China's sovereign digital currency is 'almost ready': PBOC official

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 20%
  • Publisher: 66%

China's central bank is 'almost ready' to issue the country's own sovereign digital currency, a senior central bank officer said.

Singapore Headlines News

Singapore Latest News, Singapore Headlines

YICHUN, China/BEIJING: China's central bank is"almost ready" to issue the country's own sovereign digital currency, a senior central bank officer said.

Mu Changchun, deputy director of the People's Bank of China's payments department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.China's central bank set up a research team in 2014 to explore the possibility of launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply. However it has so far revealed few details of its plans.

Mu said the issuance of the digital currency will rely on a"two-tier" system in which both the central bank and financial institutions will be legitimate issuers. He also said that the digital currency would not solely rely on blockchain technology as current blockchain technology would not be able to handle transaction volumes in China.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vietnam-China spat casts shadow over S. China Sea code of conductA weeks-long stand-off between China and Vietnam eased last week after a Chinese surveying ship and its coast guard escorts left Vietnam's exclusive economic zone amid international lobbying by Hanoi.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

World War II Pacific battlegrounds now site of US-China tug of warMAJURO, MARSHALL ISLANDS (AFP) - Pacific islands that were key World War II battlegrounds but largely neglected for the past 30 years are now back in the spotlight as China challenges traditional US supremacy in the region.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

US to China: Stop 'dangerous' media reports on diplomat in HK[WASHINGTON] The United States on Friday demanded that Beijing-backed news outlets stop sharing 'dangerous' reports after a newspaper revealed personal information about an American diplomat in Hong Kong who met with pro-democracy activists. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Typhoon in eastern China causes landslide, killing 18 peopleEighteen people were killed and 14 were missing in eastern China on Saturday in a landslide triggered by a major typhoon, which caused widespread transport disruptions and the evacuation of more than one million people, state broadcaster CCTV reported. Typhoon Lekima made landfall early on Saturday
Source: YahooSG - 🏆 3. / 71 Read more »

Former US ambassador to China warns Beijing intervention in Hong Kong will provoke TaiwanAs Hong Kong demonstrators enter their 10th consecutive weekend of protests, the former U.S. Ambassador to China warned Beijing against interference, saying that could escalate tensions across the Strait.
Source: YahooSG - 🏆 3. / 71 Read more »

Death toll from typhoon in eastern China rises to 30 as storm moves northSHANGHAI — The death toll from a major typhoon in eastern China rose to 30 on Sunday (Aug 11), with 18 people missing, state broadcaster CCTV reported, as the country braced for more travel disruptions as the storm moved further north up the coast.
Source: TODAYonline - 🏆 1. / 99 Read more »