People’s Bank of China considers digital currency

Announcements | February 16, 2016 By:

People’s Bank of China Governor Zhou Xiaochuan has suggested that the central bank is not only interested in digital currencies but is also researching related technologies.

“The PBOC has studied digital currencies for a long time. History shows that currency has evolved abreast of technological advances and development of economic activities.— From the central bank’s perspective, a digital currency should be designed in a way that can best protect people’s privacy, but we also need to pay attention to social security and social order,” said Xiaochuan.

Xiaochuan said that digital currency should be designed in a way so as to ensure people’s privacy, while at the same time paying attention to social security and social order – appropriate instruments should be in place to deal with illicit activities.

“A balance needs to be struck between protecting privacy and cracking down on illegal activities,” said Xiaochuan.

The People’s Bank of China is the central bank of the People’s Republic of China with the power to control monetary policy and regulate financial institutions in mainland China.