China's central bank wants to launch its own digital currencies to cut the costs of circulating traditional paper money and boost policymakers' control of money supply, the People's Bank of China (PBOC) said on Wednesday.
A PBOC research team set up in 2014 to look into digital currencies should make preparations for launches, according to a central bank statement posted on www.pbc.gov.cn.
"The team ... should set up a clearer strategic target for launching digital currencies, overcome the key technological barriers ... and aim for an early launch of the central bank's digital currencies," the PBOC said.China leads the way.
Virtual currencies can also help boost transparency of economic activities and curb money laundering and tax evasions, it added.…
Reuters
China's central bank plans to launch its own digital currencies
4 comments:
"and boost policymakers' control of money supply," and "China leads the way...."
Yeah, leads the way being morons...
Leads the way Into the cashless society.
"Leads the way Into the cashless society."
Everyone in Canada uses their chipped Interac bank debit card to pay for purchases. You just tap at Starbucks. What's the special magic in that?
Anyone can still withdraw cash at the window, tho. That's planned to go away. Now it's just the mechanics of how to do it that are being debated by TPTB. Then there would be a trail available to governments for all transactions involving munnie.
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