China Ends Debate On Whether Central Banks Should Go Digital

Published Date
August 12, 2019

Central banks around the globe have, in recent years, been debating whether they should create a digital currency and what the ramifications may be. It appears China has just answered any and all questions on whether a digital currency is viable with the recent announcement that the country’s central bank, the People’s Bank of China (PBOC), is set to unveil its own central bank digital currency (CBDC).

It is a natural progression for the Chinese to move to a centralized cryptocurrency since they are already a truly cashless society. Nearly 100% of payment transactions within China are already conducted via mobile phones and digital wallets.

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