China’s Central Bank Developing Its Own Crypto

China’s Central Bank Developing Its Own Crypto

In a statement issued by the People’s Bank of China (PBoC), the country’s central bank is increasing its efforts to develop its own cryptocurrency.  At the same time, the PBoC will be closely monitoring other digital currencies, both national and international. 

This news comes as the adoption of cryptocurrency across the globe continues to increase. Many analysts believe that China’s decision was also influenced by developments in Facebook’s Project Libra. The director of the PBoC, Wang Xin warned that if the US dollar were to become the basis of all future stablecoins there would be considerable financial, economic, and political consequences.

The Central Bank has been given authorisation from China’s State Council to collaborate with various stakeholders to create its own cryptocurrency. This marks a considerable u-turn by the state, which, until recently was cracking down on crypto-based businesses and offerings.

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