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Cryptocurrencies

PBoC prioritises digital currency development

Monday 5 August 2019 | 10:53 AM CET

The People’s Bank of China (PBoC), China’s central bank, has announced that it accelerated the development of its cryptocurrency.

PBoC summarised in a statement the proceedings of a video conference, in which the bank conveyed the Party Central Committee and the State Council priorities on economic and financial initiatives ranging from monetary policy to support for small businesses. The bank suggested that it should accelerate the research and development of its digital currency, while attention should be given to other domestic and foreign cryptocurrencies.

China’s central bank said that it should strengthen financial risk remediation and its policy propaganda interpretation. Moreover, PBoC purportedly received approval from the State Council to begin work with other market participants on a central bank digital currency.

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