In January, the People's Bank of China (PBOC) announced that it is planning to launch a digital currency and that development is already well underway as it has been working with a group of experts on the project for the past two years.
China is expected to launch a digital currency, which is likely to be a crypto currency based on blockchain technology.
The new Chinese crypto-currency would be issued by the People's Bank of China (PBOC), which will use its control over the currency to reduce money laundering, tax evasion and other criminal acts.
Other countries that are developing their own crypto currencies include Philippines, Mexico and Russia. Thailand is working on its plans for a cashless society.
Did you know?
- Nearly 75% of the Bitcoin that is traded globally is through the Chinese exchange, Bitcoin China (BTCC).
- Most of the hardware used to mine Bitcoin is produced in China.
- Chinese miners are thought to account for 30% to 60% of the total mining of Bitcoin.