Prompted by the spread of private and decentralized cryptocurrencies and the threat of losing control over their monetary policies, more and more governments are now working to create central bank issued digital currencies to replace banknotes and coins.
China has joined the campaign against cash, although not at the expense of centralized monetary power.
In a move that many consider part of Beijing’s plans to introduce a digital version of the national fiat, the yuan, the People’s Bank of China (PBOS) has revealed plans to implement pilot programs aimed at exerting greater control over cash transactions.
According to a notice issued by the central bank, the trials will be conducted in three Chinese regions, the provinces of Hebei and Zhejiang and Shenzhen City, within the next two years....<<<Read The Full Article Here>>>...
