24 Jan '16, 4am

Look out #bitcoin! #China wants to launch its own digital currency

China's central bank is mulling plans to launch its own digital currency as soon as possible. The People's Bank of China said it has been studying digital currencies since 2014 and reviewing what implementation would look like. But in a statement posted on its website this week, the bank didn't give a specific timeframe for when such a currency could become a reality, nor did it say how it would work in relation to its paper currency, the yuan. Issuing digital money could help "reduce the high costs of circulating traditional currencies ... boost the convenience and transparency of transactions, reduce money laundering , tax evasion and other criminal acts," according to the statement, which summarized the findings of a special meeting on the subject in Beijing this week. Related: What is Bitcoin? Digital currencies have been in the spotlight with the rise of Bitcoin in re...

Full article: http://money.cnn.com/2016/01/21/technology/china-digital-...

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money.cnn.com 24 Jan '16, 5am

China's central bank is mulling plans to launch its own digital currency as soon as possible. The People's Bank of China s...

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