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

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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
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Cissy Zhou

Cissy Zhou

Cissy joined the SCMP in 2019. Prior to that, she has been a producer at BBC News and investigative reporter at CaiXin Media. She is interested in China's politics and economy.