China's central bank pushes for centralized state digital currency

The official representative of PBoC insists on a centralized state digital currency. According to him, China's central bank is considering its digital currency, but it can be built not with blockchain technology.

In an additional article published by Yicai, the vice-governor of the People's Bank of China (PBoC), Fan Yifei, said that the central bank CBDC will in fact be different from decentralized tokens, whereas the centralized management and release will remain a priority. He also outlined the direction of the bank regarding the potential digital currency of the central bank (CBDC).

"CBDC will continue to represent the responsibility of the central bank to society. The nature of this responsibility will not change just because of the physical form of cash, digitized, so we need to ensure the central role of PBoC in the release of CBDC. CBDC will also help to limit public demand for private crypt currencies, which will strengthen the role of our sovereign currencies, "Fan wrote.

Fan's comments are the latest from the central bank, which give an idea of his possible direction to CBDC after the establishment of a research unit for this problem.

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