China Is Developing its Own Digital Currency
- PBOC cryptocurrency could give unprecedented read on consumers
- Payment platforms like Alipay, WeChat set to face competition
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China’s central bank is going digital.
After assembling a research team in 2014, the People’s Bank of China has done trial runs of its prototype cryptocurrency. That’s taking it a step closer to becoming one of the first major central banks to issue digital money that can be used for anything from buying noodles to purchasing a car.