8/15/2019

China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release

"Unlike decentralized blockchain-based offerings, the PBOC’s currency is intended to give Beijing more control over its financial system.


According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands.

The central bank will “expedite the research of China’s legal digital tender” and monitor the trends of virtual currency development at overseas and at home, the PBOC said in a statement listing its work plan for the second half of 2019 released in early August."