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ABU DHABI (Reuters) – The People's Bank of China (central bank) is "almost ready" to issue a sovereign digital currency for the country, said Tuesday a senior official of the central bank.
Mu Changchun, deputy director of the payments department of the People's Bank of China, made the remarks on Saturday at a forum in the northern province of Heilongjiang.
The People's Bank of China formed a research team in 2014 to study the possibility of launching a digital currency for the country in order to reduce the cost of traditional paper-money transactions and to strengthen the control of decision makers on the money supply. But China has given little details on its plans so far.
Mu said the issuance of a digital currency would be based on a "binary" system in which the central bank and financial institutions would be legitimate issuers.
(Reuters)
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