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.
Shopify ramps up lobbying presence in Washington, Brussels as lawmakers take aim at tech
Magna, BlackBerry announce joint project on advanced driver assistance
Google trying ‘to avoid regulation’ by critiquing Online News Act, feds say
BP plans major carbon capture project on Texas Gulf Coast
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.
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.