The People’s Bank of China is “close” to market its own cryptocurrency, according to Bloomberg, quoting Mu Changchun, deputy director of payments for the entity.
Researchers at the Chinese central bank have been working hard to create a virtual currency since last year, the official said during the China Finance 40 forum, held last weekend in the city of Yichun.
Without detailing dates, Mu said the cryptocurrency will replace currency and support the internationalization of the yuan.
Unlike other decentralized currencies based on blockchain technology, the new cryptocurrency of the People’s Bank of China would be designed to offer Beijing more control over its financial system.
According to the patents registered by the entity, businesses and consumers must download a digital wallet in which they will exchange their yuan for digital money with which to make and receive payments. The important thing is that the system will allow the central bank of the Asian giant to track these transactions.
At the end of 2017, China was recognized as a key market for cryptocurrencies: 80% of digital coin mining capabilities were in Chinese territory.