People’s Bank of China (PBoC) has been working on its national digital currency from the last 5 to 6 years and is now almost ready to issue it to all major banks in the country. China fast-tracked the process of issuing DCEP after Facebook announced its crypto project Libra.
“China should take part in the global regulation of Libra.”
The former deputy governor of the People’s Bank of China (PBoC), Zhu Min, said that he thinks its critically important to join the discussion and take part in coordinated global regulation of Libra. He suggested China slow down on its national digital currency and to consider its response to Facebook’s Libra, as reported by South China Morning Post. Officials have claimed that China would be the first major country to roll out its CBDC.
“Development of DCEP is a natural process.”
Zhu Min also said that there is no official schedule for the release of China’s cryptocurrency. He further noted that the development of DCEP (Digital Currency Electronic Payment) is a “natural process.” Earlier, the chief economist of the Hong Kong Stock Exchange, Ba Shusong, said that a multilateral institution is needed to monitor cryptocurrencies like Libra. Vodafone became the latest company to leave the Libra Association last week.
Several major central banks, including the European Central Bank, Bank of Japan, Swiss National Bank, and Bank for International Settlements (BIS), grouped to analyze use cases, design, and other things about CBDC.