PBoC gets go-ahead from China’s cabinet to develop digital currency

China’s central bank develops own CBDC, as officials voice concerns over Facebook’s Libra

Digital currency
Digital go-ahead: the PBoC’s efforts to develop its own CBDC could boost the yuan’s competitiveness

China’s cabinet, the State Council, has given the go-head for the next stage of the People’s Bank of China’s digital currency programme, according to Wang Xin, director of the central bank’s research bureau.

“With the official approval from the State Council, the PBoC is organising financial institutions to jointly research and develop a central bank digital currency (CBDC),” Wang told a seminar at Peking University on Monday (July 8).

The central bank’s CBDC programme started early in 2014,

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