PBoC says new digital payment system is almost ready
New electronic payment system will use double-layer framework for digital currency
The People’s Bank of China (PBoC) is almost ready to start using its own cryptocurrency along with a new digital payments system, said Mu Changchun, deputy director of the PBoC payments department.
The digital currency and payment system is “close” to being released after five years of research and development, revealed Mu at the China Finance 40 Forum on Saturday (August 10). The think tank took place in the northern Chinese city of Yichun and was also attended by former PBoC governor Zhou
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on CBDC
Central bank digital currencies must be user-friendly – ECB study
To be widely adopted, CBDCs will need to combine best aspects of existing payment methods
Previous CBDC research based on outdated assumptions – ECB paper
Authors say rejecting digital cash would have adverse unintended consequences
Brazil announces new themes for phase two of CBDC pilot
BCB selects private companies to test implementation of “smart contract” for drex currency
Bank of Russia expands CBDC pilot
Central bank says second phase will involve far greater numbers of people and firms than initial stage
Kyrgyzstan opens public consultation on laws governing CBDC
Amendments to legislation affecting digital som are due to come into force in 2027
Australian indigenous nation advances with digital currency
Birri Gubba dollar to be pegged to AUD and backed by assets including carbon credits
CBDCs amplify contractionary effects of monetary shocks – BoC paper
However, research finds no substantial change to transmission mechanism
Kazakhstan’s CBDC pilot enters second phase
Central bank to examine how digital tenge could be used to reduce corruption in public spending