China Moves Closer to Launching Sovereign Digital Currency

PBOC has formed a new subsidiary to streamline efforts to launch a central bank digital currency, which is now being tested at four state-run banks. The PBOC (Peopleࢀ™s Bank of China) has established a subsidiary whose core purpose is to streamline efforts towards the launch of the countryࢀ™s first sovereign digital currency. The fintech subsidiary, Chengfang Financial Technology, will help to drive the PBOCࢀ™s broader goal of modernising the financial system, boosting innovation and improving governance, Caixin reports . So far, four state-owned commercial banks have started large scale testing of Chinaࢀ™s sovereign digital currency. Bank of China, China Construction…