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Reuters
Central Bank of China
A senior official from the People's Bank of China revealed that the bank was "almost ready" to issue a sovereign digital currency for the country at a time when Beijing is engaged in a trade war with Washington.
Mo Changchun, deputy director of the payments department of the People's Bank of China, recently made the remarks at a forum held in Heilongjiang Province in northern China.
The People's Bank of China formed a research team in 2014 to study the possibility of launching a digital currency for the country, to reduce the cost of traditional paper money circulation and to strengthen the control of decision makers on the money supply, but China has not yet revealed much to its plans.
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.
He added that the country's digital currency would not rely solely on blockchain technology, as currently available technologies would not be able to handle the volume of transactions in China.
Source: Reuters
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