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27 July 2021

China's central bank says crypto gave impetus to the creation of its CBDC

China's central bank says crypto gave impetus to the creation of its CBDC


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Yet in a new white paper published by the Working Group on E-CNY Research and Development of the People’s Bank of China (PBoC), the institution gave a more domestic-focused and technologically-driven vision of the new currency’s background and key objectives.

Recapping the currency’s research and development timeline, the paper notes that the PBoC first set up a task force to study digital fiat currency back in 2014.

The white paper also considers the intensifying interest by central banks worldwide in the development of central bank digital currencies (CBDCs), noting that the PBoC has been engaged in extensive consultations with international organizations like the BIS, IMF and World Bank

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