PBC (The People's Bank of China) sees the introduction of digital currency as "inevitable", according to its outgoing governor. The country last year banned cryptocurrency trading but The People's Bank of China has also been examining how distributed ledger technology could be used for a state-supported alternative. Zhou Xiaochuan said cryptocurrencies should boost efficiency, convenience and safety in retail payments. But he also highlighted that some "technological applications" have simply become virtual asset deals, which need to be dealt with by regulators as they conflict with the principle of financial services serving the real economy.
The People's Bank of China (PBC) sees the introduction of digital currency as "inevitable", according to its outgoing governor. The country last year banned cryptocurrency trading but PBC has also been examining how distributed ledger technology could be used for a state-supported alternative. Zhou Xiaochuan said cryptocurrencies should boost efficiency, convenience and safety in retail payments. But he also highlighted that some "technological applications" have simply become virtual asset deals, which need to be dealt with by regulators as they conflict with the principle of financial services serving the real economy.