- 02.02.2020

China digital currency launch

china digital currency launchHe suggested the PBOC expand pilot schemes to more Chinese cities and officially launch the digital currency as soon as possible to meet. The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People's Bank of China, the country's central bank.

China digital currency launch

Along china digital currency launch injecting vast amounts of money into the financial system, they have cleaned vast amounts of it—literally. From America to South Korea, central banks have quarantined and disinfected potentially contaminated china digital currency launch.

China digital currency launch

This hassle should make them all the more interested in a digital-currency pilot now under way in China. If successful, it could change how central banks manage both liquidity and physical cash.

Dozens of central banks have started looking at whether to china digital currency launch digital currencies.

China digital currency launch

But only a few have run trials and none here gone as far as China, which appears set to become the first country to put a central-bank digital currency CBDC into limited use. The city of Suzhou will give some to government employees next month to cover transportation costs, according to state media.

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Citic Securities, a brokerage, forecast on April 16th that China would formally launch the digital yuan later this year. China began exploring the concept in because of the technological upheaval in its financial system.

An official digital currency could china digital currency launch china digital currency launch a risk from china digital currency launch transition.

China digital currency could revolutionize global payments

Were mobile-payment systems to china digital currency launch or a crisis to erupt, people might want cash. But there is less and less of it in see more. They would also be able to transfer cash even when offline—for instance, via Bluetooth.

A screenshot of one mobile wallet in testing recently spread online. It looked sufficiently reassuring, showing an image of a one-yuan note stamped with a central-bank serial number.

China digital currency launch

Officials will be able to track china digital currency launch digital cash in circulation, making it much harder to launder money or evade taxes. The central bank could also use coding to control how the money is used.

China digital currency launch

For example, if it issues China digital currency launch to a commercial bank for lending on to small businesses, it could ensure china digital currency launch the money is activated only once transferred to a small firm.

And China might find it easier to make nominal interest rates negative: cash china digital currency launch no longer china digital currency launch an alternative to bank deposits because negative interest rates could apply to digital cash itself.

China digital currency launch

These powers are still some way off. For now central banks must continue to worry about money-laundering—both illegal and antiviral.

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