Chinese Central Bank to develop legal digital currency

Posted 05 August, 2019

People's Bank of China confirmed the development of its own cryptocurrency. The government of the country has initiated the creation of a working group that will implement the financial project. The corresponding message appeared on the website of the Chinese regulator.

On August 2, the Central Bank held a large-scale conference with representatives of the FINTECH industry and discussed with them the prospects for creating their own cryptocurrency, which will receive official legal status. Regulatory specialists noted that they actively follow the global trends and needs of citizens, who have long since switched to cashless payments with bank cards.

According to the report made by the specialists of the PBOC, the PoC research unit has identified the basic requirements that the future cryptocurrency must meet. Many recent projects are trying to become legal, but we will initially develop a coin that world regulators will approve.

The head of Huawei, Ren Zhengfei, previously reported that China has every opportunity to launch its own cryptocurrency, which will become a full-fledged competitor for fiat money. The basis for the coin will be the Libra project, focused on cooperation with the regulatory authorities of the United States and European countries.

Also earlier, the ex-chairman of the People’s Bank of China, Zhou Xiaochuan, suggested that the Hong Kong model could be chosen by the Celestial authorities to create a digital yuan. It involves the issuance of money by commercial enterprises under the supervision of the central bank.

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