<a href="https:\/\/see.news\/ongoing-feasibility-studies-around-digital-currency-issuance\/">China\u2019s central bank<\/a> announced that the institution is nearing the release of its digital currency. According to Mu Changchun, deputy director of the payments unit at the People\u2019s Bank of China<a href="http:\/\/www.chinadaily.com.cn\/a\/201908\/13\/WS5d525453a310cf3e35565788.html"> (PBoC)<\/a>, explained that its researchers have been hard at work since last year to complete the systems needed to support the digital yuan offering.\r\n\r\nWang Xin the research bureau head at the<a href="https:\/\/see.news\/facebook-to-launch-cryptocurrency-soon\/"> PBoC<\/a>, reported that the central bank has been looking at the Libra situation with \u201chigh attention,\u201d and could ramp up development of its own digital currency.\r\n\r\n<img class="size-full wp-image-71920 aligncenter" src="https:\/\/see.news\/wp-content\/uploads\/2019\/08\/5847cc04-bcdd-11e9-8f25-9b5536624008_image_hires_171336.jpg" alt="" \/>\r\n<p style="text-align: center;"><span style="color: #ff0000;"><strong>digital currency<\/strong><\/span><\/p>\r\nAccording to reports, China\u2019s central bank would launch its digital token through a two-tier system, under which both the PBOC and commercial banks are legitimate issuers. The<a href="https:\/\/www.cnbc.com\/2019\/08\/12\/china-central-bank-close-to-releasing-digital-currency-pboc-official.html"> PBOC<\/a> said it wouldn\u2019t rely on blockchain exclusively, and would instead maintain a more neutral stance on which technology it decides to use.\r\n\r\nAccording to patents registered by the<a href="https:\/\/www.scmp.com\/economy\/china-economy\/article\/3022441\/china-close-launching-its-own-cryptocurrency-says-central"> central bank<\/a>, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands.\r\n\r\n<img class="size-full wp-image-71923 aligncenter" src="https:\/\/see.news\/wp-content\/uploads\/2019\/08\/images-5.jpg" alt="" \/>\r\n<p style="text-align: center;"><span style="color: #ff0000;"><strong> Facebook\u2019s currency<\/strong> <\/span><\/p>\r\nNoteworthy, at the latest count, there have been 52 patents filed under the name of the Digital Currency Research Lab of the<a href="https:\/\/www.coindesk.com\/chinas-central-bank-close-to-launching-official-digital-currency"> PBoC<\/a>, with the latest published in Oct. 9 2018, having been submitted on March 26. 2018.\r\n\r\nOn other hand, the global central bankers take a skeptical view on Facebook\u2019s plans to create a cryptocurrency alongside a consortium of major companies including Visa and Uber. Called Libra, the currency hasn\u2019t gone unnoticed by the PBOC, which said last month that it should come under central bank oversight.