Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters
Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters

China economy

Economy /  China Economy

China’s new digital currency ‘isn’t bitcoin and is not for speculation’

  • Mu Changchun, central bank official in charge of plan for virtual yuan, also reveals that it will not need the backing of a basket of currencies
  • He did not mention Facebook’s cryptocurrency project Libra, which is scheduled to be launched next year and will be backed by a basket of underlying assets

Topic |   China economy
Cissy Zhou
Cissy Zhou

Updated: 4:54pm, 21 May, 2020

Why you can trust SCMP
Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters
Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin. Photo: Reuters
READ FULL ARTICLE