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)
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