The People’s Bank of China (Chinese Central Bank) is "close" to the issue of its own cryptocurrency, writes Bloomberg agency, citing a representative of the regulator’s leadership.
The bank’s experts have been actively working on cryptocurrency development since last year, and it’s “close to release,” said Mu Changchun, deputy head of the payments department of the People’s Bank of China, at an event at the China Finance 40 Forum in Yichun.
At the same time, he did not go into details regarding the timing of the release of cryptocurrency.
Unlike decentralized cryptocurrencies based on blockchain technology, the currency that the Chinese Central Bank plans to release should help strengthen Beijing’s control over the financial system.
According to the patents registered by the regulator, consumers and companies will download an electronic wallet and exchange the yuan for a cryptocurrency, which they can use to make and receive payments. At the same time, the Central Bank of China will be able to track transactions.