China to Hold Second Lottery Trial of the Digital Yuan
A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.
It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.
"We are not like libra and we don’t have an ambition to replace existing currencies,” said a former governor of the People's Bank of China.
The terms of the restructuring are expected to curb the Alibaba affiliate's profitability and valuation.
“The PBOC that is not criticized by the public will not withstand the test of history," the current head of the central bank says. Zhou Xiaochuan's legacy – the digital yuan – was sidelined, until it became necessary.
A CBDC is a central bank digital currency, a new type of money governments are experimenting with that often has blockchain at its core.