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’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
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