The currency will replace money issued directly from the central bank and follow a “two-tier system,” with the People’s Bank of China (PBoC) issuing tokens to financial institutions that will then distribute them to clients. The digital fiat currency has been in the works since 2014, said Mu Changchun, deputy director at the Payment and Settlement Department of the PBoC, over the weekend. Mu said the bank has been working “overtime” to get the currency ready, in light of recent “external factors.” (Technode)
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Amid FTX fallout, Canadian companies keep faith in Gemini, the custodian holding their crypto
Briefing
Australia to scrutinize foreign investments in EV, critical mineral sectors
U.K. proposing to criminalize explicit deepfakes
Nearly one-third of businesses planning price hikes as inflation looms large: StatCan
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
