Cryptocurrency
China’s central bank moves closer to issuing digital currency: insiders
As reported by the Global Times, “China’s central bank is one step closer to issuing its official digital currency. It seems the People’s Bank of China (PBC), in collaboration with private companies, has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation, […]
As reported by the Global Times, “China’s central bank is one step closer to issuing its official digital currency. It seems the People’s Bank of China (PBC), in collaboration with private companies, has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation, industry insiders said.
“As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (COVID-19) pandemic, China should accelerate the launch of its digital currency, industry insiders noted.
“Cryptocurrency is seen as the most convenient tool to translate a central bank’s zero and negative interest rate policy to commercial banks…”