Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

PBOC official says China's sovereign digital currency is 'almost ready'

Tuesday 13 August 2019 | 10:48 AM CET

China’s central bank has announced that it is ‘almost ready’ to issue the country’s own sovereign digital currency, according to Reuters.

China’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’ control of money supply. However, it has so far revealed few details of its plans.

The deputy director of the People’s Bank of China’s payments department said the issuance of the digital currency will rely on a ‘two-tier’ system in which both the central bank and financial institutions will be legitimate issuers. Moreover, the digital currency would not solely rely on blockchain technology, as current blockchain technology would not be able to handle transaction volumes in China.

 advertisement
 advertisement
 advertisement
 advertisement