RATE Group | Central Bank of China Official Says Digital Yuan Will Be Different From Bitcoin
73101
post-template-default,single,single-post,postid-73101,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Central Bank of China Official Says Digital Yuan Will Be Different From Bitcoin

24 Dec Central Bank of China Official Says Digital Yuan Will Be Different From Bitcoin

Posted at 02:39h in Bitcoin News by

[ad_1]

The People’s Bank of China’s (PBoC) deputy director Mu Changchun said that the digital form of the yuan will be different to Bitcoin (BTC) and stablecoins.

Chinese news outlet South China Morning Post reported on Dec. 22 that the head of the digital currency research institute at the PBoC said that China’s digital currency would be a digital form of the yuan with no room to speculate on its value, and without the backing of a basket of currencies. Mu explained:

“The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

Mu recently indicated that China’s new national digital currency would operate in a two-tier system, with the PBoC on top, and commercial banks allowed in the second tier of the centralized system. 

PBoC starts trials to restrict large cash transactions

In November, the People’s Bank announced that it intends to carry out a pilot with restrictions…

[ad_2]

Source link

Tags:
, , , , , ,