China likely to launch its own Government Backed digital currency in 2016

 China likely to launch its own Government Backed digital currency in 2016

Today in Wednesday 3rd February 2016 and we are discussing the report issued by Bloomberg Business that China is considering launching its own digital currency.

The report the details of which to be found in the latest EDITION OF Bitcoin magazine states, and we are going to quote a substantial part of it as it is so eloquently explained:

“The People’s Bank of China (PBOC) is studying the prospect of issuing its own digital currency and is aiming to roll out a product as soon as possible. The PBOC, China’s central bank, is persuaded that a state-backed digital currency could reduce capital outflow, money laundering and tax evasion, make economic activity more transparent and improve the efficiency of global transactions.

The creation of China’s state digital currency was discussed at a meeting in Beijing, attended by digital fintech experts and high level authorities including PBOC’s Governor and Deputy Governor. The PBOC’s official statement is in Chinese only, but Chinese speakers have confirmed that the automatic translation provided by Google is reasonably accurate and understandable.

A research team including experts from Citigroup and Deloitte has been looking into digital currencies since 2014 and has achieved some encouraging initial results. This team is now expected to “set up clear strategic objectives for digital currencies issued by the central bank, and develop key technologies and applications aimed at an early launch of a digital currency issued by the central bank.”

Our sources within China not only advise us that this is true but the planning is at such an advanced stage. We expect to see a product being launched before the end of 2016. We are speaking with experts on crypto currency economics to try and assess the ramifications of such an introduction, for without doubt they would certainly be quite profound.






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