Tuesday, October 27, 2020

Tag: China’s Central Bank ‘Close’ to Releasing Its Own Cryptocurrency – Reports

China’s Central Bank ‘Close’ to Releasing Its Own Cryptocurrency – Reports

from Sputnik News:

With Facebook pushing to create its own coin, Libra, the Chinese authorities are also entering the game. After several years of reported research amid the world’s bitcoin craze, China could become one of the first major economies to release its own cryptocurrency.

The cryptoсurrency of the People’s Bank of China is “close to being out”, a senior official from the financial institution stated at one of the country’s financial forums, Bloomberg reports. Deputy Director of the PBOC’s payments department Mu Changchun said at an event by China Finance 40 Forum that their researchers have been working since 2018 to create systems but did not elaborate about when the Chinese state digital currency will be released.