Central Bank of China to create own digital currency

BEIING (Web Desk) - The People’s Bank of China (PBOC) proclaimed it is planning to issue its own digital currency to “boost control of money.”

According to the bank an expert group was formed in 2014 to look at the possibility. It will look at digital currency research and experience domestically and abroad.

The digital currency could make stronger financial infrastructure and payment systems while enhancing foreign exchange controls for social and economic development of the country, according to the regulator.

It added that a digital currency would also help reduce money laundering and simplify the trading process.

Design of the digital currency should be based on “economic, convenience and safety principles.” The low-cost of a digital currency and wide coverage are also among the requirements.

The announcement did not identify when the bank is planning to roll out the digital currency.