- PBOC said its launch of their digital currency will create a horse race.
- There will be much competition among financial firms to provide the best service, leverage the digital money.
A Chinese central bank official said that China’s digital currency will create a “horse race” when it is launched. They believe that commercial banks and other institutions will be competing to provide the best services using the new form of money.
The central bank’s head of digital currency research institute, Mu Changchun, said the PBOC will adopt a two-tier approach with its project.
It will first be issuing the digital currency to commercial banks and other institutions, who will then resend it to the general public.
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