RATE Group | Chinese Banking Vet: Digital Yuan On The Way
87618
post-template-default,single,single-post,postid-87618,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
 

Chinese Banking Vet: Digital Yuan On The Way

06 May Chinese Banking Vet: Digital Yuan On The Way

Posted at 23:57h in Cryptocurrency News by

Digital yuan could be on the horizon in China to replace paper money, authorities say.

According to a report, the launch of the digital currency is likely to happen soon, and it could become prominent if four key components are met, per the former Bank of China President Li Lihui.

Lihui said those components are as follows: better efficiency, lower costs for transactions, enough economic scale with commercial value, and people accepting it as legitimate.

Li, in a digital chat this week, addressed an excited populace. He said the digital yuan would be independent of any existing bank or organization, unlike current digital forms such as WeChat Pay and Alipay.

He noted that any currency using digital technology could classify itself as a digital currency, and pointed to several categories, including blockchain-based cryptocurrency, legal digital currency from the Central Bank and trusted institutions’ digital currency.

The digital yuan would…

Source link

Tags:
, , , ,