Governor of the People’s Bank of China: ”the digital currency is inevitable due to technology development”
The introduction of digital currency is „inevitable”, according to the outgoing governor of the People’s Bank of China, who nevertheless stresses that any progress on the issue will be carried out in a „steady and orderly fashion”.
Last September China introduced a blanket ban on cryptocurrency trading, but the country has also been busy investigating the possibility of tapping into distributed ledger technology for a state-backed alternative.
Speaking at a press conference earlier this month, Zhou Xiaochua – who has now left his role as PBC governor – said: „It is safe to say that the digital currency is inevitable due to technology development. In the future, the use of traditional banknotes and coins will shrink or even disappear one day. There is such a possibility.”
The PBC will continue its research work on digital currency and electronic payments, entering the testing phase „when ready”, with Zhou stressing that digital currency should promote convenience, efficiency, cost effectiveness, safety and privacy protection in the retail payment system.
Source: finextra.com
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
