China's Central Bank is Testing a Blockchain-Backed Digital Currency
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....
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