PBOC Vice Governor Says Central Banks Should Lead on Digital Currencies
Fan Yifei, vice-governor of the People’s Bank of China believes the best way to make the most of digital currencies is to supervise them and to create their own digital currency. Writing in the Bloomberg View column, Fan states that in order for the PBOC to tackle the challenge of supervising digital currencies it needs to think about how it can maintain financial stability, innovation and proper supervision regarding the issuance and circulation of the new digital currencies. Fan said: With internet access increasing and encryption technology improving, the conditions are ripe for digital....
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The People’s Bank of China (PBOC) Governor Zhou Xiaochuan was just recently interviewed and had quite a bit to say concerning digital currency. The central bank official spoke of capital outflow, Bitcoin, and centralized digital yuan. Xiaochuan expressed a lot of knowledge on the subject, and he says the PBOC has been researching digital currency for quite some time now. Xiaochuan states in the written transcript: The governor of the bank, Xiaochuan gave strong opinions regarding the subject of permissionless and permissioned digital currencies. He believes the central bank adds a....
The head of China’s central bank, the People’s bank of China (PBOC) has provided more details about the bank’s significant recent revelation. Less than a month ago, the PBOC announced that it will try to launch its own digital currency “as soon as possible.” In a wide-ranging interview with Caixin Weekly, PBOC governor Zhou XIaochuan provided more insight into the PBOC’s recent announcement of issuing its own yet-unnamed digital currency. The governor notes that China’s digital currency will be fundamentally based around central banking system principles. He opined that the central bank....
The People’s Bank of China (PBoC), the country's central bank, is moving toward the launch of its own digital currency. The PBoC said in a 20th January release that it had held a meeting discussing the possibility in Beijing. Attendees included central bank governor Zhou Xiaochuan and deputy governor Fan Yifei, as well as a group of “relevant research institutions, major financial institutions and advisory bodies of experts”. Notably, the central bank put together a team dedicated to digital currency research in 2014 – the work of which played into the Beijing meeting. In addition, the....
The central bank official said stablecoins issued by private companies may require "stronger regulatory rules" than Bitcoin. Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets.According to Chinese journalist Colin Wu, Li made the comments at the Boao Forum in southern China on Sunday. The PBoC head said there are still regulatory risks for the central bank, citing its previous ban on initial coin offerings and....
The Bank of England’s deputy governor for monetary policy, Ben Broadbent believes that the issuance of digital currency by central banks will put commercial banking’s business model and practices at risk. He also stated that digital currencies (bitcoin etc.) are unlikely to replace established fiat currencies. Bank of England (BoE) deputy governor Ben Broadbent has claimed that switching over to digital currencies or a digital version of the sterling pound will have a negative impact on banks. In his opinion, a digital version of sterling could “impair” commercial banks’ ability to make....