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China ready to launch its digital currency


China ready to launch its digital currency

The People's Bank of China has announced to launch its digital currency, but the date is yet to be declared.

The country invested most towards the development of cryptocurrency while controlling successive prohibitions, which now very few countries have: rather than wait and watch they launch own project, under centralized control like everything else in China and aimed to take advantages of the cryptocurrencies by starting its own.

The deputy director of the PBOC's payment department, Mu Changchun, stated that digital currency would replace Mo, or cash in circulation, rather than M2, which would generate credit and impact monetary policy.

Reportedly, the structure of digital currency will be different from what we' ve known till now. It is supervised at two levels, with the People's Bank of China above and the country's commercial banks below to manage china's economy.

Instead of depending on slow cryptocurrency transactions, they planned an idea to generate a stable currency, a new vehicle transaction which will have all the cryptocurrency advantages without any instability and fluctuations.

Moreover, China wants to do traceability in its project for all economic transactions to avoid the problems related to cash, such as crime submerged economy or to support Beijing to control over the financial system.