According to the statement of the People’s Bank of China (PBoC), the country’s Central bank plans to pay increased attention to the development of its own “legal digital currency”.
At the videoconference, which took place on August 2, the main tasks of the second half of this year were discussed. Among other things, the topic of cryptocurrencies was also touched upon during the discussion. The Central Bank announced its intention to accelerate the development of its own digital currency, and also confirmed plans to direct more resources to this area.
Last month, the director of the PBoC research division, Wang Xin, said that against the background of the development of the Libra cryptocurrency project, the People’s Bank of China should accelerate the development of its own digital currency, which has been working on for the past few years.
“Despite the fact that we started early, there is still a lot of work to be done to consolidate the dominant position. We need to know which currencies will make up the basket that ensures the stability of Libra. In particular, what place the US dollar will occupy in it. There is a possibility that one boss will appear – the US dollar and America itself. This can cause many economic, financial and international consequences, ” Wang Xin said.
In addition, Huawei CEO Ren Zhengfei recently spoke about this topic: “China is quite able to develop such a currency itself. Why wait for others? In any case, the country is stronger than a single Internet company.