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People's Bank of China to release its own cryptocurrency soon

Digital currency will replace cash in circulation
16:26, 12 August 2019

Hacker Noon

The People’s Bank of China is close to issuing of its own cryptocurrency which will replace cash in circulation, as the press agency Bloomberg reports.

“The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out,” deputy director of the PBOC’s payments department Mu Changchun said.

The deputy director also noted that the digital currency will replace MO in circulation which would generate credit and influence on the monetary policy.

Related: Bitcoin mining: How to make money on the cryptocurrency?

China may become the first country with the official release of its own cryptocurrency after five years of research.

As it was reported earlier, the cryptocurrency Karbo, elaborated by the Ukrainian programmers, has entered TOP-10 of the world cryptocurrency with high anonymity.

"It works on the Crypto Note protocol and it is one of the few cryptocurrencies that allows holding absolutely anonymous and untraceable transaction," BitcoinNews and Coinmarketcap reported.

Related: Security Service names cryptocurrency as main mechanism of financing “LNR”, “DNR”

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