Chinese Central Bank Fast Tracks Digital Currency Development

Asia Blockchain Review
August 14, 2019
Chinese Central Bank Fast Tracks Digital Currency Development

China’s central bank has recently announced moves to accelerate research and development of its cryptocurrency, as well as plans to give greater attention to other digital currencies.

As reported by Cointelegraph, the People’s Bank of China (PBOC) summarized the proceedings of a video conference in which it conveyed priorities of both the Party Central Committee and the State Council on economic and financial initiatives ranging from monetary policy to support for small enterprises. 

Responding to Increased Adoption of Cryptocurrencies

The PBOC also said it should strengthen financial risk remediation as well as its policy propaganda interpretation while responding quickly to social concerns.

The bank’s latest move to prioritize the development of a digital renminbi appears to be in response to the growing adoption of digital currencies worldwide, especially in the wake of Facebook’s announcing its Libra stablecoin project. 

In July, PBOC Director Wang Xin said Libra could “create a scenario under which  sovereign currencies would coexist with U.S. dollar-centric digital currencies.” He noted, however, that there would essentially be “one boss” – namely the U.S. dollar and the United States. This would bring about a series of economic, financial and even international political consequences, according to Wang.

An Uncertain Future for Libra Amid Regulatory Concerns

The State Council has reportedly given approval for the PBOC to begin working with other market participants on a central bank digital currency.

Also in July, former PBOC governor Zhou Xiachun warned that the country must take precautions against Libra. 

That same month, Facebook warned its investors that the Libra stablecoin may never see a launch date due to increasing regulatory concern.


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