Altcoin News: Shenzhen Special Economic Zone to Investigate Digital Currency

August 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Central Committee of the Communist Party of China has announced a plan for the development of a special economic zone in Shenzhen, which included research on the renminbi-linked national digital currency and its promotion.

According to the local news agency STCN, the KMK Central Committee announced the following goal for further activities in the region:

“Ensuring compatibility with the financial markets of Hong Kong and Macau and mutual recognition of monetary products.” “When promoting the renminbi internationally, we will try to identify cross-border financial control measures and support innovative technology scenarios, such as research in digital money and mobile payments,” the publication says. “The Central Committee of the Chinese Communist Party and the Council of State will support the creation of a pilot demonstration zone for socialism with Chinese characteristics in Shenzhen.”

Earlier, representatives of the People’s Bank of China confirmed their readiness to launch a national digital currency.

Author: Marko Vidrih