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China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release

  • PBOC’s currency to assert state control of digital currencies
  • Central banks seen accelerating work after Facebook’s Libra
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Photographer: Qilai Shen/Bloomberg
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The People’s Bank of China is “close” to issuing its own cryptocurrency, according to a senior official.

The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out,” Mu Changchun, deputy director of the PBOC’s payments department, said at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang. He didn’t give specifics on the timing.