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.”

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Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.