Chinese Central Bank Mulls Issuing Own Digital Currency

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The People’s Bank of China may start issuing its own digital currency, the bank said in a statement Thursday.

A group of experts, set up in 2014, is studying foreign banks’ experience in digital currency creation to decide whether such a move would be successful in China.

According to the bank, digital currency will strengthen financial infrastructure and payment systems while enhancing foreign exchange controls for social and economic development of the country.

Digital currency helps reduce the volume of money laundering and simplifies the trading process, the bank said.

The statement did not specify the timeframe of the possible currency creation.

 

 

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