China’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: ShutterstockChina’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: Shutterstock
China’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: Shutterstock

China’s central bank stresses its central role in new sovereign digital currency

  • Fan Yifei, deputy governor of China’s central bank, says the main aim of the digital yuan is to defend the state monopoly on creating money
  • The People’s Bank of China official did not provide a timeline for the launch of the currency

Topic |   Digital currencies
China’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: ShutterstockChina’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: Shutterstock
China’s central bank has cracked down on trading cryptocurrencies, but is developing its own digital yuan. Photo: Shutterstock
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