Details Emerge about China’s Digital Currency

According to more than 80 patents viewed by the Financial Times the People’s Bank of China has made significant progress on launching a digital renminbi; “The theme is that China has made massive investments and are taking this very seriously,” said Perianne Boring, President of the Chamber of Digital Commerce, to the FT. “That is drastically different from the United States’ approach and this just highlights that.”; some details include a system for interbank settlements, integrations of digital currency wallets into existing bank accounts, algorithmic adjustments to the supply on certain triggers and digital currency chip cards; there is a concern that if China is first in the market that the rest of the world will follow and the dollar’s importance will wane; other central banks have indicated that they are exploring the creation of digital currency but no one seems to be as far along as China right now. Financial Times

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