The People’s Bank of China has announced that it is very close to the release of its own crypto-currency, reported Bloomberg. Mu Changchun, deputy director of the PBOC’s payments department, said at an event that the bank’s researchers have been working intensively since last year to develop systems, and the crypto-currency is “close to being out.”
The development comes at a time when Facebook’s support for its very own crypto-currency Libra has created concerns among central banks across the world. “It is without a doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” said Dave Chapman, executive director at BC Technology Group Ltd was quoted as saying in the report.
The official, the report said, claimed that the new crypto-currency would replace the cash in circulation and support internationalization and circulation of Yuan. While other digital currencies are expected to lead to flexibility and decentralization of the financial system, the Chinese crypto-currency is expected to give more control over the financial machinery.