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China’s sovereign digital currency is ‘almost done’: PBOC official

YICHUN, China/BEIJING (Reuters) – China’s central bank has been “almost ready” to issue its own sovereign is a digital currency, a senior central bank officer said.

Mu, Changchun, deputy director of the People’s Bank of China, the department’s payment, he made the comments on Saturday at a forum held in the northern Chinese province of Heilongjiang.

China’s central bank, in a research that of 2014, to explore the possibility of launching its own digital currency to cut out the cost of staying in traditional paper-money, and to increase policy-makers’ control of the money supply. However, it has been so far revealed few details of his plan.

Mu said that the issue of the digital currency will have to rely on a “two-tier” system, in which both the central bank and financial institutions will have to be a legitimate issuers.

He also said that the digital currency could not only be relying on the blockchain technology as well as the current blockchain technology will not be able to handle the transaction volumes in China.

Reporting by Li Zheng, Yingzhi Yang and Brenda Goh; Editing by Jacqueline Wong

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