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People’s Bank of China on Digital Currency

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People’s Bank of China on Digital Currency

Various banks in Asia displayed concern in launching digital currencies of their own, one of which is the People’s Bank of China (PBOC). The bank held a convention that tested the demur and welfare of administering blockchain and distributed ledger technology to enhance China’s monetary and social systems

Zhou Xiaochuan, head of the PBoC, was recently interviewed by Caixin Weekly, and his comments shed some light on why the PBoC is so interested in various digital currency technologies.

Xiaochuan views digital currencies as a essential in an constantly tech-oriented society.

“With the rapid development of the Internet and the significant changes in the global payment systems, it is necessary to establish the issuance and circulation system of digital currency, which will help build the financial infrastructure and improve the quality and efficiency of the economy.”

Zhou Xiaochuan considers that digital currencies issued by the government will different from other digital currencies like bitcoin. The central bank still sustain the control of the issuance of the government digital currency. He acknowledged that these new crypto currencies should have assorted instruments implemented that will avoid terrorist financing and money laundering. He also added: The deal,dissemination and issuance of digital currency will ensue the same management foundation of traditional currency.

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