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The People's Bank of China (PBoC), the central bank of China, has announced that it is accelerating the development of its cryptocurrency.
In a statement dated August 2, the PBoC summarized the proceedings of a videoconference during which the bank transmitted the priorities of the Party Central Committee and the State Council to economic and financial initiatives ranging from monetary policy to support small businesses.
PBoC suggested accelerating the research and development of its digital currency. In addition, the statement also indicates that much attention should also be given to other domestic and foreign cryptocurrencies.
In addition, the bank said it should strengthen financial risk correction as well as its interpretation of political propaganda and respond quickly to social concerns.
The digital renminbi in reaction to Facebook's Balance
The PBoC has apparently given priority to the development of a digital renminbi in response to the growing adoption of crypto-currencies around the world, especially after the announcement of Facebook's Libra stablecoin project.
In early July, Wang Xin, director of PBoC, said Libya could "create a scenario in which sovereign currencies coexist with digital currencies centered on the US dollar. But there would be essentially one boss, namely the US dollar and the United States. If that were the case, it would entail a series of economic, financial and even international political consequences.
The PBoC would have received approval from the State Council to start working with other market players on a central bank digital currency.
Also in July, former PBoC governor Zhou Xiaochuan warned that the country should take precautions against Libya. Zhou was governor of the PBoC from 2003 to 2018, a period during which the government began cracking down on activities and activities related to cryptography, including banning initial coin bids.
US lawmakers recently called on the country to play a leading role in the development of blockchain and cryptocurrencies at the recent hearing on "Reviewing regulatory frameworks for digital currencies and blockchain".
As Cointelegraph reports at the end of July, Facebook warned investors that its stablecoin wording could never be released due to growing regulatory concerns. Meanwhile, retail giant Walmart has filed a patent for its own digital currency, similar to Libra.
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