1. Home
  2. News

PBoC Says China Developing National Cryptocurrency

PBoC Says China Developing National Cryptocurrency

The People’s Bank of China (PBoC) released a statement on March 29 saying that it is taking measures to promote the “central bank’s digital currency,” indicating that the world’s most populous nation is continuing to develop a national cryptocurrency.

PBoC deputy governor Fan Yifei was quoted in the statement as saying that one of the main tasks for the PBoC in 2018 is to “solidly promote research and development of the central bank’s digital currency” while also carrying out “rectification of various types of virtual currency” in his speech at the 2018 PBoC national video conference on March 28.

Bloomberg reported that the PBoC was developing its own national cryptocurrency as far back as February 2017. Former People’s Bank of China governor Zhou Xiaochuan revealed in a media briefing on March 9 that the new digital currency would be tentatively named “digital currency electronic payment,” or DCEP, and would be released in 2019.

China banned initial coin offerings (ICOs) and cryptocurrency exchanges in September 2017. However, instead of offering more freedom and convenience to consumers, the PBoC’s national cryptocurrency project may have much more to do with China’s policy of strict capital controls and support for the Yuan, China’s national currency.

Last year, China restricted foreign exchange purchases to RMB 100,000 (or about $15,900) per bank account, with an annual limit on foreign currency purchases set at roughly $50,000 per person. Norwegian blockchain media CCN reports that cryptocurrencies were among the most popular methods for large holders of Yuan to purchase foreign currencies, skirting the official ban.

03 Apr 2018

Subscribe to our newsletter

Our newsletters are sent on a regular basis and are aiming to provide you most overall market situation

Latest news

FinTech And Blockchain Social Night In NYC

The networking party happening afte...
19 Nov 2018

SIX Swiss Exchange To List Multi-Crypto ETP

SIX Swiss Exchange, Switzerland’s...
19 Nov 2018

New Funding Rounds: KuCoin, Lolli and Mythical Games

A cryptocurrency exchange KuCoin, a...
19 Nov 2018

19% Tax On Income From Cryptocurrency Transactions In Poland

The government of Poland has submit...
18 Nov 2018

Germany’s Only Regulated Bitcoin Exchange To Become A Bank

Bitcoin Group SE, which operates Bi...
16 Nov 2018

ICORating Releases Quarterly Report (Q3 2018)

ICORating’s analysts have release...
16 Nov 2018

New Token Listings: Stellar and Odyssey

Trading pairs of Stellar (XLM) and ...
16 Nov 2018

New Token Listing: PlusCoin

Trading pairs of ICO project PlusCo...
16 Nov 2018

Crypto Exchange KuCoin Raises $20 Million

Singapore-based crypto exchange KuC...
16 Nov 2018