The People’s Bank of China is close to issuing its own cryptocurrency

The People’s Bank of China is close to issuing its own cryptocurrency
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Dear Benchers! Hot news from China!

The People’s Bank of China is close to issuing its own cryptocurrency and considers plan to replace cash and Bitcoin.

«PBOC is inching toward formally introducing a digital currency of its own after five years of research. Facebook Inc.’s push to create cryptocurrency Libra has caused concerns among global central banks, including the PBOC, which said the digital asset must be put under central bank oversight to prevent potential foreign exchange risks and protect the authority of monetary policy.» — the remarks from Bloomberg.

Compared to decentralized blockchain-based offering, the People’s Bank of China currency is intended to give Beijing more control over its financial system. The central bank will make a research of legal digital tender in China and will monitor the trends of Cryptocurrency development inside China and abroad.

Stay tuned with ICObench!

13 Aug 2019



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