China’s central bank, the People’s Bank of China (PBoC), has been working to develop its own digital currency. Having recently completed a trial run of its cryptocurrency based on blockchain technology, the PBoC is moving closer to becoming one of the first central banks to issue digital money. The obvious benefits of such a push include lower operating costs, greater efficiency, and better control of illicit money flows, reasons that have previously been cited by
China’s central bank thinks digital currency can do one thing cash can’t
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