Xiaochuan, the president of the CFA (China's Finance Association) and previous governor of China's central bank, mentioned at a gathering on the 27th of October that the People's Bank of China is developing a digitized yuan.
He stated China's goal for cryptocurrencies is significantly different from that of other nations in the G7.
Major Updates:
- The People's Bank of China was aiming to utilize its digitized Yuan for retail remittances locally.
- The central bank seeks to stop adopting the dollar as a general medium of exchange in China.
- Xiaochuan also stated that in China, they have been working tirelessly to promote the DCEP.
- However, their goal, idea, and design differ from the principle of the Group of Seven.
Nations that represent the world's biggest economies have publicly stated their worry about the start of Libra by Facebook, saying that it threatens the world's financial systems.
What do you think of China's digital currency? Let's discuss in the comments.
Source: Cointelegraph.
