People’s Bank of China working for its own Centralized Digital Currency

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.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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