Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nMu repeated the PBoC\u2019s intention that the digital currency\nwould replace M0, or cash in circulation, rather than M2, which would generate\ncredit and impact monetary policy. The digital currency would also support the\nyuan\u2019s circulation and internationalization, he said. The remarks signal the\nPBoC is inching toward formally introducing a digital currency of its own after\nfive years of research.<\/p>\n\n\n\n
Facebook Inc.\u2019s push to create cryptocurrency Libra has\ncaused concerns among global central banks, including the PBoC, which said the\ndigital asset must be put under central bank oversight to prevent potential\nforeign exchange risks and protect the authority of monetary policy. \u201cLibra\nmust be seen as a foreign currency and be put under China\u2019s framework of forex\nmanagement,” Sun Tianqi, an official from China\u2019s State Administration of\nForeign Exchange, said.<\/p>\n\n\n\n
Unlike decentralized blockchain-based offerings, the PBoC\u2019s\ncurrency is intended to give Beijing more control over its financial system.<\/p>\n\n\n\n
According to patents registered by the central bank,\nconsumers and businesses would download a mobile wallet and swap their yuan for\nthe digital money, which they could use to make and receive payments.\nCrucially, the PBoC could also track every time money changes hands.<\/p>\n","protected":false},"excerpt":{"rendered":"
The People\u2019s Bank of China (PBoC) is \u201cclose” to issuing its own cryptocurrency, according to a senior official. The bank\u2019s researchers have been working intensively since last year to develop systems and will launch its own cryptocurrency soon. Daily Current Affairs Quiz 2019 Mu repeated the PBoC\u2019s intention that the digital currency would replace M0, […]<\/p>\n","protected":false},"author":13,"featured_media":4758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[447],"offerexpiration":[],"class_list":["post-4757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-china"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=4757"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4757\/revisions"}],"predecessor-version":[{"id":4759,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4757\/revisions\/4759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/4758"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=4757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=4757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=4757"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=4757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}