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China and a New Cryptocurrency

China and a New Cryptocurrency

The name of the entity is the People’s Bank of China and it of course controls the entire financial system in the Middle Kingdom. A report today, according to Bloomberg, states that the PBOC will issue its own cyrptocurrency and as stated by Mu Changchun, the deputy director of the PBOC payments department, it is “close to being out.” This statement was underscored at the China Finance 40 Forum, over the weekend in Yichun, Heilongjiang. 

However he did not give specifics on the timing. Mu repeated that the goal of the PBOC was to replace MO, or cash in circulation, rather than M2, which would generate credit and impact monetary policy. After five years of research, the PBC is inching toward formally introducing a digital currency of its own. Once implemented, China would be one of the first major economies to do so.

Facebook Inc has pushed for its own currency called Libra but the keep in mind that the version of digital currency in China will be put under the central bank oversight to prevent potential foreign exchange risks and protect the authority of monetary policy. The bank will, “expedite the research of China legal digital tender” …. the release is expected in the second half of 2019. We can only imagine what the world will be like in the future, what currencies around the world will  look like in the future.

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