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