People’s Bank of China To Launch Own Digital Currency

Summary: The People’s Bank of China, China’s Central Bank, released a statement on January 20th, 2016 that they are looking into the possibility of launching their own digital currency. A meeting was held, attended by the governor and deputy governor of the PBOC and “currency experts” from Deloitte and Citibank. According to the statement, the meeting was ‘overall positive towards the idea of a digital currency.’

A digital currency is attractive because it would lower the costs of printing physical notes, allow for greater tracking and control of the movement of money, as well as make transfer and settlement of funds faster and more efficient.

Bitcoin and other cryptocurrencies were not specifically mentioned in the statement.

You can access the actual statement (in Chinese) from PBOC here and an English version (via Google Translate) is available here.

Article Source: Cointelegraph | Image Source: PBOC