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  • China's central bank continues to push the digital yuan with speed

    China's central bank continues to push the digital yuan with speed

    The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”

    H/T: CoinDesk

    The PBOC continues to push the DECP to the forefront of digital currency development, in part at least, because Beijing has viewed competing digital currencies as a threat to their financial security and their ability to control their capital account. 

    China regulatory authorities banned initial coin offerings in September 2017, triggering an immediate 6% drop in bitcoin prices and forcing cryptocurrencies underground.

    China’s president has called for blockchain to become a focus of national innovation efforts, with more research and investment directed toward developing the technology. President Xi Jinping made the remarks about blockchain at an October 24, 2019, Politburo meeting.

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