Yesterday, a governor of the People’s Bank of China (PBOC), Yi Gang,
outlined plans for its upcoming central bank digital currency (CBDC). Despite rumored launch dates, Yi said that the bank has no timetable for its CBDC release. Interestingly, he suggested the PBOC is considering a blockchain-based currency after all.
After his speech on China’s economic status, Yi Gang was asked by reporters about the digital currency’s status. Yi made four key points: what the CBDC will be, its goals, how it will be issued, and when.
He first reiterated that the PBOC has been looking at digital currencies since 2014, and has made positive progress. “The goal is to replace a part of M0, that is to say to replace a part of cash, it is not to replace M1 or broad money M2,” Yi stated.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
