China's central bank has accelerated the testing of its new sovereign digital currency to become the world's first cashless society.
PBoC has officially confirmed several digital yuan test reports. PBoC insisted that the deployment of the digital yuan will not cause inflation.
Central banks around the world are taking strong action against coronavirus pandemic. But China’s central bank is speeding up its CBDC development.
China's Central Bank enters a new phase of its tests for a digital currency payment system. The central bank had completed the preliminary tests.
China's digital currency approach will favor international payments and the national retail system, said a former senior official.
China could launch its digital currency in the next 6 to 12 months. That could become a challenge to the global dominance of the US dollar.
Former Fed Chair Alan Greenspan said Tuesday that central banks do not need to issue digital currency. It's useless for them to do it, Greenspan said.
China’s President Xi Jinping held a study session on blockchain technology on Thursday and stressed that the country should adopt this emerging technology.