Doubts Surface Over China Central Bank Currency Plan

People’s Bank of China may be ready with the top-level rules for its hypothetical state-backed digital asset, but doubts are still surfacing over the project’s wider application.

China Central Bank Currency Meets Fresh Skepticism
The central bank has announced it will “continue its solid study on the digital currency and keep monitoring the latest development of digital currency initiatives around the world,”reported Ejinsight.
The next stage, according to Deputy Governor of the PBoC Fan Yifei, is to test the digital asset in a controlled environment in selected geographical regions, starting with Shenzhen. But the project’s application is now being met with fresh skepticism from ex PBoC officials.
The former governor of PBoC Li Lihui explained that distributed ledger technology may not be the best choice for backing a…

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