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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Danone Launches ‘Track & Connect' Putting Baby Formula Supply On Blockchain Technology

    Danone is applying for the first time blockchain, aggregation and serialisation technologies for its infant formula packs. David Boulanger, the company’s senior VP of...

    Deribit Exchange Launches Ethereum Daily Options After Success With Bitcoin Contracts

    The Deribit Exchange specializing in crypto derivatives has launched daily Ether (ETH) options, an announcement from Monday and made on Twitter says. The strike price...

    Central Bank of Russia Proposes Amendments To Legal Framework for Tokenization

    The proposed cryptocurrency legislation in Russia could change a lot, now that a new bill for tokenization has been filed. On February 17, the Central...

    Ripple (XRP) Price Analysis (February 17)

    Key Highlights XRP market is under a falling force by the US dollar price valuation. XRP/USD pair’s value now averages a low point at...

    Binance Applies for Singapore Crypto License Under The New Payment Services Act

    Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.