China's Central Bank Prioritizes Development of Digital Currency
China's central bank, the People's Bank of China (PBoC) announced that it accelerated the development of its cryptocurrency. PBoC purportedly received approval from the State Council to begin work with other market participants on a central bank digital currency.
PBoC suggested that it should accelerate the research and development of its digital currency. Furthermore, the statement also indicates that much attention should be also given to other domestic and foreign cryptocurrencies.
In early July, PBoC director Wang Xin said that Libra could, “could create a scenario under which sovereign currencies would coexist with U.S. dollar-centric digital currencies. But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”