China Plans Release National Digital Currency for Retail Payment

On November 26 during the Caixin Hengqin Forum in Zhuhai, Xiaochuan Zhou gave an interview, saying, the national digital currency should solve the main problem of the financial system - to make retail payments more accessible for users.

The official believes that large countries have a great responsibility to the international community and should be careful when choosing new technical solutions. Nevertheless, he added, cryptocurrencies and blockchain have been studied enough to be introduced in the financial sector without the credibility gap.

Zhou also stressed that the use of crypto yuan in international payments and transfers is not the main goal of the developers. He considers the use of cryptocurrency for transboundary payments requires a slightly different implementation, so the country will introduce digital currency into the retail sales system first and only then will expand its capabilities.

We already wrote that China has begun regulation of the cryptosphere and is looking for violators of existing law. This is a reasonable step before introducing a national cryptocurrency.

Neironix analytic agency - the latest cryptocurrency news!