a term that has not yet been defined.

According to the report, PBoC is concerned that if they implement smart contracts that add some value to the CBDC, its supply will become secure. This may reduce the usability of the digital asset and impede the PBoC's goal of internationalizing RMB.

No Plans to Launch in November

As previously reported by Cointelegraph, The Global Times claims that PBoC did not plan to release its CBDC in November. PBoC has said it plans to release its upcoming asset in November, calling the launch rumors within months to be "inaccurate speculation".

An anonymous source previously told Forbes that the technology behind its CBDC is complete and could potentially arrive as early as November 11.


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