PBoC Research Lead: 'Crucial' to Issue Central Bank Cryptocurrency Soon

PBoC Research Lead: ‘Crucial’ to Issue Central Bank Cryptocurrency Soon

A researcher at the People’s Bank of China (PBoC) has said it is "crucial" that the country gets a central bank-issued cryptocurrency as soon as possible. According to a report by South China Morning Post, Yao Qian, who leads cryptocurrency research for China’s central bank, explained the importance of introducing digital legal tender at a forum in Beijing, Saturday. Such a move, he said, would help in cutting transaction costs and expanding financial services to rural areas, while also increasing the efficiency of the PBoC’s monetary policies. Qian remarked at the event that "the development of digital economy needs […]