People’s Bank of China Intends to Create a Digital Currency

News and Analysis

Speaking at digital currency seminar in Beijing, representatives for People’s Bank of China stated the banks had plans for creating its own digital currency.

The spokespersons for the Chinese regulator said they would attempt to launch their own digital currency project “as soon as possible”.

According to the official report posted on PBC’s website, the representatives said:

“The Central Bank team pays close attention to events here and abroad. Digital currencies are cheaper in turnover as compared to traditional money, they empower trading development, increase transparency of transacations, and reduce money laundering and tax evasion risks.”

“Digital currencies will help central banks control the currency, as well as create, reinforce and develop the new financial infrastructure,” they added.

People’s Bank of China had been interested in digital currencies for a long time. As early as in 2014 it launched a relevant research group. In 2015, government entities engaged in researching regulation experience of other countries in order to prepare domestic regulatory framework.

Participants of the conference urged the People’s Bank research group to actively study international aspects of digital currencies.

Notably, the report as published on the website, does not mention bitcoin at all, even though China is among bitcoin industry’s leaders.

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