PRC’s Central Bank Spoke Of Establishing National Virtual Currency

March 11, 2018

The chairman at the People's Bank of China Zhou Xiaochuan has claimed, development of virtual currency backed by the China’s Bank is inevitable yet did not specified whether the currency is to be crypto one or having some other technology at its basis.

In addition, Zhou Xiaochuan has noted, any step forward in the digital currency industry will do only good for the PRC so the government needs to be involved into it. What is more, he added, digital currency has to be handy, fast, cheap and, most importantly, secure.

The Central Bank’s chairman considers current cryptocurrencies as not meeting the above mentioned criteria and pointed out at the fact the state needs taking more cautious and accurate approach towards any digital currency backed by the Bank to avoid speculation.

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