Zhu Min, a former deputy governor of PBoC said that Digital Yuan should slow it down

The vice-chairman of CCIEE, Huang Qifan told at the Inaugural Bund Financial Summit of 2019 in Shanghai that the People’s Bank of China has been studying digital payment systems for five or six years, and will probably be the first central bank to introduce digital currency in the world. However, a former deputy governor of the People’s Bank of China (PBoC) said that CBDC should slow it down.

People’s Bank of China

After Facebook announced plans to develop Libra, China’s central bank was speeding up discussions about China’s digital currency issuance. At the time, China was speeding up the development process in response to Facebook’s Libra, the vice-chairman of CCIEE, Huang Qifan, said that it would be the first country to launch cryptocurrencies.

In contrast, a former deputy governor of China’s highest banking institution – the People’s Bank of China, Zhu Min, expressed a slightly different view on the issue. He said that the country should participate in the global regulation of Libra.

Zhu Min also mentioned that there is no official schedule for issuing the digital Yuan. In addition, he noted that its development was a natural process, in the Digital Currency Electronic Payment (DCEP), because the reported research plan was mentioned.

China’s current chief economist on the Hong Kong Stock Exchange, Ba Shusong, supports Zhu’s position. He also said that it needed a multilateral organization to monitor cryptocurrencies like Libra.

The Central Bank of China is about to launch a digital currency

Huang said that the government-issued digital currencies will allow sovereign nations to consolidate the right to distribute currencies. He also said that in order to improve security and convenience, China’s new digital currency should be linked to national GDP, sovereign credit, gold and financial revenue.

Initially, the Chinese central bank announced that it would launch a government-backed cryptocurrency this November to be used by major domestic corporations. With the country’s president, Xi Jinping, said China should adopt more blockchain-based technologies.

China is investing more in Blockchain

Almost immediately after Facebook’s Libra was announced, China’s President, Xin Jinping, urged continued adoption and development of blockchain-based technology. It was later reported that the country plans to invest up to $ 2 billion in Blockchain 2023.

The 18th Collective Study of the Political Bureau of the Central Committee took place in China. The President, Xi Jinping, who is also the General Secretary of the Communist Party, has made his point on many topics, including Blockchain. He emphasized the importance of applying technology.

China has been linked to Blockchain and cryptocurrencies before. In fact, earlier this year, it was announced that the country would launch a state-backed cryptocurrency. It will be distributed through large organizations and corporations such as Alibaba, Tencent and China Bank.

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