Altcoin News: Central Bank of China Intends to Accelerate the Development of Its Own Digital Currency

August 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The People’s Bank of China (PBoC) intends to accelerate research and development in the field of “legal digital currency”, according to the statement of the department.

On August 2, the central bank held a video conference on the tasks of the second half of 2019. During the discussion, the regulator mentioned cryptocurrencies, namely the need to monitor this industry at the global level.

Last month, the head of PBoC research bureau, Wang Xin, suggested that the regulator will have to speed up work on its own digital currency, which he has been studying for several years, in the light of the announcement of the Libra project from Facebook.

Also recently, Ren Zhenfei, CEO of Huawei Technology Corporation, made a statement on this issue: “China can issue such currency itself. Why wait for others to release it? A country will always be stronger than a social media company.”

Author: Marko Vidrih