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China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. [8] [2] In 2016, Fan Yifei, a deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". [9]
Currently five entities are jointly developing mBridge. They include the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Research Institute of the People's Bank of China (PBC DCI), and the BIS Innovation Hub Hong Kong Centre (BISIH Hong Kong Centre). [1]
Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
Every morning, Mei Yi waves goodbye to his wife and 3-year-old son and sets off for his finance job in central Beijing, riding into town by public bike share. In recent weeks, however, Mei has ...
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Circle CEO Jeremy Allaire said China is setting the pace in the development of a digital currency equivalent of its fiat currency, the renminbi. Circle CEO: China’s Digital Currency Could ...
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