China’s Digital Currency Will Be Two-Tiered, Replace Cash: Binance
Binance claims the PBOC’s system will allow fund transfers without the need for a bank account using what it terms ‘decoupled’ banking.
The People’s Bank of China has sent one of its strongest signals yet of a commitment to creating a digital national currency.
Get your Fourth Industrial Revolution hardhats on. CoinDesk is at Davos to help you ponder the slew of problems ailing today’s global economy.
The stablecoin would help facilitate trade among four Asian countries, which is key to economic recovery in the region after coronavirus, proponents said.
PBOC wants to distinguish its own digital currency from rival private initiatives.
China's proposed digital yuan should strike a balance between protecting privacy and regulatory enforcement, a central bank official said.
Call it the biggest short in history. China took plenty of actions against cryptocurrencies in 2017, banning ICOs, shutting down domestic exchanges and all but taking a match to what was once one of the industry's largest and most thriving ecosystems. But if China is setting a course apart from the world, Yao Qian may be its biggest asset. The man in charge of rethinking bitcoin on behalf of the world's largest state isn't just empowered, he seems to know crypto inside and out.