People’s Bank of China (PBoC) Talks Plans to Fast-Track R&D Related to its Legal Digital Currency

On Friday, August 2, 2019, the People’s Bank of China (PBoC) supposedly held a video conference in which things that needed to be achieved in the second half of the year were elaborated upon. According to The Block, China’s central bank reported its plans to accelerate its goals with regard to a country-wide digital currency as being part of its agenda.

It turns out that the country has a number of plans with less than six months left before year end. First, the PBoC argued the need for “a prudent monetary policy” that would “maintain a degree of tightness and timely, pre-adjust and fine-tune,” which is believed to help the country’s GDP growth rate.

Other endeavors include, “strengthening policy”, ensuring that the monetary policy is implemented in the real work, and focusing on financial services delivered to micro-firms.

Furthermore, it was discussed that efforts will be made to rid the country’s potential exposure to financial risks, while emphasizing towards becoming a leader within the “financial supply side”, providing help by offering financial opportunities and finding ways to better financial services and management places.”

That makes the country’s plans for a legal digital currency seventh on the central bank’s schedule. In particular, it was shared:

“The seventh is to develop financial technology by means of the situation, strengthen tracking and research, and actively meet new challenges. Accelerate the pace of research and development of China’s legal digital currency (DC/EP), track and study the development trend of virtual currency at home and abroad and continue to strengthen Internet financial risk remediation.”

The Financial Action Task Force (FATF) has found that the country has made positive progress in regard to anti-money laundering and anti-terrorism financing as well.

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