China Mulls Answer to Bitcoin With Digital Currency Study
- People's Bank of China says digital currency reduces cost
- PBOC set up team in 2014 to research digital currencies
China Considers Rival to Bitcoin
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China’s central bank said it is studying the prospects of issuing its own digital currency and aiming to roll out a product as soon as possible, contending that alternative payment systems can improve the efficiency of global transactions.
The People’s Bank of China set up a research team in 2014 to study digital currencies and application scenarios, according to a statement posted on the regulator’s website. The PBOC said it has consulted with experts from Citigroup Inc. and Deloitte LLP, though it didn’t specify what technology it would be using to issue its digital currency or how it would work in relation to the yuan.