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Currency

China says new digital currency will be similar to Facebook's Libra

Updated : September 06, 2019 12:17 PM IST

China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply.
Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers.
China says new digital currency will be similar to Facebook's Libra
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