China Moves Closer to Launching Sovereign Digital Currency


Source: regulationasia.com regulationasia.com

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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 (People’s Bank of China) has established a subsidiary whose core purpose is to streamline efforts towards the launch of the country’s first sovereign digital currency. The fintech subsidiary, Chengfang Financial Technology, will help to drive the PBOC’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 China’s sovereign digital currency. Bank of China, China Construction...