- Analytics
- News and Tools
- Market News
- Bitcoin price surge may be driving up interest in China’s digital yuan - PBOC
Bitcoin price surge may be driving up interest in China’s digital yuan - PBOC
CNBC reports that China’s central bank said that interest in China’s digital yuan project could in part be driven by the surging price of bitcoin.
China’s digital yuan is an example of a central bank digital currency (CBDC) which aims to replace some of the cash in circulation.
The People’s Bank of China (PBOC) sees it as a way to advance cashless payments. It is effectively a digital version of fiat currency.
Wang Xin, PBOC research bureau director, said market interest in the digital yuan is “very strong and everyone is paying close attention.”
“On one hand, this is related to more and more central banks in the world participating in the development of domestic digital currencies,” Wang said.
“On the other hand, this (interest) may also be related to the large increase in the price of bitcoin,” Wang said.
The price of bitcoin has repeatedly hit record highs in the past few months. This year alone, it has more than doubled.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
