23 August 2017
Find out more

Chinese central bank tests digital currency system

26 January 2017  |  12001 views  |  0 Chinese flag

The People’s Bank of China (PBOC) has completed a successful trial run of a digital bank acceptance exchange, moving it closer to becoming the first central bank in the world to research and test its own digital currency, according to media agency Caixin.

Citing sources from the PBOC, Caixin says the central bank on Dec. 15 completed the trial in transactions and settlements of bank acceptance bills using a digital currency it developed.

The tests were run with the participation of several commercial banks, including the Industrial and Commercial Bank of China, Bank of China and the private WeBank, the sources said.

Taking the next steps, the Bank plans to set up a digital currency research institute, staffed by experts in developing big-data systems, cryptography, and blockchain technology.

When the system is ready, the central bank’s pilot digital bank acceptance exchange platform will be connected with the existing Shanghai Commercial Paper Exchange to form a national platform for bank bill transactions, said a person close to the central bank.

In previous discussions on the subject, the PBOC has inferred that China's digital money will be legal tender backed by the central government, and will enter circulation alongside traditional paper bills.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

RBI told the time is right to digitise the Rupee

RBI told the time is right to digitise the Rupee

13 January 2017  |  9003 views  |  0 comments | 14 tweets | 12 linkedin
Central bank digital currency could boost GDP - BofE

Central bank digital currency could boost GDP - BofE

19 July 2016  |  6722 views  |  0 comments | 17 tweets | 11 linkedin
Bank of Tokyo Mitsubishi to create its own digital currency

Bank of Tokyo Mitsubishi to create its own digital currency

15 June 2016  |  9574 views  |  5 comments | 24 tweets | 20 linkedin
Dutch central bank in digital currency plan

Dutch central bank in digital currency plan

29 March 2016  |  10416 views  |  3 comments | 20 tweets | 21 linkedin
Distributed ledger tech could see Brits get Bank of England accounts - deputy governor

Distributed ledger tech could see Brits get Bank of England accounts - deputy governor

02 March 2016  |  8019 views  |  0 comments | 17 tweets | 15 linkedin
Oz central banker floats digital dollar; govt sets up fintech advisory group

Oz central banker floats digital dollar; govt sets up fintech advisory group

25 February 2016  |  9741 views  |  0 comments | 10 tweets | 7 linkedin
Japanese bank creates MUFG Coin for distributed ledger experiment

Japanese bank creates MUFG Coin for distributed ledger experiment

03 February 2016  |  6094 views  |  0 comments | 6 tweets | 6 linkedin
Digital currency schemes could usurp central banks - BIS

Digital currency schemes could usurp central banks - BIS

24 November 2015  |  6169 views  |  0 comments | 16 tweets | 10 linkedin
BofE's Haldane suggests ditching cash for cryptocurrency

BofE's Haldane suggests ditching cash for cryptocurrency

18 September 2015  |  16426 views  |  3 comments | 31 tweets | 23 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.vasco.com

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
17964 views comments | 41 tweets | 78 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13187 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11819 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11050 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10926 views comments | 10 tweets | 8 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job