PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

China may not recognize bitcoin as a legal currency, but it seems to have a clear vision for a state-issued alternative. At a meeting hosted by the International Telecommunication Union this week, Yao Qian, the Director of the Digital Currency Research Institute under the People’s Bank of China, reportedly boasted about the potential of a state-owned digital currency, while suggesting that there is an inherent lack of value anchoring public cryptocurrencies like bitcoin. According to a report by Yicai , Qian also framed a state-issued digital currency as a way to stabilize domestic fiat currency, while better securing country’s […]