China's People's Bank of China Is Getting Closer to Launching Its Own Cryptocurrency
After five years of researches, the Chinese Central Bank has come close to introducing its own cryptocurrency, the official state media announced quoted by the Wall Street Journal over the weekend.
Mu Changchun, deputy chief of the People's Bank of China (PBoC) payments department, said the upcoming digital currency would replace M0, or money in circulation in the economy, China Securities Journal reported.
Mu Changchun also said that the introduction of cryptocurrency could increase the effectiveness of China's monetary policy and provide a good reference to money supply and monetary policy.
The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out,” Mu Changchun, deputy director of the PBOC’s payments department, said at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang. He didn’t give specifics on the timing.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Joint Statement of the 15th India-EU Summit (15 July 2020)
- » COVID-19 in Hungary: Bulgaria Listed as "Yellow" Country, 14-Day Quarantine or 2 Negative PCR Tests to Enter Hungary
- » COVID-19 in Greece: Mandatory Masks in Closed Public Places Temporary Abolished
- » Referendum In Russia: Putin is Allowed To Remain President Until 2036
- » 50,000 New Cases of COVID-19 in US, Trump: I Fully Support the Masks. I Think They Work
- » New Zealand's Health Minister Resignes After Breaches of Lockdown Rules