After five years of researches, the Chinese Central Bank has come close to introducing its own cryptocurrency, the official state media announced quoted by the Wall Street Journal over the weekend.
Mu Changchun, deputy chief of the People’s Bank of China (PBoC) payments department, said the upcoming digital currency would replace M0, or money in circulation in the economy, China Securities Journal reported.
Mu Changchun also said that the introduction of cryptocurrency could increase the effectiveness of China’s monetary policy and provide a good reference to money supply and monetary policy.
The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out,” Mu Changchun, deputy director of the PBOC’s payments department, said at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang. He didn’t give specifics on the timing.