BitOffer Institute: China’s leading Banks are testing the PBOC token, which would boost Bitcoin tenfold
The Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC) and Construction Bank of China (CCB) have participated in the internal testing of a digital currency APP which released by People’s Bank of China (PBOC). At present, some internal employees of these Banks have started to use APPS for transfer and payment, etc.
To register the App, users need to open a digital wallet at one of the four Banks. The digital wallet is attached to each bank’s account, and users can recharge their funds into the wallet, which can be either online banking or card binding. This “digital currency” can realize recharge, withdrawal, transfer, scan code consumption and other functions. The transfer can be carried out by the other party’s mobile phone number, and the transfer function is being tested without network. The payment logic is similar to third-party payment such as WeChat and Alipay, where users can scan QR code to pay each other.
The digital currency DCEP of the PBOC has been developed since 2014, and its main purpose is to replace M0 and the function of cash. It borrows from the UTXO model of Bitcoin, and adopts the dual offline technology in payment. In other words, both parties can complete the transfer and payment through touch or scan even without the network.
China’s Top four Banks testing PBOC digital currency APP reflects China’s expectation of encryption’s value.
Lucian, the chief analyst at BitOffer exchange thought, the action that top four banks of China testing the PBOC digital currency could drive the BTC prices go rising. As this year is the third time of BTC halving, the Bitcoin block rewards have been cut from 12.5 to 6.25 BTC, which will accelerate the scarcity of BTC. As mining becomes more difficult and demand for Bitcoins outstrips supply, the value of bitcoins rises.
As the top four banks led by testing the PBOC token, people’s perception of encryption currencies will continue to improve, and Bitcoin as the top cryptocurrency, will naturally get more attention. The increased consensus will fuel a surge in the price of bitcoin, the Bitcoin bull market could drive the price of bitcoin up tenfold, at current bitcoin prices, that would be more than $100,000. So now is the perfect time to buy bitcoin.
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