For the past five years, China’s central bank has been researching digital currencies in the hope of getting ahead of the rest of the world in cashless payments.
But little has emerged about what any new digital sovereign currency — which would be the first of its kind — might look like, or when it might be rolled out. As a result, questions have been raised over how it could affect citizens, commercial banks and businesses.
Last month, after President Xi Jinping’s endorsement of blockchain spurred stocks to rally, and Facebook’s founder Mark Zuckerberg warned the US Congress that Beijing’s digitisation efforts could leave American finance in the dust, confusion and speculation about the proposed digital currency has grown.
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