Chinese Central Bank’s New Digital Currency Will “Revolutionise” Monetary
Chinese Central Bank’s New Digital Currency Will “Revolutionise” Monetary
The flagship newspaper of the Chinese Communist Party (CCP) says the People’s Bank of China’s (PBOC) launch of a statutory digital currency will have a “breakthrough,” “revolutionary” significance for the international monetary system.
Mu Changchun (穆长春), vice-head of PBOC’s payments and settlements department, said at the China Financial 40 Conference on 10 August that the release of a digital currency by the Chinese central bank was “imminent.”
In an article published on 14 August by the People’s Daily website Sun Zhaodong (孙兆东), senior economist at the China Construction Bank University’s Fintech and Big Data Research Academy, said that the “launch of a digital currency by China’s central bank possesses major, breakthrough significance.”
“”It not only refers to digitisation of money under the existing monetary system, but also the launch of a completely new cryptocurrency system based on new internet technology, and in particular blockchain technology,” said Sun.
“PBOC’s launch of a digital currency is a major monetary system revolution, both domestically and internationally.”
Sun said that the launch of a central bank digital currency will “make real time collection of data on money creation, accounts and liquidity a possibility.”
