Saturday, December 14, 2019
Martin Hennecke

PBOC set to roll out digital currency
<p>China&#39;s central bank is &quot;almost ready&quot; to issue the country&#39;s own sovereign digital currency, a senior central bank officer said.</p><p>Mu Changchun, deputy director of the People&#39;s Bank of China&#39;s payments department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.</p><p>China&#39;s central bank set up a research team in 2014 to explore the possibility of launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers&#39; control of money supply.</p><p>However, it has so far revealed few details of its plans.</p><p>Mu said the issuance of the digital currency will rely on a &quot;two-tier&quot; system in which both the central bank and financial institutions will be legitimate issuers.</p><p>He also said that the digital currency would not solely rely on blockchain technology as current blockchain technology would not be able to handle transaction volumes in China.</p>
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