Cau­tion on dig­i­tal cur­rency plan

China Daily (Canada) - - BUSINESS -

China is ac­cel­er­at­ing re­search into dig­i­tal cur­rency, as the coun­try hopes to use new tech­niques to dig­i­tize pa­per cur­rency and make trans­ac­tions more trans­par­ent and ef­fi­cient, a top cen­tral bank of­fi­cial said. Since China floated plans for a legally backed dig­i­tal cur­rency in 2014, two rounds of re­vi­sions have been made to the orig­i­nal plan while fur­ther re­search is still un­der way, ac­cord­ing to Yao Qian, the cen­tral bank of­fi­cial lead­ing the dig­i­tal cur­rency re­search cen­ter. China will first in­tro­duce the cur­rency in cer­tain money mar­kets and pro­mote its use in a grad­ual and cau­tious way, Yao said, with­out giv­ing a spe­cific timetable.

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