PBC: Close to releasing its own digital currency

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PBC: Close to releasing its own digital currency

People’s Bank of China (PBC): Close to releasing its own digital currency

  • China’s central bank is nearly ready to issue its own sovereign digital currency
  • It will have a two-tier system where both the PBC and commercial banks can issue the token
  • Researchers at the bank have been working on the currency for five years
  • PBC’s digital currency also a substitute for coins and notes in circulation
  • The digital currency would boost circulation of the yuan, including internationally
  • The news comes as central bankers take a skeptical view on Facebook’s cryptocurrency plans