Blockchain architecture has been used for cross-border financing and settlements, but cryptocurrencies such as bitcoin and central bank digital currencies (CBDCs) have very little in common, the South China Morning Post reported.
CBDCs such as China’s digital yuan (e-CNY) are centralised by design and don’t need a decentralised ledger, such as in the case of bitcoin, the report said. The underlying system running e-CNY can be summed up as ‘one coin, two databases, three centres’, the report added.
Read the full report: South China Morning Post
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