PBoC gets go-ahead from China’s cabinet to develop CBDC
China’s central bank is developing its own CBDC, as officials voice concerns over Facebook’s Libra
China’s cabinet, the State Council, has given the go-head for the next stage of the central bank’s digital currency programme, according to Wang Xin, director of the central bank’s research bureau.
“With the official approval from the State Council, the People’s Bank of China is organising financial institutions to jointly research and develop a central bank digital currency,” Wang told a seminar at Peking University on Monday (July 8).
The PBoC’s central bank digital currency (CBDC) programme
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