China Will ‘Undoubtedly’ Pursue Digital Yuan, Central Bank Says
The People’s Bank of China has sent one of its strongest signals yet of a commitment to creating a digital national currency.
The Chinese e-commerce giant has reportedly agreed to help the nation's central bank develop infrastructure including a wallet for its cash-equivalent digital currency.
The People's Bank of China has apparently played down rumors of a house sale settled with its in-the-works digital currency.
A local report suggests the pilot is an indication the digital yuan is close to being launched.
China is said to be planning additional testing of its digital yuan across a number of developed regions including Hong Kong.
The stablecoin would help facilitate trade among four Asian countries, which is key to economic recovery in the region after coronavirus, proponents said.