China’s central bank steps up efforts to create digital currency
The People’s Bank of China is cautious about digital money beyond its control, such as Bitcoin, and is researching benefits of its own sovereign digital currency
The People’s Bank of China (PBOC) is stepping up its research on a “sovereign digital currency” as it joins other central banks and financial institutions in exploring future forms of money.
China’s central bank banned Bitcoin, the internet currency, from being used by the country’s financial institutions in 2013, saying that Bitcoin was not a real currency and could not become a legal form of money.
Established banks are also working on the future of money, too. Citigroup has been running tests on its “Citicoin” digital currency, while Goldman Sachs has filed a patent for its SETLcoin digital currency for settling transactions.