The Chinese government wants to build its own digital currency, but it is unlikely to experience the investment frenzy that launched Bitcoin into the mainstream.
The central bank official in charge of the project said the new currency, developed under a project known as the Digital Currency Electronic Payment, would not be open to speculation like other cryptocurrencies, disappointing would-be speculators.
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, on Saturday said it would be “a digital form of the yuan,” China’s official currency.
There would be no speculation on its value and it would not need the backing of a basket of currencies, according t
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Dec 23, 2019