The People’s Bank of China released a statement in which they have mentioned that they will accelerate the research and development for their “legal digital currency.”
The central bank hosted a video conference on 2nd of August to discuss it’s tasks and goals for the rest of the year 2019. During this meeting, they mentioned cryptocurrencies and said that they will closely monitor the crypto trend.
On seeing the influence of Facebook’s Libra platform, the director of banks research bureau, Wang Xin, revealed that the bank was studying the concept to launch their digital cryptocurrency.
Zhenfei Ren, CEO of Huawei, commented that China is more powerful than Facebook when it comes to issuing cryptocurrencies. If they wish to move in the direction, the government will have an overwhelming impact.