PBoC says new digital payment system almost ready

New electronic payment system will use double-layer framework for digital currency

China
People’s Bank of China almost ready to start using its own cryptocurrency

The People’s Bank of China is almost ready to start using its own cryptocurrency along with a new digital payments system, said Mu Changchun, deputy director of the PBoC payments department.

The digital currency and payment system is “close” to being released after five years of research and development, revealed Mu at the China Finance 40 Forum on August 10.

The think-tank took place in the northern Chinese city of Yichun and was also attended by former PBoC governor Zhou Xiaochuan. A

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