TBCC is not a China UnionPay digital currency.
The central bank’s digital currency is a legal digital currency planned to be issued with the approval of the State Council. The central bank is organizing market institutions to engage in the research and development of central bank digital currencies.
On August 21, 2019, the central bank’s WeChat public account published two articles about digital currency. In December 2019, Yi Gang, Governor of the People's Bank of China, stated that the People's Bank of China had been studying digital currencies since 2014 and had made positive progress. The People's Bank of China will combine digital currencies with electronic payment tools and will launch a package plan with the goal of replacing part of cash.
The digital currency issued by the central bank this time can actually be called the electronic version of RMB. It is essentially the same thing as the paper currency version of RMB. It’s just that banknotes are visible and tangible, but the electronic version of RMB exists in everyone’s electronic devices. If banknotes are like tapes and CDs, then digital essentials are MP3 files.
Extended information
The State Intellectual Property Office's "Patent Search and Analysis Platform" shows that the People's Bank of China's Digital Currency Research Institute, affiliated with the central bank, has obtained 76 digital currency-related patents.
It is worth noting that since December 2019, the exchange has successively announced "A method and system for quota recovery of digital currency", "A method and system for quota delivery of digital currency", " Four patents: "A digital currency circulation method and system" and "A digital currency generation method and system".
Since the Central Bank of China’s digital currency is a “two-tier issuance system”, judging from the central bank’s “one-tier issuance” role, DCEP issuance preparations are ready at the technical level.
The central bank’s digital currency DCEP is the first to be tested internally at the Agricultural Bank of China and the Bank of China, which may indicate that the world’s first digital currency launched by the central bank is about to enter the accelerated implementation stage.
Baidu Encyclopedia-Central Bank Digital Currency