Mu ChangChun, the deputy director of the payments unit at the People’s Bank of China (PBoC) has recently revealed that its developers are close to complete a system that would support digital yuan which it has been working on since last year.
The accelerated phase by which the digital Yuan was developed seems to be a response to the impending release of Libra cryptocurrency project which the former governor of the PBoC Zhou Xiachuan labelled as a possible threat to payments systems and national currencies.
Zhou posits that the Chinese government should make good preparations to make the Chinese yuan a stronger currency suggesting that commercial entities could be allowed to issue digital yuans, as Hong Kong allowed with dollar.
The head of research bureau at the PBoC, Wang Xin, revealed previously that the central bank has been monitoring the development of Facebook’s Libra initiative and ramped up their development of its own digital currency.
Headlines for the world of Cryptocurrencies - August 11, 2019
- Digital Yuan Development Accelerated
- Ripple To Leverage Its Advantages According To CEO
- India Will Soon Introduce Crypto Bill On Next Parliament Session
- New Jersey To Have Its Own Blockchain Task Force
- Holdings Company In South Korea Using Ripple Fork For Donations
Headlines for the world of Cryptocurrencies - August 10, 2019
- Digital Yuan Development Accelerated
- Ripple To Leverage Its Advantages According To CEO
- India Will Soon Introduce Crypto Bill On Next Parliament Session
- New Jersey To Have Its Own Blockchain Task Force
- Holdings Company In South Korea Using Ripple Fork For Donations
Headlines for the world of Cryptocurrencies - August 09, 2019
- Binance U.S. Plans To List 30 Digital Assets
- BitGo Expanding Japanese Presence
- Chinese Crypto Wallet Provider ImToken Provides Insight On Local Crypto Market
- New York Bank Embraces Cryptocurrencies
- IDC Reports $16 Billion Spending On Blockchain By 2023
