China's Central Bank Weighing Blockchain Tech for Digital Currency
The head of the People’s Bank of China (PBOC) opened up about its proposed digital currency initiative in a new interview with Caixin Weekly today, suggesting that the Chinese central bank is considering options that do not use blockchain technologies in its development. Speaking to the news source, governor Zhou Xiaochuan said that the PBOC is considering mobile payments, cloud computation, secure chip and blockchain tech as means to create and operate an electronic cash network. However, Xiaochuan suggested that there's no indication of what the finished product will look like, going on....
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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....
China's central bank has reportedly tested a blockchain-based digital currency. According to a report by Caixin yesterday, the People's Bank of China (PBOC) completed a trial on 15th December in which it demoed how transactions and settlements might take place via a custom distributed ledger system. The test was reportedly held in conjunction with major domestic commercial banks including Industrial and Commercial Bank of China (ICBC), Bank of China and WeBank. The report reads: "The bank suggested the digital currency would not only reduce circulation costs but also increase....
China’s central bank digital currency now has 261 million unique users, according to an official of the central bank, the People’s Bank of China (PBOC). Furthermore, transactions worth 87.5 billion yuan ($13.78 billion) have been made using the digital yuan and more than 8 million merchants now accept e-CNY.
China’s Central Bank Digital Currency Growing in Adoption
Zou Lan, head of financial markets at the People’s Bank of China (PBOC), provided an update on the country’s central bank digital currency (CBDC), the digital yuan, at a press....
The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers.
China’s Central Bank Insists on Expanding Digital Yuan Environment
The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will....
If the United States is still not ready for central bank digital currency, it will stay on the sidelines of tech and financial innovations. Welcome to the world of central bank digital currency, or CBDC, where big countries like China and small countries like the Bahamas are trying to mark their presence. It’s a world where 86% of the world’s central banks are trying to create digital currencies. Almost 60% of them are working on the concept and 14% have already introduced a pilot program.Related: Did CBDCs affect the crypto space in 2020, and what’s next in 2021? Experts answerCBDC: A....