The next steps in the country’s digital currency/electronic payment, or DC/EP, project—which it has been hammering away at for five years—are to “follow the principles of stability, security and control” and to “select pilot verification areas, scenarios and service scopes,” said Mu Changchun, the head of the PBOC’s digital currency research institute.
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Finance professionals predict US first to global digital currency
China’s digital yuan has a big lead, and a central bank representative called the creation of the first global stablecoin ‘a horse race.’
China has spent five years preparing to launch the digital yuan, which might happen in a matter of months. But bankers and financial industry professionals surveyed at an industry conference in October still believe the United States will be the first to create a global digital currency.
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Binance: Official Chinese stablecoin close
Global influence is a goal of the People’s Bank of China cryptocurrency; Binance will work closely with regulators on its Venus stablecoin
Top cryptocurrency exchange Binance released its own predictions about China’s forthcoming stablecoin.
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China ready to launch central bank cryptocurrency
Facebook loses out to Chinese tech giants Alibaba and Tencent, which will join major banks in distributing the new digital asset
Forbes’ Michael del Castillo reported on August 27 that the national bank’s digital currency will be a permissioned blockchain controlled by the central bank, and is intended to replace the bills and coins used in daily transactions rather than the renminbi itself.
