Mu Changchun, the head of the digital currency research institute at the People’s Bank of China (PBoC) earlier, revealed that China’s official digital currency would follow all the existing rules for cash and foreign exchange management.
He further informed that the holders of digital currency would not receive any interest payments. The central bank is aiming to substitute the paper money with digital currency. Mu also revealed that the digital currency would not have any impact on the country’s monetary policy.
Ma Changchun said that during the research and issuance period, there will be a horse race approach, the front runner will take over the whole market. He further added, whoever can provide more efficient and better service to people would survive in the future.
The PBOC has not revealed as to when the digital currency would be available in the market.
